Tallink Takso plans to cease operations within the next month, as the company will undergo liquidation. According to Infortar CEO Martti Talgre, both the market and the company's focus have shifted.

“Tallink Takso was originally established to serve Tallink passengers. However, the market situation has changed beyond recognition, and from the customer’s perspective, obtaining fast and high-quality service is no longer an issue. Additionally, Infortar has become a publicly traded company, which, in pursuit of constant growth, is focusing on developing profitable businesses in its core sectors,” said Talgre.

“We are deeply grateful to everyone who has contributed over the years, whether as passengers, employees, or taxi drivers. We will address all existing obligations and transport agreements gradually, ensuring no one is left in a difficult situation. The yellow taxis will continue to operate on Tallinn’s streets for at least the next month,” noted Tallink Takso's Chairman of the Board, Tõnu Uusmaa.

As part of the liquidation process, fourteen employees working in the office and call center will be laid off. Taxi drivers operate as sole proprietors or small business owners.

Tallink Takso generated a revenue of €2.36 million in 2023, with a loss of €211,000. The company’s revenue constitutes 0.2% of Infortar’s total sales revenue of €1.085 billion.

Elenger Group has received approval from the Polish competition authority to acquire a natural gas distribution network and energy sales operations in Western Poland. The transaction amounts to €120 million, making it the largest known Estonian-origin investment in Poland.

"Infortar continues its expansion in the energy business – we are acquiring a functioning organization and opening up a new gas market, which is four times larger than our home market in the Baltic-Finnish region, offering opportunities in Europe’s fastest-growing economy. With the acquisition of EWE companies, we are creating a strong platform for the further growth of Infortar and Elenger,” said Ain Hanschmidt, CEO of Infortar.

“We consider the Polish market important and aim to provide customers with the best network and energy sales services. Our core product and expertise lie in natural gas – long-standing experience in the field of liquefied natural gas (LNG) and a focus on selling Western-origin natural gas have earned us the trust of our customers. The energy portfolio must be diversified, and we see gas playing a role today and in the future as a partner to renewable energy,” noted Margus Kaasik, Chairman of the Management Board of Elenger Group.

The acquired Polish companies will operate under the Elenger brand. A six-member supervisory board will be established to manage Elenger Polska, chaired by Andres Trink, the former CEO of one of the largest construction companies in the Baltic region, Merko. Krzysztof Noga will continue as the Chairman of the Management Board.

“The rapid growth of Infortar and Elenger is impressive and inspiring. The addition of EWE’s Polish operations is a key cornerstone for continued growth. Following the ownership change, it will be essential to establish strong collaboration with the group’s other units, maintain a focus on customer service, and expand the client base and partnerships. I am pleased to contribute to realizing Infortar’s and Elenger’s ambitions in Central Europe together with the company’s strong team,” commented Andres Trink.

Soon to be renamed Elenger Polska, the company is the second-largest privately-owned network operator in Poland. It manages a 2,316 km natural gas distribution network in Western Poland, primarily in the Poznan region, and serves over 25,000 customers. In addition to infrastructure management, the company is involved in the sale of natural gas and electricity, with its energy sales reaching 1.2 TWh last year.

In collaboration with Infortar, the Latvian retail chain DEPO is building its second store in Estonia, located next to the Tallink Tennis Center in Lasnamäe. The store will cover an area of 30,000 m² and is scheduled to open in the fall of 2026.

The total investment in the project amounts to approximately €52 million, of which €27 million will be invested by Infortar in real estate development. DEPO, in turn, plans to allocate €25 million to create a shopping space in line with its concept.

According to Rimants Jugans, DEPO's Marketing Director, the first DEPO store in Estonia has proven to be a successful place where Estonians draw ideas and inspiration, finding solutions for their plans. "This motivates us to expand our operations in Estonia. People have come to appreciate our concept – a wide selection of readily available goods in larger quantities, along with a consistent and stable policy of low prices," Jugans remarked.

"This store will make DEPO even more accessible to people looking to enhance their surroundings at home, in their gardens, and outdoor spaces. We are confident that the second DEPO store in Tallinn will also become a favorite spot for everyday shopping, including leisure and sports goods, home textiles and interior items, household and food products, and pet supplies," Jugans added.

“For Lasnamäe, this means the addition of a modern retail space, and for Infortar, a new collaboration project, the launch of the second phase of the Mustakivi property development, and a significant addition to our real estate portfolio,” said Ain Hanschmidt, CEO of Infortar.

