Estonia, Financial Services, Real Estate, Ukraine

International Internet Magazine. Baltic States news & analytics Thursday, 25.04.2024, 14:44

Estonian tycoon Hillar Teder gives half of one company to another to cover debt

BC, Tallinn, 16.12.2016.Print version
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stonian tycoon Hillar Teder, the founder and majority owner of the Ukrainian development company Arricano, transferred 49 percent of the shares in his company Filgate Credit Enterprises Ltd. to Arricano to settle a debt of 39.8 mln USD.

The Cyprus-registered Arricano Real Estate Plc announced on the website of the London Stock Exchange it had acquired from Weather Empire its 49% shareholding in Filgate Credit Enterprises Ltd. Arricano Real Estate shareholders approved the transaction at a general meeting on Dec. 14.


Arricano earlier said Weather Empire owed it 39.8 mln USD including loan principal of 30 mln USD and accrued interest of 9.8 mln USD. The company considered the loan to be irrecoverable.


Weather Empire is owned by Teder who currently owns 55.45% of ordinary shares of Arricano. Shares of Filgate Credit Enterprises are the sole asset of Weather Empire.


Arricano and Weather Empire also entered into a five-year agreement which allows Arricano to acquire the remaining 51% of Filgate Credit for a nominal price of one dollar if the Sky Mall center in Kiev returned to the legal control of Arricano.





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