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RESTRUCTURING OF THE DORMANT LATVIAN SHOE BUSINESSES OF AS TALLINNA KAUBAMAJA

TALLINN, 7. August2013, www.nasdaqomxbaltic.com - The subsidiary of AS Tallinna Kaubamaja, AS TKM King, has two dormant subsidiaries in Latvia – SIA ABC King and SIA Suurtuki. Today AS TKM King sold its shareholdings in the above mentioned Latvian subsidiaries to SIA TKM Latvija.

SIA TKM Latvija is 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.

Raul Puusepp
Chairman of the Board