Founding a subsidiary
Tallinna Kaubamaja Group is founding a new subsidiary with the aim to develop the group’s automotive business in Latvia. TKM Auto OÜ, a 100% subsidiary of Tallinna Kaubamaja Group, is founding a 100% subsidiary with the business name VERTE AUTO SIA in the Republic of Latvia. The area of activity of the new subsidiary will be vehicle sales and servicing. The Executive Board Member of the subsidiary to be founded will be Tõnu Piirmaa, who has long automotive business-related experience and has been serving as an Executive Board Member of group’s another subsidiary SIA FORUM AUTO since 2013. The members of the Board of Directors of the subsidiary to be founded will be Aarne Õllek, Andres Järving, Raul Puusepp ja Jüri Kuusk.
Founding the subsidiary will not affect the consolidated financial results of the group. Founding the subsidiary cannot be interpreted as acquiring of a major holding for the purposes of the NASDAQ OMX Tallinn Rules and Regulations chapter Requirements for Issuers and will not have a significant impact on the activities of Tallinna Kaubamaja Grupp AS. The members of the Board of Directors and Executive Board of Tallinna Kaubamaja Grupp AS have no other personal interest in the transaction. Raul Puusepp
Chairman of the Board
Phone +372 731 5000
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