Atnaujinta: 2024.07.22 03:09 (GMT+3)
Norma NEWS RELEASE 12/30/2003
SALE OF SUBSIDIARY
On 30.12.2003 signed an agreement for sale of 100% shares in Norma’s
subsidiary Eksamo Automaatika AS. Eksamo Automaatika AS shares were acquired
by Manager of Eksamo Automaatika AS.
Sale of shares was due to Norma’s strategic goal to focus on its core
business activities, i.e. production and sale of safety equipment for cars.
Eksamo Automaatika AS was established in 1995 as Norma’s fully owned
subsidiary. Eksamo Automaatika AS is established on the basis of AS norma
automation departement.
The core business of Eksamo Automaatika AS is maintenance and repair of
production eguipment and automatisation works.
Eksamo Automatika AS employed 65 people.
Based on last audited annual report (2002), the total assets of Eksamo
Automaatika AS accounted for 0.4% of Norma’s total assets, and owners
equity and turnover accounted for 0.2% and 1.5% of Norma group’s indicators,
respectively. Compared to AS Norma owner equity the price of shares amounts
less then 1%.
This transaction cannot be treated as transaction with related parties.
Sale of Eksamo Automaatika AS shares does not have a substantial impact on
AS Norma financial results.
Peep Siimon
Chairman of Management Board
+372 6500 442