Shareholders of Hepsor P26B OÜ, a subsidiary of property development company Hepsor AS, approved the company’s notarized division plan on 7 December 2021. Hepsor AS holds 51% of Hepsor P26B OÜ, a company established for development of Lauluväljaku Lilleaia project. The project included three buildings with 99 apartments and was developed in two phases. All 99 apartments of the development that was competed in 2021 have been sold.
Hepsor P26B OÜ has achieved its operational objectives by completing the construction of Lauluväljaku Lilleaed project and was divided in accordance with the shareholders’ agreement signed in 2019. Upon division Hepsor P26B shall transfer the assets in the amount of 2.1 million euros to six acquiring companies. Hepsor AS will acquire 100% of Hepsor P26B OÜ post division. The division will reduce consolidated comprehensive income of financial year 2021 by 1.8 million euros. The division is tax neutral.
The transaction should not be considered a transfer or acquisition of qualifying holding and a transaction with related party within the meaning of the “Requirements for Issuers” regulation of NASDAQ Tallinn Stock Exchange.