International Internet Magazine. Baltic States news & analytics
Thursday, 02.10.2014, 07:23
Tallinna Kaubamaja acquires Viking Motors
Under the contract, the transaction will be concluded after obtaining the necessary approvals from the Estonian Competition Board, and the car manufacturers concerned, Tallinna Kaubamaja told Tallinn stock exchange.
The nominal value of the shares amounts to 222,600 EUR (14,000 common shares with a nominal value of 15.9 EUR). As a part of the transaction, Tallinna Kaubamaja Kinnisvara AS also acquired the immovable at A. H. Tammsaare tee 51, Tallinn, housing the sale salon of AS Viking Motors, writes LETA.
By acquiring the shares of AS Viking Motors, Tallinna Kaubamaja Group enlarges its segment of car trade that has been one of the strategic segments for the business activities of the group since 2007. By virtue of this transaction, in parallel to the export and sale of KIA vehicles in all the Baltic States, the salon in Tallinn will launch the sale of Opel, Saab, Corvette, Cadillac and Hummer vehicles, providing an opportunity to expand the group's activities to the segment of commercial vehicles, and additional sale and service premises for better customer service.
OptiGroup Invest OÜ is a subsidiary of AS Tallinna Kaubamaja in the segment of car trade, incorporating the car trade enterprises belonging to the group.
Viking Motors had last year a turnover of 6.5 million euros as compared to 4.7 million a year earlier, Postimees Online added. The profit was 1.2 million euros.