OREANDA-NEWS. July 08, 2015. SweNCN OY, a subsidiary of Nordecon AS, acquired 100%-holding in SWENCN AB, a company incorporated in the Kingdom of Sweden, from its sole shareholder Lennart Alpstil, who owns a shareholding in Nordecon AS and SweNCN OY through the company Luksusjaht AS.

The main field of activity of SWENCN AB is the provision of construction services. The existing economic activity of SWENCEN AB has been insignificant and after the acquisition, the company will concentrate mainly on the organisation of construction activities.

Acquisition of the shareholding is a strategic decision of the Nordecon group that gives Nordecon AS the opportunity to extend its activities and to provide construction services in the Kingdom of Sweden.

In the meaning of the NASDAQ OMX Tallinn Stock Exchange Rules, the conclusion of the agreement constitutes a related party transaction (Lennart Alpst?l holds indirectly a significant shareholding in Nordecon AS and its subsidiary SweNCN OY), however, the transaction does not constitute a significant related party transaction with and the members of the supervisory board and the members of the management board do not have a personal interest in the transactions. The named transaction does not have any significant impact on the consolidated financial indicators of Nordecon AS.

Nordecon is a group of construction companies whose core business focuses on construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine and Finland. The parent company of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue of the Group was 161 million euros and net profit 2.3 million euros in 2014. Currently, Nordecon Group employs more than 730 people. Since 18 May 2006 the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.