Published: 2020-03-12 15:15:00 CET
Baltika
Company Announcement

Presentation of a claim against the subsidiary of AS Baltika

AS Baltika´s (registry code 10144415, address Veerenni 24, Tallinn, Estonia) subsidiary OÜ Baltika Retail (registry code 12014257) received on 11 March 2020 an application for claim from OÜ Aquabene (registry code 11220495) (“applicant”) to  acquire applicant´s property located at Viru county, Kohtla-Järve city, Ahtme district, Õpetajate tee 5 (immovable No 69207) (“property”).

OÜ Baltika Retail has sold the above referred property to the applicant under a contract of sale dated 4 March 2010. According to the contract of sale OÜ Baltika Retail has an obligation to repurchase the property. Following the sale of the property, Baltika Group leased the property for production activities. According to the application for claim the repurchase price is 1,167,172 euros. Pursuant to the application, OÜ Baltika Retail is obliged to buy back the property by 25 March 2020 at the latest. AS Baltika has issued a guarantee for fulfilment of the obligations of OÜ Baltika Retail.

OÜ Baltika Retail is currently negotiating with the applicant in connection with the claim as well as the potential resale of the property.

Baltika Group no longer uses the property for production. Accordingly, the repurchase or resale of the property has no impact on the Group´s economic activity. A financial claim under the above conditions may have a material adverse effect on the financial position of the group.

AS Baltika shall disclose any changes to the above in accordance with the applicable rules.

Maigi Pärnik-Pernik
Board member
maigi.parnik@baltikagroup.com