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EBRD acquires minority shareholding in IPO of AS Tallinna Sadam

By Axel  Reiserer

Port of Tallinn is one of the largest port companies in the Baltic States

€15.9 million investment in major transport infrastructure asset

The EBRD has acquired a 3.6 per cent stake in the Estonian infrastructure company AS Tallinna Sadam (Port of Tallinn), supporting the largest listing on the NASDAQ Tallinn Stock Exchange in over 10 years.

Port of Tallinn is one of the largest port companies in the Baltic States, providing port services as a landlord port. In 2017 it handled 10.6 million passengers and 19.2 million tonnes of cargo. In addition, through subsidiaries, Port of Tallinn also provides ferry transportation services between Estonia's mainland and its two largest islands as well as icebreaking and maritime support services.

Following the IPO, in which the government of Estonia sold a shareholding of approximately 33 per cent, the government remains the majority shareholder in the company.

The public listing is expected to increase the company’s transparency and efficiency and facilitate the achievement of its strategic objectives. The IPO also demonstrated that the sale of shares in state-owned enterprises can be successfully implemented via local stock exchanges.

The listing raised €147 million. It was one of the largest listings in the Baltic States in recent years and as such will provide a boost to the development of the local capital market.

The EBRD is actively involved in capital market development and last year – together with the European Commission – sponsored the signing of a Memorandum of Understanding between Estonia, Latvia and Lithuania to create a pan-Baltic capital market to strengthen their economies and stimulate investment to create jobs.

The EBRD has been investing in the Baltic States since they regained their independence in 1991. To date, the Bank’s total investment stands at more than €2 billion through almost 250 projects.


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