TALLINN - Businessman Aadu Luukas' 20 percent holding in the Trans-Kullo company that owns 50 percent of Pakterminal, Estonia's leading transit firm, will be bought by his fellow shareholders not by Severstaltrans, a Russian outfit.
Luukas announced last month that he had concluded an agreement with Spacecom, part of the Severstaltrans group, on selling his 20 percent stake in Trans-Kullo, but the other shareholders opted to use their pre-emptive right.
Endel Siff, co-owner of Trans-Kullo, told reporters on Jan. 9 that the firm's shareholder bought Luukas' stake in full. He said the owners regarded the purchase as a good investment.
"We exercised our preemptive right because we thought the price at which Aadu Luukas was selling the shares was very advantageous to the buyer," he said.
"Our fellowship is strong and monolithic. This team will go on working, and we have good relations with our partners," he said. "This year will definitely not be worse than last year for Pakterminal."
Many had feared that, had Spacecom obtained the shares, Russian interests would have acquired a dangerously large foothold in the Estonian transit business.
After Luukas' leaving, Siff, Anatoli Kanajev, Vladimir Osavaljuk, Aleksander Denisoff and Igor Lepetuhin remain the owners of Trans-Kullo.
Trans-Kullo owns half of Pakterminal, with the Dutch listed company Royal Vopak as an equal co-owner.