News

Sale of shareholding

On 21.05.2018 AS Skano Group concluded the contract with its 100% subsidiary Skano Fibreboard Osaühing by which AS Skano Group sold its shareholding in AS Trigon Property Development. The transfer of shares was executed on 21.05.2018.

The supervisory board of AS Skano Group approved the transaction with its decision on 09.05.2018.

As a result of the transaction Skano Fibreboard Osaühing acquired 346,667 shares of AS Trigon Property Development for 169,866.83 EUR, which represents 7.71% of all AS Trigon Property Development shares. Skano Fibreboard Osaühing will pay for the shares in several instalments but by 18th of June 2018 the latest.

AS Trigon Property Development is a property development company listed on NASDAQ OMX Tallinn Stock Exchange. Currently, AS Trigon Property Development owns one property development project, which is the land-area in Niidu area, Pärnu city, Estonia.

The sold 346,667 shares of AS Trigon Property Development were acquired by AS Skano Group from its mother company OÜ Trigon Wood with a transaction executed on 12.12.2017. The goal of purchase of the participation was to increase shareholding in a company owning real estate. Due to Skano group’s internal strategic decision and with the aim of better intra-group administration it was decided to sell the shareholding in AS Trigon Property Development to another group company, Skano Fibreboard Osaühing. The shareholding in a company owning real estate shall now be owned by Skano Fibreboard Osaühing.

Pursuant to the rules for issuers as established by the NASDAQ OMX Tallinn Stock Exchange, the abovementioned sales transaction is considered a related-party transaction. AS Skano Group owns 100% shareholding in Skano Fibreboard Osaühing. As a result of the transaction AS Skano Group no longer owns shares in AS Trigon Property Development.

The members of the supervisory and executive boards of AS Skano Group have no other, personal interests in the transaction. The transaction was concluded in accordance with current market conditions. The transaction has no significant effect on profit, assets and liabilities of AS Skano Group.

Torfinn Losvik

Member of the Management Board

+ 372 56 99 09 88

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