EBRD invests in Port of Tallinn to support IPO

EBRD invests in Port of Tallinn to support IPO
By bne IntelliNews June 18, 2018

The European Bank for Reconstruction and Development (EBRD) has acquired a 3.6% stake in the Estonian infrastructure company AS Tallinna Sadam, the manager of the port of Tallinn, supporting the port’s IPO, the EBRD said on June 15.

The EBRD said the decision to invest supports the IPO, which raised €147mn by offering a 33% stake in Tallinna Sadam to investors in the largest listing on the Tallinn Stock Exchange in over 10 years. The Estonian government remains the majority stakeholder in the company.

Port of Tallinn is among of the largest such companies in the Baltic states, providing port services as a landlord port. It handled 10.6mn passengers last year, a growth of 4% over 2016. However, cargo volumes fell 5% to 19.2mn tonnes in 2017.

Port of Tallinn also provides ferry transportation services between Estonia's mainland and its two largest islands, Saaremaa and Hiiumaa, as well as icebreaking and maritime support services.

Trading Tallinna Sadam stock began on June 13 with shares debuting at €2.05, higher than the subscription price of €1.7.

Related Articles

Iranian rial continues comeback against dollar

The Iranian rial (IRR) has continued its comeback against the dollar. It strengthened against all foreign currencies on December 11 and reached IRR105,000 versus the USD, according to several ... more

Turkish unemployment will go “through the roof” says academic as fears grow there’ll be no V-shaped recovery

Turkey looks set to enter a recession that will spark rocketing unemployment and morph into future growth rates that will be below the economy’s potential. Refet Gurkaynak, a professor of ... more

Moldova’s parliament appoints new central bank governor

Moldova’s parliament appointed former finance minister Octavian Armasu as central bank governor for a seven-year term, in a quick move made on November 29, one day before the end of its four-year ... more

Dismiss