The design process for the DEPO store has begun, with construction expected to start in the spring of 2025. Next to the store, 522 parking spaces will be built, along with improvements to several intersections and access roads to ensure smooth and safe traffic flow, including the construction of a new street. The necessary environmental conditions for commencing construction have already been met, and the works are expected to be completed by the fall of 2026. This will be the 18th store in the DEPO network.

A year after debuting on the stock exchange, Infortar has become one of the most valuable companies on the Tallinn Stock Exchange. Infortar's stock has been the best performer on the main list, with the company’s value increasing by two-thirds over the year to reach €918 million.

“When we listed, we promised a growth and dividend stock, and today we have delivered on both promises. Infortar has gained momentum from going public, expanding both in existing and new markets and sectors, while paying solid dividends to nearly 6,000 shareholders. Infortar's goal is to build a crisis- and inflation-resistant company. Our investment portfolio must be balanced and diversified. We are seeking growth and aim to export our proven business model and expertise beyond the Finland-Baltic region to Poland, Germany, and the Benelux countries,” said Ain Hanschmidt, CEO of Infortar.

This year, Infortar has made three major investments. In the spring, the company entered the agriculture sector by acquiring one of Estonia’s largest dairy farms in Halinga and is building a biomethane plant next to the farm to produce green gas. In early summer, the group invested €110 million in Tallink shares, increasing its stake in Tallink to 68.5%. In the autumn, its subsidiary Elenger signed a €120 million agreement with the German energy group EWE AG to acquire EWE’s entire Polish operations. The deal includes a natural gas distribution network in Western Poland and all energy sales business lines. Over the past two years, Infortar has invested nearly €450 million in total.

In the first nine months of this year, Infortar’s consolidated revenue reached €926 million, with a net profit of €187 million and investments totaling €138 million. Following the acquisition of a majority stake in Tallink, the company’s total assets amount to €2.5 billion. The company has paid €61 million in dividends.

Since the end of last year, Infortar's stock has been listed on the Tallinn Stock Exchange. A total of 5,517 retail investors from Estonia and professional investors from Europe participated in the company's initial public offering (IPO), with total subscription orders amounting to €41.4 million, 1.3 times the base offering size. Infortar's first trading day was December 14. The IPO was the largest in the Baltics in the past three years.

Similar to the Finnish, Polish, Latvian, Lithuanian, and German markets, Eesti Gaas is adopting the brand name Elenger, and the company’s new business name will be AS Elenger Grupp.

“Our company has long since moved beyond being solely ‘Estonian’ and only ‘gas’ – we have grown into an international energy company with a diverse product portfolio. Figuratively speaking, we operate from the Arctic Circle to the German border, with the majority of our revenues generated and assets located abroad. In addition to selling energy, we produce solar electricity and biomethane and manage distribution network infrastructure,” noted the company’s CEO, Margus Kaasik.

“With the name change, we are aligning our external form with our content. The new name reflects our expanded value proposition – electricity, energy, biomethane, and LNG – clean, Western-sourced natural gas, which we supply to the entire region and which has helped us become the market leader,” said Kaasik.

The new business name will take effect once the relevant entry is made in the commercial register. For customers, the name change will not entail any obligations or inconveniences, as all contracts will remain valid under their existing terms.

INF Infra OÜ, a subsidiary of the Infortar Group, signed an important contract with Rail Baltic Estonia OÜ to construct a section of the Rail Baltica main line between Kangru and Saku. The contract is valued at €67.2 million, VAT is not included and the work is scheduled to last 40 months, with completion expected by March 2028. Payment for work will be made periodically in accordance with the volume of work completed.

"A major challenge will be constructing the railway through the Männiku bog. As we aim to minimize environmental impact during construction, we plan to employ highly innovative embankment solutions that have not yet been used in Estonia's infrastructure projects. These proposed solutions are more environmentally friendly than traditional construction methods," stated Robert Sinikas, Member of the Management Board of INF Infra.

Rail Baltic Estonia’s goal is to establish a modern high-speed rail connection by 2030, linking Estonia, Latvia, Lithuania with the rest of Europe. The Rail Baltica project promotes regional cooperation, enhances passenger and freight transport options, and supports an environmentally friendly and sustainable transportation system across the Baltics.

"Tallinna Raamatutrükikoda (Tallinn Book Printers) is one of the most well-known players in its field. Today, it is better to operate together in the manufacturing and exporting industry, and consolidation is a general trend that helps to strengthen positions both in domestic and international markets," commented Priit Tamme, Deputy CEO of Infortar.

