Development Fund invests in biotechnology firm

Development Fund invests circa 5,5 million EEK in Estonian firm Cellin Technologies OÜ which develops stem cell cultivation technology.

Cellin Technologies OÜ has developed a quickened technology for cultivating tissue preparations suitable for medical treatment from human tissue or bone marrow. As the list of stem cells prodecures used in medicine is quite short, firm also sees as important market the cosmetic medicine (e.g. smoothing the facial skin) and regenerative medicine (e.g. restoration of joint cartilage).

Some possible partners have already shown interest in Cellin Technologies OÜ. Among other effeciencies they see good prespective in bringing into Estonia the validity clients from vicinal states and hence promoting so called health care tourism.

Cellin Technologies OÜ belongs to the campus of Tallinn University of Technology. The main stakeholeders have so far been through researh  and development center Protobios OÜ estonian scientists Dr. Kaia Palm and Prof. Toomas Neuman.

Through investment more than third of the firm will be owned by Development Fund and co-investor, an enterprise connected to business angel Sirli Sipp Kulli. Development Fund used the same co-investor in the deal with BiotaP OÜ.

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Government ready for euro changeover

The Chancellor of the Ministry, Tea Varrak, confirmed today at the euro-related briefing in the Ministry of Finance that technical preparations of the governmental authorities for changeover to euro can basically be considered as finished. Similarly, the preparations of the banks are going in accordance with the plan.
 
“As at the beginning of November, all the information systems are ready and have been tested for the changeover to euro,” said Varrak. “The preparations of the Bank of Estonia and commercial banks are also in successful progress and there are no problems. I suggest that everybody should follow the information provided by their home bank and then plan their money exchange and other banking transactions accordingly,” noted the Chancellor.
 
According to Varrak, euro-related information has been provided very actively and people have been informed about all the necessary aspects of changeover to euro during the past months. In October, an information campaign was organized in relation to this in all the bigger shopping centres of Estonia where euro-related information was provided to more than 12,000 people and about 27,000 pieces of printed brochures were distributed.
 
As from 5 November, direct mailing of euro brochures and calculators to 561,000 households of Estonia was commenced. “The household who has not received it for some reason by 17 November, should turn to the customer service of Eesti Post and the company will arrange additional mailing to them,” said Varrak. The warranty service of the euro calculators is provided by the representative shops of the electronic goods chain Euronics. The calculator can be replaced also by post.
 
Head of the Postal Service Division of Eesti Post, Jaan Vainult said that during the first two weeks of January 2011, kroons can be exchanged for euros in 179 post offices of Eesti Post, including the post offices of three small islands. Eesti Post, together with all its post offices, will also participate in selling the starter kits of euro coins as from December. The starter kits will be sold by all bank offices as well.
 
Deputy Director General of the Police and Border Guard Board Tarmo Miilits said that changeover to euro will not bring along the decrease in security but nevertheless, simple main principles should be kept in mind during the period of currency exchange. „One should not take a big amount of cash with him/ her and if somebody offers you to exchange money at a favourable rate, there is a likelihood that you will be deceived,” said Miilits.
 
Source: Estonian Ministry of Finance

Statoil injected 4.2 bEEK in Eesti Statoil

In October, Norwegian oil company Statoil injected 4.2 billion kroons in the share capital of its Estonian subsidiary Eesti Statoil as part of its plan to start financing Statoil’s fuel retail business in eight countries through Estonia. This is Estonia’s all-time highest foreign direct investment and about half of FDI invested in Estonia in the first half, writes Äripäev.

Karen Romer, press spokesperson of Statoil Fuel & Retail ASA, says that Estonia’s eurozone entry was one reason why Statoil decided to set up a financial centre in Tallinn. “The fact that on January 1, 2011 Estonia will adopt the euro was one of the key reasons behind the decision,” said Romer.

Other reasons were the presence of Scandinavia’s largest banks in Tallinn, a suitable information technology infrastructure, low corporate tax burden and low operating and labour costs when compared with Scandinavia.

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Dispute over road building tender

The offices of the ministry of economy, national road administration and construction group Nordecon were raided by the security police and the state prosecutor’s office yesterday.

According to information available to Äripäev, the law enforcement agencies were collecting evidence in a criminal case that concerns an ongoing dispute between two large road builders Nordecon and Lemminkäinen Eesti.

BBN reported earlier that the Estonian national road administration had decided to cancel the whole tender in the amount of 500 million kroons for designing and building a section of Tallinn-Tartu highway between Aruvalla and Kose.

Although the tender process started two years ago, the decision to award the contract that was made in June 2010 was disputed by other tenderers and is now in court.

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