Tallinna Kaubamaja Grupp
Progress of the Group’s restructuring and the mandate extension of a member of a subsidiary’s management board
Tallinna Kaubamaja Grupp AS published a stock exchange notice on 20 July 2020 announcing the restructuring of Tallinna Kaubamaja Grupp and the establishment of subsidiaries. We hereby provide an overview of the progress of the restructuring process and announce a mandate extension of a member of the management board of KIA Auto AS, our subsidiary, for a new term.
Merger of Selver AS and ABC Supermarkets AS
In accordance with the information published in the stock exchange announcement on 20 July 2020, the merger decisions of Selver AS (the acquiring company) and ABC Supermarkets AS (the company being acquired) were adopted on 21 August 2020 and an entry of the merger in the commercial register was made on 1 October 2020.
Pursuant to the merger agreement concluded on 20 July 2020, the legal successor of ABC Supermarkets AS is Selver AS and, with the entry of the merger in the commercial register, all the assets of ABC Supermarkets AS were wholly transferred to Selver AS. Due to the merger, ABC Supermarkets AS was deleted from the commercial register today. Subsequently, 16 Comarket stores will be gradually brought under the Selver trademark. Solaris Food Store will continue operating under its Solaris Food Store trademark and two stores in Viimsi and Pärnu operating under the Delice trademark will continue under the Delice trademark.
Division of the wholesale and retail sale operations of cosmetics
In accordance with the stock exchange notice of 20 July 2020, we have carried out the division of OÜ TKM Beauty with the aim of giving OÜ TKM Beauty Eesti, which is involved in the retail sale of cosmetics, the power to act independently from the cosmetics wholesale operations (OÜ TKM Beauty).
In accordance with the division plan concluded on 27 July 2020, OÜ TKM Beauty (the company being divided) transferred their part of OÜ TKM Beauty Eesti to the recipient company OÜ TKM Beauty Holding, a company established on 3 September 2020 in the course of the division. OÜ TKM Beauty Eesti and OÜ TKM Beauty Holding concluded a merger agreement on 22 September 2020, with which OÜ TKM Beauty Eesti (the acquiring company) integrates OÜ TKM Beauty Holding (the company being acquired). As a result of the merger, OÜ TKM Beauty Eesti will remain operational and its sole shareholder will be Tallinna Kaubamaja Grupp AS. The merger will likely be registered in the commercial register in November 2020.
Mandate extension of a member of the management board of KIA Auto Aktsiaselts
The supervisory board of KIA Auto AS, a subsidiary of Tallinna Kaubamaja Grupp AS, decided to extend the mandate of a member of their management board. Based on the decision of the supervisory board, Sven Litvinov will continue as member of the management board – his mandate was extended for a new three-year term until 31 October 2023.
Chairman of the Management Board
Tel. 731 5000