"With Infortar, we gain a strong strategic investor with long-term experience in the printing industry, and it is possible to find new synergies with the printing houses that are part of their group," noted Richard Tomingas, Managing Director of Tallinn Book Printers.

Infortar owns Estonia's only internationally certified security printing company Vaba Maa, its subsidiary CardPlus VM, which specializes in the personalization of plastic cards, and AS Printon, which joined in August 2016 and is mainly focused on the book printing market.

Tallinn Book Printers prints about 5 million copies annually, employs 104 people, and has 8,000 square meters of production and storage space.

This morning, a 140-meter-long and nearly 1,200-ton steel arch structure began its journey across the Pärnu River.

"To this day, it's not entirely clear how the stones, weighing from a few tons to several dozen tons, were moved during the construction of the Cheops Pyramid over four thousand years ago. However, the residents of Pärnu and other interested observers can safely watch from a distance as modern engineering skills are used to move this more than a thousand-ton steel structure into place," said Meelis Kukk, Deputy Mayor of Pärnu.

"We are executing one of the most complex bridge assemblies in the Baltics in decades. Today's work is the culmination of a very intensive and complex engineering process that has taken a year and a half," noted Robert Sinikas, a board member of INF Infra OÜ, an engineering and construction company belonging to the Infortar group.

For the 260-meter transport journey of the arch bridge structure, assembled on the bank of the Pärnu River, to its final location, special equipment is being used. The bridge is being transported onto a temporary bridge using self-propelled transporters. From there, the structure will be transferred onto barges, which will carry it to the river piers, where the bridge will be lowered into its final position with the help of jacks. Since the bridge, along with additional structures, weighs almost 1,200 tons during transportation, the approach bridge on the city center side has been reinforced with two temporary piers. To maintain the geometry of the arch bridge during transportation, the structure has been strengthened with temporary beams.

To ensure safety, water traffic in the bridge corridor area will be closed for up to five days. During this period, no watercraft or swimmers will be allowed to enter the work zone. The closed-off area will be marked with yellow buoys on both sides, and patrol vehicles will secure the area. Steel cables will be stretched across the river within the buoys, making it dangerous to navigate or swim between them. On the Rääma side of the riverbank, pedestrian and cyclist routes will be altered. Temporary traffic control measures should be observed.

The work depends on wind direction and speed. The bridge is expected to be installed in its final position by Wednesday evening. If the winds are too strong, the work may take longer than the planned three days, as there may be interruptions.

INF Infra has previously undertaken similar work in Tallinn during the construction of the Tondi overpass, where two 500-ton viaducts built alongside the railway were moved to their final positions in a very short time window. The solution proposed by the engineers allows for time savings in the construction of tunnels and bridges, which is critical when minimizing rail traffic disruption.

The City of Pärnu and the Infortar group companies, INF Infra OÜ and AS EG Ehitus, signed the design and construction contract for the new Pärnu bridge in May last year. The bridge piers and superstructure are now completed, along with most of the above-ground structures. On average, one hundred people are working on the site, with over six hundred people and 80 subcontracting companies involved in the project. The bridge is planned to be opened at the beginning of summer, on June 21, 2025.

The new Pärnu bridge will become Estonia's longest bridge, with a span of 140 meters. Currently, the longest-span bridges in Estonia are the Rannu-Jõesuu and Ihaste bridges, both with a maximum span of 90 meters. The new Pärnu bridge will surpass these by one and a half times. Additionally, the new Pärnu bridge will be the longest arch bridge in the Baltics and Finland.

The Infortar headquarters at Liivalaia 9, constructed by INF Ehitus, was awarded the BREEAM In-Use certificate at the level of EXCELLENT. BREEAM (Building Research Establishment Environmental Assessment Method) is an international certification system used to assess the ecological, social, and economic responsibility of buildings.

According to Jaanus Sula, the Construction Director of Infortar, people often assume that all new buildings are automatically sustainable and of high quality. "In reality, achieving such criteria requires significant effort from the designer, builder, and client alike. As one of Estonia's largest real estate investors, Infortar keeps pace with the times, following the principles outlined in its sustainability report," said Sula.

Infortar's public and voluntary takeover offer to Tallink's shareholders was accepted by 21.71% of Tallink's shareholders. Infortar will invest €88.8 million to purchase Tallink shares, increasing its stake in Tallink to 68.47%, while Tallink will remain listed on the stock exchange.

"When making the offer, we thought it might be attractive to those wishing to exit the region – the assumptions were correct and proved to be true. Most of Tallink's 30,000 shareholders decided to continue, thinking similarly to Infortar," noted Ain Hanschmidt, Chairman of the Board of Infortar.

