Six investors put 72 million in MicroLink

TALLINN (BNS) - Six financial investors placed 72 million kroons ($4.2 million) in MicroLink in July and August; most of the shares were bought by Baltic Post Privatization Fund, Baltic Republics Fund and BBL Finland.

The largest equity private placing in the firm's history so far brought MicroLink's market capitalization to 782 million kroons, the company reports.

"MicroLink's share price has tripled and market capitalization quadrupled since its first private placing 18 months ago," CEO Allan Martinson said.

The private placing mainly consisted of the sale of existing shares; the issue of new shares formed a minor part of the placing. Trigon Capital acted as MicroLink's adviser in the private placing.

The majority of the shares were purchased by EBRD's investment fund Baltic Post Privatization Fund, Societe Generale's Baltic Republics Fund, which already had a stake in MicroLink, and ING Group's BBL Finland, which manages the Baltic-oriented BBL Portfolio Baltic States Fund.

After the private placing the holding of financial investors accounts for 49 percent in the company. Baltic Republics Fund is the largest shareholder with a 23.5 percent stake, Baltic Investment Fund owns 18.9 percent and Baltic Post Privatization Fund, 3.8 percent of the shares. Among non-financial investors Astro Holding is the largest shareholder with 18 percent ownership. MicroLink's founders and members of management have 16 percent each.

MicroLink's unaudited turnover in the last financial year that ended in June was roughly 721 million kroons.