Nordecon AS concluded with AS Merko Ehitus on 31 July 2017 an agreement to sell its 50% shareholding and loan receivable in joint venture Unigate OÜ and its 100% holdings in subsidiaries Paekalda 2 OÜ, Paekalda 3 OÜ, Paekalda 7 OÜ and Paekalda 9 OÜ.
The aforementioned companies own land plots suitable for the development of residential real estate in the total volume of 150 thousand square meters (including Unigate OÜ 136 thousand square meters). The purpose of the sale is to resolve the ownership of aforementioned land plots and sell them on profitable terms for Nordecon AS.
The total value of the transaction is approximately 4.5 million euros and the completion of the transaction depends on the payment of transaction price latest by 4th August 2017.
| OÜ Unigate audited financials, th euros | ||
| 2016 | 2015 | |
| Revenues | 0 | 0 |
| Operating loss | -2 | -2 |
| Interest costs | -235 | -231 |
| Net loss | -237 | -233 |
| Dividend per share | 0 | 0 |
| Current assets | 3 747 | 3 708 |
| Total assets | 3 747 | 3 708 |
| Short-term liabilities | 0 | 3 152 |
| Long-term liabilities | 3 427 | 0 |
| Equity | 320 | 557 |
| Total liabilities and equity | 3 747 | 3 708 |
| Total loans and borrowings | 2 905 | 2 864 |
Nordecon AS has a loan claim towards Unigate OÜ in the amount of 1.8 million euros as of 31 July 2017.
At the signing date of the transaction the members of the management board of Unigate OÜ were Tiit Kuusik and Toomas Rell and the members of the supervisory council were Alar Lagus, Andri Hõbemägi, Ingrid Kiisel and Jaan Mäe.
The shareholders of Unigate OÜ are in equal shares AS Merko Ehitus and Nordecon AS.
Paekalda 2 OÜ, Paekalda 3 OÜ, Paekalda 7 OÜ and Paekalda 9 OÜ do not have any business activity.
Any of the aforementioned companies are not engaged in any judicial proceedings.
The transactions made to sell holdings do not constitute related party transactions for the purposes of the Requirements for Issuers. The members of the supervisory board and the members of the management board do not have personal interest in the transactions.
Nordecon ( www.nordecon.com ) is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine, Finland and Sweden. The parent of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue of the Group in 2016 was 183 million euros. Currently Nordecon Group employs close to 720 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ Tallinn Stock Exchange.
Andri Hõbemägi Nordecon AS Head of Investor Relations Tel: +372 6272 022 E-mail: andri.hobemagi@nordecon.com www.nordecon.com
