AS Ekspress Grupp entered into a contract to sell the shares of AS Express Post
March 03 2022 - 2:00AM
AS Ekspress Grupp entered into a contract to sell the shares of AS
Express Post
In accordance with the contract AS Ekspress
Grupp and AS Postimees Grupp entered into with AS Eesti Post on 2
March 2022, AS Eesti Post operating under the trademark of Omniva
will acquire a 100% ownership interest in AS Express Post.
The purpose of the transaction is to find a more
sustainable operating model for the home delivery of newspapers and
magazines. The exit from the postal business is in line with the
long-term strategy of Ekspress Grupp and continuous growth of the
share of digital media.
AS Express Post is a joint venture
established in 1997 that is engaged in the home delivery of
periodicals as well as advertising and business letters in the
largest cities in Estonia and in their vicinity. Additionally,
Express Post offers a call centre service and a management service
for the subscriber bases of periodicals. The company employs almost
490 people, 450 of whom are engaged in daily newspaper deliveries.
In accordance with unaudited data, the revenue of Express Post
totalled EUR 5.2 million and the loss totalled EUR 566 300 in 2021.
The ownership interest of Ekspress Grupp in Express Post was 50%.
The parties have agreed that the terms of the
transaction will be confidential. Prior to entry into force, the
purchase and sale transaction needs to be approved by the
Competition Board that has up to five months to form an opinion on
it.
The transaction shall not be deemed to be of
substantial importance in accordance with section Requirements for
Issuers of the rules and regulations of the NASDAQ Tallinn Stock
Exchange. As of 31 December 2021, the value of the investment
reported in the Group’s balance sheet was EUR 0 (31 December 2020:
EUR 0).
AS Ekspress Grupp confirms that the members of
the Group’s Management Board and Supervisory Board are not
personally interested in the transaction.
Mari-Liis Rüütsalu Chairman of the Management Board +372 512
2591 mariliis.ryytsalu@egrupp.ee
AS Ekspress Grupp is the leading Baltic media
group whose key activities include web media content production,
publishing of newspapers, magazines and books. The Group also
operates an electronic ticket sales platform and ticket offices in
Estonia and Latvia. Ekspress Grupp that launched its operations in
1989 employs almost 1400 people, owns leading web media portals in
the Baltic States and publishes the most popular daily and weekly
newspapers as well as the majority of the most popular magazines in
Estonia.
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