The FINANCIAL -- Three new subsidiaries have been
established for the purpose of improving the structure and making the
administration of the group of Tallinna Kaubamaja more transparent.
Tallinna Kaubamaja AS has established two subsidiaries. First of them is the subsidiary Kaubamaja AS which is owned 100% by Tallinna Kaubamaja AS and has a share capital consisting of 250 ordinary shares with a nominal value EUR 100 comprising a share capital of EUR 25,000. According to he NASDAQ OMX Group, Tallinna Kaubamaja AS plans by separate and divide the company in order to transfer the business of the department stores in Tallinn and Tartu, that have been a part of the group up to the present moment, into Kaubamaja AS. Erkki Laugus who has been working in the group since 2005 was elected to be a member of the management board of Kaubamaja AS. In the years 2009-2011 Erkki Laugus was managing the group’s subsidiaries ABC King AS and Suurtüki NK OÜ in the shoe business, since 1 June 2011 he has been the managing director for the department stores’ business. The members of the parent company’s supervisory board and additionally the parent company’s management board member Raul Puusepp were elected to the supervisory board.
A second subsidiary of Tallinna Kaubamaja AS, Topsec Turvateenused OÜ, was established with a share capital of EUR 2,500 whereas Tallinna Kaubamaja AS has a 100% shareholding in the company. The purpose of establishing Topsec Turvateenused OÜ and handing over the security business in the course of the separation and division of Tartu Kaubamaja AS is to highlight the fast growing and prospective security business of the group that has been part of the business of Tartu Kaubamaja AS up to the present moment. Tannar Tiitsar who has been working in the group since 2004 and has been managing the security operations has been elected to be the member of the management board of Topsec Turvateenused OÜ.
Selver AS, a subsidiary for Tallinna Kaubamaja AS has established a subsidiary Kulinaaria OÜ with a share capital of EUR 2,500 whereas Selver AS has a 100% shareholding in the company. In the course of the division Selver AS has planned to separate the business activities of the central kitchen and transfer it to Kulinaaria OÜ in order to continue the business in the new company. Kulinaaria OÜ will carry out the activites of the central kitchen of Selver AS, it plans to grow the share of export and subcontracting activities, it will develop the party catering and e-commerce lines, and it will continue to supply retail stores with prepared meals. Andres Heinver who has been in the group of Tallinna Kaubamaja AS since 2008 and Kristi Lomp who is in charge of the sales processes of Selver AS have been elected as the members of the management board of Kulinaaria OÜ.
Tallinna Kaubamaja AS as the group’s parent company will hereafter concentrate on managing the subsidiaries and investments and on arranging the group’s support services.
Today, on 22 June 2012 Kaubamaja AS was registered in the commercial register and yesterday, on 21 June 2012 Kulinaaria OÜ and Topsec Turvateenused OÜ were registered in the commercial register. Establishing the subsidiaries and reorganizing the structure of the group has no impact on the consolidated financial results. Establishing the subsidiaries does not constitute an acquisition of a significant holding in the meaning of the section “Requirements for Issuers” in the NASDAQ OMX Tallinn rules, nor does it have substantial influence on the operations of the Tallinna Kaubamaja AS group. The supervisory and management board members of Tallinna Kaubamaja AS have no personal interests in these transactions.