East Capital Explorer AB achète en direct TEO LT, un opérateur telecom en Lituanie

East Capital Explorer AB has made a direct investment in TEO LT, a leading Baltic telecom operator, by acquiring approximately 2% of TEO shares in the market. This corresponds to an investment of approximately EUR 8.5 million.

As communicated on 5 October 2009, East Capital Explorer, together with some East Capital Funds, made a joint offer to the Board of TEO to acquire the shares held in treasury by the company, corresponding to 4.67% of the shares. As the Board of TEO did not respond to this offer, East Capital Explorer, together with East Capital funds, have acquired shares in the market. As of 9 October, East Capital Explorer, together with East Capital funds, held a total of 5.54% of the shares in TEO LT.

Gert Tiivas, CEO East Capital Explorer, says: “TEO is an excellent company with a solid track record and strong profitability. We found this an attractive direct investment opportunity at current valuation levels. We will continue to communicate with the Board of TEO regarding the disposal of treasury shares and other ways to unlock value for all shareholders of TEO.”

(site East Capital Explorer - 12/10/09)