Adjustments to the structure of the group’s subsidiaries (Latvia, Estonia)
July 05 2023 - 10:30AM
Adjustments to the structure of the group’s subsidiaries (Latvia,
Estonia)
As a result of a review of the structure of the
AS Merko Ehitus group, it was decided to initiate termination of
Latvian joint venture PS “Merko Infra Remus Elektro”, due to the
lack of activity in this company. At the same time, it was decided
to establish in Estonia, with 100% group ownership, one subsidiary
in apartment development segment and one subsidiary in construction
segment.
The termination and foundations set out in the
notice have negligible effect on the activities of as Merko Ehitus,
nor are these transactions regarded as transactions with related
parties within the meaning of the section “Requirements for
Issuers” of the rules of the stock exchange organised by NASDAQ OMX
Tallinn AS. Members of the board and supervisory board of as Merko
Ehitus have no economic interest in the transactions.
Urmas SomelarHead of FinanceAS Merko Ehitus+372 650
1250urmas.somelar@merko.ee
AS Merko Ehitus (group.merko.ee) group
companies develop real estate and construct buildings and
infrastructure. We create a better living environment and build the
future. We operate in Estonia, Latvia, Lithuania and Norway. As at
the end of 2022, the group employed 661 people, and the group’s
revenue for 2022 was EUR 410 million.
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