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
Eurasian Development Bank receives first-time Ag credit rating from CCXAP
The Eurasian Development Bank (EDB) has received a first-time long-term credit rating of 'Ag' from Hong Kong-based China Chengxin Credit Ratings Company (CCXAP), with a stable ... more
Addiko board withdraws backing for RBI takeover bid after NLB raises offer
Addiko Bank's management board has withdrawn its recommendation that shareholders accept Raiffeisen Bank International's (RBI) takeover offer after Slovenia's Nova Ljubljanska Banka (NLB) raised its ... more
S&P upgrades ratings of Freedom subsidiaries to ‘BB-’
S&P Global Ratings has upgraded the credit ratings of several subsidiaries of Nasdaq-listed Freedom Holding, raising ratings on Freedom Finance, Freedom Finance Europe, Freedom Finance Global and ... more