Breaking News

Tweet TWEET

Baltika Small Owner Proposes Bigger Share Issue, Aeripaeev Says

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.

To contact the reporter on this story: Ott Ummelas in Tallinn at oummelas@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.