Market announcement

Title

NCN: Changes in management in Nordecon International Group companies

Message

Nordecon International        Changes board/management/auditors       02.11.2010

Changes in management in Nordecon International Group companies

Changes in management boards and councils in Nordecon International Group
parent company and key subsidiaries (as defined by exchange regulations): 

Nordecon International AS
Nordecon International AS has disclosed its intention to merge with itself
subsidiaries Nordecon Infra AS and Nordecon Ehitus AS (company announcement on
13 September 2010). The council of Nordecon International AS decided on its
meeting on 1 November 2010 to name the members of the management board of the
merged company (presumably from the beginning of 2011). Mr. Jaano Vink will
continue as the chairman of the board. The additional members of the board will
be Mr. Avo Ambur, Mr. Marko Raudsik and Mr. Erkki Suurorg. The short CVs of the
new members are attached to this announcement. 

Nordecon International Group's activities on foreign markets have declined
substantially in 2010. As per strategic plans no increase in activities is
expected during the next following years. As a consequence the council of
Nordecon International AS has decided with its decision on 1 November 2010 to
recall prematurely Mr. Priit Tiru from the management board of Nordecon
International AS. Mr. Tiru's responsibilities were mainly related to Group's
foreign activities and strategic management of Group's buildings construction
division. Mr. Priit Tiru continues to serve as a member of council of group
subsidiary Nordecon Infra AS until it is merged with parent company. 

Nordecon Ehitus AS
With the decision of the council of Nordecon Ehitus AS, Mr. Priit Jaagant was
prematurely recalled from the position of chairman of the management board. The
decision was made in light of Nordecon Ehitus AS' planned merger with parent
company Nordecon International AS and structural changes in management that
follow. At the same time Mr. Priit Jaagant was recalled from the council of
Nordecon Ehitus AS' subsidiary AS Eston Ehitus. Mr Priit Jaagant will continue
in Nordecon International Group as a member of the council of group subsidiary
Nordecon Betoon OÜ. Mr. Marko Raudsik (CV attached to the announcement), a
current member of the management board, was appointed to the position of the
chairman of the board of Nordecon Ehitus AS till the completion of the
abovementioned merger. 


Nordecon International is a group of construction companies whose core business
is construction project management and general contracting in the buildings and
infrastructures segment. Geographically the Group operates in Estonia, Ukraine
and Finland. The parent of the Group is Nordecon International AS, a company
registered and located in Tallinn, Estonia. In addition to the parent company,
there are more than 15 subsidiaries in the Group. The consolidated revenue of
the Group in 2009 was 2.4 billion kroons (155 million euros). Currently
Nordecon International Group employs nearly 750 people. Since 18 May 2006, the
company's shares have been quoted in the main list of the NASDAQ OMX Tallinn
Stock Exchange. 

1 euro = 15.6466 kroons


Raimo Talviste
Nordecon International AS
Head of Finance and Investor Relations
Tel: +372 615 4445
Email: [email protected] 
www.nordecon.com



1. cv_börsiteade_es_eng.pdf <PDF>
   (https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=324674)
2. cv_börsiteade_mr_eng.pdf <PDF>
   (https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=324675)
3. cv_börsiteade_aa_eng.pdf <PDF>
   (https://newsclient.omxgroup.com/cds/DisclosureAttachmentServlet?messageAttachmentId=324676)