TALLINN - The executive board of AS Tallinna Vesi (Tallinn Water) said last week that, in cooperation with shareholders the city of Tallinn and United Utilities, it was searching for financial advisers to help it acquire a listing.
"It is our aim to have the best team of consultants, who could give to the shareholders professional advice in every specific sphere," said Bob Gallienne, chairman of the board of Tallinn Water. The company is expecting applications to the advertisements by Dec. 20 - 21. "In addition to local investment consultants and banks we expect bids also from international investment banks," he added.
Gallienne said that the company planned to make a final decision by the end of this year, as the consultants should start working in January.
Last month the city of Tallinn announced its plans for listing Tallinn Water. It is hoping to earn at least 300 million kroons (19.2 million euros) from the sale.
The city owns 49.6 percent of the company's stock, while the remainder belongs to United Utilities Tallinn, which is owned by the EBRD and United Utilities.