Island-golf IPO shanks

  • 2004-12-01
  • Baltic News Service
TALLINN - Investors were less than tepid toward a stock issue of AS Saaremaa Golf, a company building a golf course near the capital of Estonia's Saaremaa Island, with only 28 out of the 80 shares put up for sale actually being sold.

The biggest buyers were two companies, which each bought three shares. The remainder of the transactions were for one or two shares.

The shares cost 43,000 kroons (2,748 euros) apiece.

"We had indeed expected a bit more interest, but there is no reason to be dissatisfied either because more than 1.2 million kroons was added to the company's stock capital," Saaremaa Golf board member Aivar Aru said.

Ownership of one share gives unlimited playing time on the course.

The first nine holes of the course are due to be ready in the summer of 2006 and the entire course no later than in 2008.