AS Baltika needs to raise 13 million euros ($18.7 million) in a share issue instead of the planned 3.15 million euros, the fifth-biggest owner of the Estonian clothing company said in an interview with Aeripaeev.
The Tallinn-based company also needs to replace Chief Executive Meelis Milder, introduce an option plan as incentive for staff and reduce the number of brands and stores, Sven-Erik Sohlberg, a Swedish businessman, was cited as saying by the newspaper. Sohlberg owns about 7 percent of shares in Baltika.
Baltika shareholders are due to decide on the share issue proposal at a general meeting today.
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