Due to the ongoing emergency situation in Estonia, the deadline for submitting bids in the public written auction for AS Eesti Teed has been extended from June 1 to October 1.
"We are in a situation where potential buyers are being confronted with changes to the economic situation, the effects of which are yet difficult to assess," said Minister of Economic Affairs and Infrastructure Taavi Aas (Center).
"According to the initial schedule, meetings between interested parties and the company's leadership were supposed to take place in April already, but unfortunately the current situation and travel restrictions in force do not allow for this," Aas explained. "We are forced to extend the deadline for submitting bids."
The new deadline for submitting bids is October 1, 2020. Bids must be valid through March 31, 2021, in order to allow for the seeking of authorization from the Competition Authority as well if necessary.
"This is a strong, well-run company which also has great potential for growth," the minister said. "There is interest in the company, and extending the deadline will give bidders more time to assess the situation as well as map out their own opportunities."
The Ministry of Economic Affairs and Communications is selling 100 percent of shares in AS Eesti Teed, for which it launched a public auction with a starting bid of €16.9 million on March 9.
The company's primary area of activity includes the summer and winter maintenance of Estonian roads. It is likewise involved in the construction, road and maintenance of roads throughout the country.
AS Eesti Teed was founded in 2012 upon the merger of five road maintenance companies previously active on the market — AS Pärnumaa Teed, AS Tartumaa Teed, AS Võrumaa Teed, AS Virumaa Teed and AS Saaremaa Teed.
Editor: Aili Vahtla