Port of Tallinn to begin preparations for listing
The Port of Tallinn says its owner, the Government of the Republic of Estonia, has decided to proceed with listing up to 30 percent of company’s shares on the Estonian stock market. The public listing of Port of Tallinn was agreed upon in the government’s coalition agreement.
At a last week’s meeting of Port of Tallinn’s supervisory board, 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, Port of Tallinn 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 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.
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.
