OREANDA-NEWS. August 09, 2013. The subsidiary of AS Tallinna Kaubamaja, AS TKM King, has two dormant subsidiaries in Latvia – SIA ABC King and SIA Suurtuki.

AS TKM King sold its shareholdings in the above mentioned Latvian subsidiaries to SIA TKM Latvija, which is also a part of the AS Tallinna Kaubamaja group. The reason for selling the shares is optimizing of costs of Latvian subsidiaries. As a next step in August a merger agreement shall be concluded between SIA TKM Latvija (acquiring company), SIA ABC King (company being acquired) and SIA Suurtuki (company being acquired).

This transaction is neither an acquisition of a qualifying holding nor a transaction with a connected person within the meaning of section “Requirements for Issuers” of the NASDAQ OMX Tallinn Stock Exchange rules, and it does not have a significant effect on the activity of AS Tallinna Kaubamaja. The members of the supervisory and management boards at AS Tallinna Kaubamaja have no other personal interest in the transactions.