Stark Logistics likely to cancel shares sold back by Hallik

Stark Logistics.
Stark Logistics. Source: Ken Mürk/ERR

Arvo Hallik, the husband of Estonian Prime Minister Kaja Kallas (Reform), has sold his shares in Stark Logistics back to the company. According to majority shareholder Martti Lemendik, Hallik's position, which amounted to a quarter stake in the company, will in all likelihood be cancelled.

After it emerged last week that Stark Logistics had continued to deliver goods to Russia since the start of Russia's full-scale invasion of Ukraine, Hallik promised to sell his stake in the company. On Wednesday, Hallik confirmed that he had sold his shares back to Stark Logistics and that the deal was in the process of being finalized.

Stark Logistics' majority shareholder Martti Lemendik told ERR on Thursday, that Hallik selling the shares back to the company means they have become treasury shares. That is, ordinary or preference shares, which have been bought back by the company, thus reducing the amount of outstanding shares on the market.

"The ownership of treasury shares is regulated by law, so the way forward will be determined by this. In all likelihood, these shares will be cancelled," said Lemendik.

Lemendik did not wish to comment on whether the formalization of the transaction has been completed. He added, that Hallik would be able to comment on the technical aspects of the transaction if he deems it necessary to do so.


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Editor: Michael Cole

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