Estonia, Foodstuff, Investments, Legislation, Markets and Companies, Mergers and take-overs

Pursuant to the merger agreement concluded on July 20, 2020, the legal successor of ABC Supermarkets AS is Selver AS and, with the entry of the merger in the commercial register, all the assets of ABC Supermarkets AS were wholly transferred to Selver AS. Due to the merger, ABC Supermarkets AS was deleted from the commercial register on Thursday, Tallinna Kaubamaja Grupp told the stock exchange.

Subsequently, 16 Comarket stores will be gradually brought under the Selver trademark. Solaris Food Store will continue operating under its Solaris Food Store trademark and two stores in Viimsi and Parnu operating under the Delice trademark will continue under the Delice trademark.

The company also announced that it has carried out the division of OU TKM Beauty with the aim of giving OU TKM Beauty Eesti, which is involved in the retail sale of cosmetics, the power to act independently from the cosmetics wholesale operations.

In accordance with the division plan concluded on July 27, 2020, OU TKM Beauty, that is the company being divided, transferred their part of OU TKM Beauty Eesti to the recipient company OU TKM Beauty Holding, a company established on September 3, 2020 in the course of the division. OU TKM Beauty Eesti and OU TKM Beauty Holding concluded a merger agreement on September 22, 2020, with which the acquiring company OU TKM Beauty Eesti integrates the company being acquired, OU TKM Beauty Holding.

As a result of the merger, OU TKM Beauty Eesti will remain operational and its sole shareholder will be Tallinna Kaubamaja Grupp AS. The merger will likely be registered in the commercial register in November 2020.

The supervisory board of KIA Auto AS, a subsidiary of Tallinna Kaubamaja Grupp AS, also decided to extend the mandate of a member of their management board. Based on the decision of the supervisory board, Sven Litvinov will continue as member of the management board -- his mandate was extended for a new three-year term until October 31, 2023.