Estonia, Markets and Companies

International Internet Magazine. Baltic States news & analytics Wednesday, 23.09.2020, 15:34

Estonia: East Capital is no longer shareholder of Baltika

BC, Tallinn, 06.12.2018.Print version
Following a transaction executed on Nov. 30, East Capital Asset Management S.A is no longer a shareholder of Baltika, the listed Estonian garment seller announced on Thursday, referred LETA/BNS.

With the purchase transaction of new shares on Nov. 30, 2018, the holding of E. Miroglio Finance S.A., on a Clearstream Banking Luxembourg S.A. account, in AS Baltika has increased to 26.13% whereas the holding of East Capital Asset Management S.A. in AS Baltika decreased to 0%, Baltika told the stock exchange.

In accordance with the Securities Market Act, the issuer is required to notify the stock exchange of changes in substantial ownership.

The loss of Baltika Grupp in the third quarter of 2018 deepened 73% on year to 814,000 euros. The group's revenue in the third quarter decreased by eight percent compared to same period last year and was 11 mln euros. The biggest sales segment -- retail -- saw a revenue of 9.4 mln euros, remaining at the level of the same period last year. The reason for the decline in the group's revenue in the third quarter was a decrease in wholesale and franchise sale by nearly one million euros, Baltika told the stock exchange in mid-October.

In the first nine months of 2018, Baltika's revenue decreased six percent compared to the same period last year. The company ended the nine months with a loss of 1.7 mln euros, the comparable result from the previous year was a loss of 862,000 euros.

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