Paldiski North Harbor changes ownership
The Luxembourg-based fund PNP Investment Management S.á.r.l. has acquired Paldiski Sadamate AS, the long-time owner of Paldiski North Harbor, the new owner announced.
A new supervisory board has been appointed for Paldiski Sadamate AS, now composed of Oliver-Gerd Vald, Harri Erik Kivelä and Jaanus Ilumets, the buyer announced.
The transaction, signed on November 13, has now taken effect and the board is beginning work immediately to revive and develop the port's business operations, according to PNP Investment Management.
Aleksandr Kovaljov will continue as the port's director and management board member.
The new supervisory board chair, Oliver-Gerd Vald, said Paldiski North Harbor holds considerable untapped potential in the eyes of its new owner: "As an ice-free port operating year-round, it plays a significant role in Estonia's logistics capacity, strategic security and trade."
"The transaction's complex structure and negotiations took approximately 13 months to complete. I encourage anyone interested to explore the opportunities Paldiski North Harbor has to offer and to get in touch regarding cooperation," Vald added.
The previous owner of Paldiski Sadamate AS was CNP Investment N.V., a company registered in the Netherlands Antilles, which, according to media reports, belonged to Aleksei Tšulets and his business partners.
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Editor: Marcus Turovski
