At a meeting of the supervisory board of the Estonian state-owned port company Port of Tallinn last week, the board gave its nod of approval to the management board to begin preparations for listing, with a view to listing shares on the stock market by the end of the first half of 2018 at the latest.
As the first step, the company plans to hold an initial public offering (IPO) with the help of an independent financial advisor. The role of the financial advisor would be independent advising of the issuer and surveillance of the entire IPO process as well as helping the management board, supervisory board and owner of the issuer in the IPO process, Port of Tallinn said.
The company has announced an international public procurement to find the financial advisor. The port is anticipating both Estonian as well as international offerors with previous experience conducting IPOs to participate in the procurement. The deadline for offers is June 26, 2017.
The public listing of 30 percent of shares in Port of Tallinn has been agreed upon in the government's coalition agreement. The aim of the company is to list its shares on the Estonian stock market by the end of the first half of 2018 at the latest.
For the Port of Tallinn, this is an important and positive process, which would allow for the company to focus more clearly on its business domains, improve the company's as well as Estonia's international reputation and become even more transparent.
Editor: Aili Vahtla