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International Internet Magazine. Baltic States news & analytics Friday, 25.06.2021, 05:06

Estonia: Skano to increase shareholding in Trigon to 17.8%

BC, Tallinn, 13.12.2018.Print version
Skano Fibreboard, a company owned by listed Estonian manufacturer and seller of building materials and furniture AS Skano Group, is to increase its shareholding in real estate development company Trigon Property Development to 17.8%, while the seller of the shares is Skano's mother company Trigon Wood, reported LETA/BNS.

The supervisory board of AS Skano Group adopted a resolution on Thursday by which it was decided that OU Skano Fibreboard, a company fully owned by AS Skano Group, is allowed to acquire additional shareholding in AS Trigon Property DevelopmentOU Skano Fibreboard currently owns 15,6% of the shares of AS Trigon Property Development. According to the resolution of the supervisory board, OU Skano Fibreboard is allowed to acquire additionally up to 102,900 shares of AS Trigon Property Development with the price of 50,000 euros, Skano told the stock exchange.

OU Trigon Wood is the seller of the shares. Accordingly, OU Skano Fibreboard will acquire additionally an approximately 2.28% shareholding in AS Trigon Property Development and its shareholding will increase to 17.8%. The transaction will be concluded by December 21 at the latest.

AS Trigon Property Development is a property development company listed on the Nasdaq Tallinn stock exchange. Currently, AS Trigon Property Development owns one property development project, which is the land-area in the Niidu area of the city of Parnu.

Pursuant to the rules for issuers as established by the Nasdaq Tallinn stock exchange, a transaction between OU Skano Fibreboard and OU Trigon Wood is considered a related-party transaction. OU Trigon Wood owns the major shareholding in AS Skano Group as well as significant shareholding in AS Trigon Property Development. As a result of the transaction, the shareholding of OU Trigon Wood in AS Trigon Property Development shall decrease from 44.02% to 41.74%.

The members of the supervisory and executive boards of AS Skano Group and the executive board of OU Skano Fibreboard have no other personal interests in the transaction. The transaction will be concluded in accordance with current market conditions. The transaction has no significant effect on profit, assets and liabilities of AS Skano Group or OU Skano Fibreboard.

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