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NCN: Divestment of Ukrainian subsidiary EA Reng TOV

Spekuliantai.lt | 2009-07-13 | NASDAQ OMX biržų naujienos | perskaitė: 1747
Raktiniai žodžiai: Nordecon International AS, NCN
NCN: Divestment of Ukrainian subsidiary EA Reng TOV

Nordecon International Company Announcement 13.07.2009

Divestment of Ukrainian subsidiary EA Reng TOV

Nordecon International AS Ukrainian subsidiary (indirect participation 64 per
cent) Eurocon Ukraine TOV signed a share sales agreement by which it sold all
its participation in EA Reng TOV. EA Reng TOV is a company registered in
Ukraine that renders services related to construction design.

EA Reng TOV share capital is 162 thousand UAH, i.e. approximately 237 thousand
kroons (15 thousand euros). Eurocon Ukraine TOV share was 51 per cent. The sale
of shares was to other existing shareholders. The purpose of divestment is for
Eurocon Ukraine TOV to focus more on its core business i.e. construction
project management.

The transaction does not have material economical effect on the activities of
Nordecon International Group and does not qualify as an divestment of
significant holding nor a related party transaction within the meaning of
“Requirements for Issuers” of the NASDAQ OMX Tallinn Stock Exchange
regulations. The members of the supervisory board and management board of
Nordecon International AS do not have any personal interests in the divestment
of the company.


Nordecon International is a group of construction companies whose core business
is general contracting and construction management in the construction of
buildings and infrastructures in Estonia, Latvia, Lithuania and Ukraine. In
addition, in Estonia our companies act as independent contractors in road
construction and maintenance, environmental engineering, the assembly of
reinforced concrete elements, and the performance of cast-on-site concrete
works. The parent of the Group is Nordecon International AS, a company
registered and located in Tallinn, Estonia. In addition to the parent company,
there are more than 20 subsidiaries in the Group. The consolidated revenue of
the Group in 2008 was 3.9 billion kroons (247 million euros) and the
consolidated net profit was 171 million kroons (11 million euros). Nordecon
International Group employs more than 1,100 people. Since 18 May 2006, the
company's shares have been quoted in the main list of the NASDAQ OMX Tallinn
Stock Exchange.

1 euro = 15.6466 kroons
1 UAH = 1.464 kroons


Raimo Talviste
Nordecon International AS
Head of Investor Relations
Tel: +372 615 4445
Email: [email protected]
www.nordecon.com

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