Founding a subsidiary20.11.2016
Tallinna Kaubamaja Group is founding a new subsidiary with the aim to develop the group’s automotive business in Lithuania. Tallinna Kaubamaja Kinnisvara AS, a 100% subsidiary of Tallinna Kaubamaja Group AS, is founding a 100% subsidiary with the business name UAB TKM Lietuva in the Republic of Lithuania. The area of activity of the new subsidiary will be property development. The CEO of the subsidiary to be founded will be Peeter Kütt, Board Member of Tallinna Kaubamaja Kinnisvara AS, who has long property development-related experience and has been serving as an Executive Board Member of Tallinna Kaubamaja Kinnisvara AS since 2002. The members of the Board of Directors of the subsidiary to be founded will be Enn Kunila, Jüri Käo, Andres Järving and Raul Puusepp.
Founding the subsidiary will not affect the consolidated financial results of the group. Founding the subsidiary cannot be interpreted as acquiring of a major holding for the purposes of the NASDAQ OMX Tallinn Rules and Regulations chapter Requirements for Issuers and will not have a significant impact on the activities of Tallinna Kaubamaja Grupp AS. The members of the Board of Directors and Executive Board of Tallinna Kaubamaja Grupp AS have no other personal interest in the transaction.