Eesti Energia makes good profit in Q3

State owned Estonian energy group Eesti Energia reported a net profit of 42 million euros in the third quarter of 2013.

This is 12 percent more than in the same period a year ago.

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Tallink’s large shareholders may earn 200 mEUR in dividends

Three Estonian businessmen Enn Pant, Kalev Järvelill and Ain Hanschmidt who are large shareholders in Tallink ferry group through their jointly owned company Linandell  Ltd can take out 200 million euros in dividends, shows the company’s annual report.

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Tallink may be delisted

This week Baltic Cruises Holding L.P., subsidiary of CVCI Growth Fund II that is large shareholder of Tallink Group since December 2012 paid another EUR 5.25m for buying more Tallink shares and now owns 16.5% of the ferry company, writes Äripäev.

This has again triggered speculations that the end objective of the new shareholder is to delist Tallink from the stock exchange.

In December 2012, Baltic Cruises Holding paid 116m euros for buying 15.7% of the shares of Tallink from large shareholders including Infortar.

One of the financial professionals who believes that this is all part of eventually delisting Tallink is Ago Lauri, board member of Kawe Kapital.

„Why buy a large block of shares at a high price, ban others to buy shares from the market and later give up a cheaper possibility to buy shares,” asks Lauri.

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Pro Kapital cancels IPO for lack of investor interest

Estonian property developer Pro Kapital Grupp called off plans for what would have been the largest initial public offering in the Baltic region since 2008, citing a lack of demand for shares at the proposed price level.

The move comes just two weeks after the company announced plans to raise €70 million on the Nasdaq OMX Baltic stock exchange. Pro Kapital, which wanted to use the money to finance new real-estate projects in Estonia and Latvia, would have been returning to the stock market after an 11-year hiatus.

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Risk fund leaves investors with nothing

Buyers of units of Gild Arbitrage, Estonia’s first risk fund, are likely to lose all of their investment since the units are worthy nothing and the fund’s liabilities exceed its assets which include a few lots in Armenia that may or may not have gold or copper reserves.

The fund was founded ten years ago by former fund manager Tõnno Vähk and Tõnis Haavel, former partner of Gild Bankers. Another partner of Gild Bankers, Rain Tamm, was also actively involved.

The three that are still investors in the fund have put Tõnu Pehk in charge. Pehk has made attempts to revive the fund, but is now losing hope as the net asset value of the fund is zero.

Fund’s creditors have received about half of their investment, but unequally since some bond holders had collateral, while most did not.

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Three companies interested in taking over the Tallinn plant of Elcoteq

In addition to French electronics manufacturer Eolane, also two other companies are considering a bid for Elcoteq Tallin, a subsidiary of the bankrupt Finnish electronics assembly group Elcoteq SE.

Jan Kotka, CEO of Elcoteq Tallinn, said that sales negotiations were ongoing with all three companies, but declined to name the other two because they were listed companies.

Kotka said that the Luxembourg-based bankruptcy administrator of Elcoteq SE had told him that the sale of Elcoteq Tallinn could be closed already in January.

Annual revenues of Elcoteq Tallinn were 4.6 million euros in 2010 and the company made a profit of 136,000 euros.

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Swedbank Estonia to sell subsidiaries to parent company

Swedbank, the largest bank in Estonia, announced yesterday that it had decided to change its legal structure in reference to the bank’s three Baltic subsidiaries.

Among others, the company  has decided to make Latvian and Lithuanian subsidiaries directly owned by Swedbank AB, like in the case of Swedbank Estonia.  In connection with the changes, Swedbank in Estonia will pay 243 million euros in dividends that it earned from the operations in Latvia and Lithuania

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