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Tiit Vähi buys back Silmet’s shares
Juhan Tere, BC, Tallinn, 20.12.2010.
Print version
Print versionSilmnet Grupp, which is controlled by Estonia’s ex-prime minister Tiit Vähi, bought back 50% plus one share of the rare earths producer AS Silmet from Swiss company Zimal S.A., Estonian press reports.
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Silmet Grupp sold the majority stake in Silmet at the end of 2005 for 12 million USD. One of the reasons of buying back the shares was the fact that Zimal S.A. shareholders sold their stakes in other fertilisers and metals production companies and Silmet Grupp made the proposal of buying back Silmet’s shares to Zimal, writes LETA.
Silmet Grupp owns now 90% of AS Silmet. 10% belongs to Austrian company Treibacher Industrie AG.
Last year, Silmet AS turnover was 382 million EEK and loss 26 million EEK.
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