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BNS - The listed Estonian electrical equipment manufacturer AS Harju Elekter on Tuesday established a subsidiary in Sweden named Harju Elekter AB.
Harju Elekter said that through the establishment of the subsidiary it was seeking to increase its presence and sales on the Swedish market, offering clients a wide selection of products, first and foremost electrical engineering products, from companies of the Harju Elekter Group.
The supervisory board of Harju Elekter endorsed the creation of the subsidiary on Monday and on Tuesday the agreement on the establishment of the new company was signed in Stockholm.
The size of the new company's share capital is one million Swedish kronor, of which 90 percent is held by AS Harju Elekter and 10 percent by AS Vallin Baltic.
The share capital contributions are in cash and are sufficient to establish the new company and launch its operations, Harju Elekter said.
Andres Allikmae, chairman of the management board of Harju Elekter, was appointed the new company's chairman of the board and Ulo Merisalu, managing director of Harju Elekter Elektrotehnika, was appointed member of the management board by Harju Elekter. Andres Olt, a Swedish national, was appointed member of the management board by Vallin Baltic.
Harju Elekter is a manufacturer of electrical equipment and materials. The subsidiaries of the Harju Elekter Group are Harju Elekter Elektrotehnika in Estonia, Satmatic Oy in Finland, and Rifas UAB, a 51 percent owned subsidiary in Lithuania, along with the telecommunications products maker AS Eltek and the related company AS Draka Keila Cables in Estonia. Harju Elekter also holds stakes in the Latvian company SIA Energokomplekss and in the Finnish company PKC Group Oyj.
Vallin Balti is a seller of electrical and measuring equipment in the Baltics.
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