Infortar Announces Exit from Taxi Services
AS Tallink Takso plans to wind up its operations shortly and will be entering liquidation. The company has begun the process of negotiating an end to existing taxi service agreements, as well as other contractual obligations. While contractual services will continue until all commitments are satisfied, non-contractual clients will receive service only for the next month. During this time, a total of 14 employees from the office and call center will face redundancy as part of the company's restructuring effort.
Market Changes and Strategic Refocus
According to the managing director of Infortar, Martti Talgre, significant changes in both the market and the company's strategic focus are leading to this shift. "Tallink Takso was originally created to provide services for Tallink's passengers. However, current market dynamics have shifted considerably. Today, securing fast and efficient taxi services isn’t as challenging as it used to be. Additionally, as Infortar transitions into a publicly traded company, our priority is now on fostering growth through profitable ventures within our main business sectors," stated Talgre.
Financial Overview and Company Transition
In recent financial reports, AS Tallink Takso disclosed a loss of €211 thousand for the current year, down from a loss of €283 thousand the previous year. This exit signifies a strategic retreat from the taxi operations for Aktsiaselts Infortar.
Impact on Infortar’s Core Operations
It's essential to note that this transition is not considered a major economic activity nor does it involve transactions of substantial importance according to the "Requirements for Issuers" set forth by the NASDAQ Tallinn Stock Exchange rules. The outcome of this decision is not expected to substantially affect the operational landscape of Aktsiaselts Infortar. Furthermore, the Supervisory Board and Management Board members have no personal stakes in this decision.
Diverse Business Interests
Infortar operates across seven countries with a focus on various sectors, including maritime transport, energy, and real estate. The company maintains a significant stake of 68.47% in Tallink Grupp, as well as full ownership of Elenger Grupp, alongside a diverse real estate portfolio of approximately 116,000 m². Besides these three primary fields, Infortar is also involved in construction, mineral resources, agriculture, and printing. The Infortar group consists of 105 different companies, including 96 subsidiaries, four affiliated companies, and five subsidiaries of affiliates, employing 6,108 people in total.
Contact Information for Further Inquiries
For additional details or inquiries, interested parties can reach out to:
Kadri Laanvee
Investor Relations Manager
Phone: +372 5156662
Email: kadri.laanvee@infortar.ee
Website: www.infortar.ee/en/investor
Frequently Asked Questions
Why is Infortar exiting the taxi service sector?
Infortar is redirecting its focus towards more profitable and strategic business areas due to changes in market conditions.
What will happen to the employees?
The liquidation process will result in 14 employees from the office and call center being made redundant.
How does this affect Infortar's financial health?
While this change signifies a loss in the taxi sector, Infortar is focused on its core competencies that are expected to drive growth in other areas.
What other sectors does Infortar operate in?
Infortar is engaged in maritime transport, energy, real estate, and other sectors such as construction, agriculture, and mineral resources.
How can I contact Infortar for investor inquiries?
You can contact Kadri Laanvee, the Investor Relations Manager, via email at kadri.laanvee@infortar.ee or by phone at +372 5156662.
