TSE and HEX finalise ownership arrangements

09.04.2001 TLN

Tallinn Stock Exchange (TSE) and HEX have finalised share purchase and shareholder agreements, as a result of which HEX has acquired a 52.4% ownership in the TSE.

HEX has bought 298 existing shares from current shareholders as well as subscribed for 100 newly issued shares at a price of EEK 45,000 (~2,875 EUR) per each TSE share. After the issue, TSE has 760 shares outstanding with a nominal value of EEK 10,000.

Required regulatory approvals from the Ministry of Finance and the Competition Board in Estonia have been received.

The Ministry of Finance has decided to sell its holding of 34 shares in a tender offer and is currently in the process of finalising the agreement with HEX. After their transaction, the amount of shares held by HEX will rise to 432 shares or close to 57% of the total number of shares outstanding.

New shareholder structure of TSE after the Ministry of Finance has sold its shares to HEX will be as follows:

The Central Bank of Estonia has agreed to reduce its stake in TSE and that agreement should also be concluded shortly.

The new supervisory board and amended Articles of Association of the TSE will be approved at the extraordinary shareholders’ meeting of TSE, due in the coming weeks.

TSE and HEX will now start to focus on operational issues, the main aim of which is to launch trading with Estonian securities in the HEX trading system during this year.

Jukka Ruuska
President and CEO of HEX

Gert Tiivas
CEO of TSE

Additional information:

Eva Palu
Head of Investor Relations Dpt
Tallinn Stock Exchange
Tel: +372 64 08 840
e-mail: