Estonia, Financial Services, Investments, Port, Transport

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75.4 mln new shares to be issued at Port of Tallinn IPO

BC, Tallinn, 29.03.2018.Print version
According to the decision of the Estonian government, altogether 75.4 million new shares will be issued with the listing of the state-owned port company Port of Tallinn (AS Tallinna Sadam), informs LETA/BNS.

The government issued powers to Minister of Economic Affairs and Infrastructure Kadri Simson for organizing the initial public offering (IPO) of shares on the Nasdaq Tallinn stock exchange. The share capital of the Port of Tallinn is to be enlarged by up to 75.4 million new shares with a value of 1 euro per share to a total of 263 million euros. The Republic of Estonia at that will abandon its pre-emptive right to subscribe for new shares, the Ministry of Economic Affairs and Communications said.

The ministry for organizing the sale of shares is to sign an underwriting agreement between the Port of Tallinn and global coordinators of share offering, which will determine the conditions of organizing and organizationl details of the IPO.

Simson said that the listing of a holding of a large and stable state enterprise will help bring more attention of international investors and money to Estonia. "Therefore, the financing of other ambitious local companies will also improve, which in turn will create a favorable basis for economic growth and the creation of new jobs," the minister said.

Listing of Port of Tallinn has been agreed upon in the coalition agreement of the governing parties. The aim of the company is to list its shares on the Tallinn stock exchange by the end of the first half of 2018 at the latest

Port of Tallinn has chosen Baker McKenzie and Cobalt as legal advisors of the IPO.

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