Stefan Andersson, a Swedish private investor who has been one of the biggest investors in Tallinn Stock Exchange, has sold most of its holdings, writes Äripäev.
Last year, Andersson sold 842,706 euros worth of shares of Merko Ehitus, 235,000 euros worth of Tallinna Vesi, 115,000 euros worth of Tallink and 95,000 euros worth of Järvevana.
In addition, he sold 413,000 euros in Fortum shares and 163,000 euros of UPM shares. All in all, Andersson sold about 1.9 million euros worth of shares in 2013. According to his company’s annual report, he earned about 275,000 euros in profit from shares and 48,000 euros in dividends in 2013.
The company has more than 1.2 million euros in retained earnings. Andersson paid himself 100,000 euros in dividends for last year. Commenting the reason why he is pulling out of Tallinn Stock Exchange, Andersson said that he was seeing nothing interesting at present in the Tallinn bourse.
"Competition is becoming tougher, Estonia’s growth outlooks are becoming more insecure and the liquidity of Tallinn Stock Exchange is critically low,” he added. Speaking of Estonian listed companies, Andersson said that his favourite is Merko which is Estonia’s best construction company with an investor-friendly dividend policy.
"This has made this share investment very successful,” he added.