Nordecon sold its profitable subsidiary

An extraordinary general meeting of Nordecon shareholders was held on Wednesday, during which the shareholders approved the sale of shares in Nordecon’s 52% subsidiary Nordecon Betoon (NOBE).

The transaction price is 9.05 mil. euro, OR the new owners will be the company’s CEO Mait Rõõmusaar and the company Varavalvavur.

As indicated Nordecon board member and head of investor relations Andri Hõbemägi, the sale of the profitable subsidiary is a logical step, as the transaction price was suitable for both them and the buyers. “The primary criterion of the deal, which is the price to be obtained, seems fair at the moment. Of course, it is also good for liquidity if we get several years of profit in our account. It was definitely not a forced sale,” he added.