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.
Economically embattled Turkey is leaning on local banks to buy more government bonds in debt auctions, three people with direct knowledge of the matter were cited as saying by Bloomberg on May 20. ... ... more
Swedish bank Handelsbanken said on May 16 it was “set to gradually discontinue its operations” in the Baltic states and subsequently close its branches in Tallinn, Riga and Vilnius. “Despite ... more
Alpha Bank Romania announced that it has completed its first covered (mortgage) bond issue worth €200mn with a maturity of five years, a first for the banking market in Romania. With these ... more