"Infortar believes in Tallink's business model – their management and entire team have done a good job and successfully navigated the company through various crises. The difficulties related to Covid have been overcome, and business operations have normalized. In addition to the record profit figures for 2023, Tallink has significantly reduced its debt burden and secured a strong financial position," said Hanschmidt.

"Tallink will remain listed on the stock exchange in the future – similar to most other Estonian listed companies – with a minority stake. A strong investor community has emerged in Estonia, and both Infortar and Tallink have gained much as public companies from being listed," stated Hanschmidt.

In early July, Infortar submitted a public and voluntary takeover offer to Tallink's shareholders. As part of the offer, shareholders decided to sell Infortar a total of 161,395,930 shares, representing 21.67% of all shares. Infortar is financing the transaction with its liquid funds, and the purchase price will be paid to the participating shareholders on August 9 of this year. Tallink's operational and financial indicators will be consolidated and reflected in Infortar's next quarterly results.

With this public takeover offer, Infortar is implementing its strategy described in the initial public offering and listing prospectus, according to which the group's strategy in the marine shipping business segment is to increase its stake in Tallink if Tallink's share price on the stock exchange is favorable and regulatory requirements allow it.

Finantsinspektsioon has approved Infortar's application to organize a public and voluntary takeover offer for Tallink's shareholders. The takeover offer at a price of 0.55 euros per share is voluntary – shareholders have the option, but not the obligation, to accept the offer.

The offer is valid until August 5 at 16:00, and to accept it, shareholders must contact their account manager bank and submit an order to accept the offer. The settlement will be arranged through the Estonian Central Securities Depository.

According to the offer process schedule, all shareholders will receive dividends of 6 cents per share for the previous year, regardless of whether they plan to use their sale rights. The offered price is close to Tallink's average share price over the last three years, which is 0.61 euros per share. A year ago, in June 2023, Tallink's share price was 0.56 euros per share. "Infortar believes in Tallink's financial and market position and plans to keep the company as a publicly traded firm. If there are shareholders in Tallink who doubt the economic prospects of our region, this offer creates liquidity in the market and allows them to consider exiting," said Ain Hanschmidt, CEO of Infortar.

On 27th of June, Eesti Gaas opened its first solar power plant near Liepaja in Nica. The plant has a capacity of approximately 4 megawatts.

“Gas is a partner in renewable energy, and Latvia is an important market for us. Our goal is to diversify our energy portfolio and bring new megawatts to the market. We regularly evaluate various projects and directions in the renewable energy sector to develop in the coming years. We see potential in solar and wind energy and biomethane production,” said Margus Kaasik, Chairman of the Board of Eesti Gaas.

“Every new renewable energy project brings Latvia closer to stable and affordable energy prices for both residents and businesses, creates jobs, and promotes economic development. A diversified energy production portfolio, which includes solar, wind, biogas, and in the future hydrogen and other sources, strengthens the country’s independence from external influences,” said Latvian Minister of Climate and Energy, Kaspars Melnis.

Nica is one of the sunniest regions in Latvia, and the plant covers an area of 5.3 hectares. The solar park, with nearly 7,000 panels, will produce 4.5 GWh of energy annually. The solar power plant was built in cooperation with SIA “OMS”, one of the largest electrical installation builders in the Kurzeme region. The solar power plant was completed on a market basis, without state support, and Eesti Gaas invested 2.5 million euros in its construction.

Eesti Gaas began producing solar energy in 2019 when it launched Estonia’s largest solar park complex at the time, in collaboration with a company owned by the city of Pärnu, on the site of the former Rääma landfill. The Pärnu solar power plant consists of 13,000 panels and has a panel capacity of 4.7 megawatts. Additionally, Eesti Gaas has established around twenty smaller solar power plants for its clients across Estonia.

In addition to producing electricity from solar energy, Eesti Gaas is also active in the renewable energy sector in the field of green gas, selling gas produced at its green gas plants in Oisu, Järva County, Ilmatsalu, Tartu County, and Vinni, Lääne-Viru County, as vehicle fuel at its CNG filling stations. Green gas, or biomethane, is a circular economy-promoting fuel with a negative carbon footprint, produced from biodegradable waste, manure, slurry, and food waste.

Eesti Gaas is the largest privately-owned energy company in the Finland and Baltic region, with 80 percent of the group’s revenues coming from foreign markets. In addition to Estonia, the company operates in Finland, Latvia, Lithuania, and Poland, under the name Elenger in foreign markets.

A new Tiger Valley has been completed at Tallinn Zoo, developed by Infortar's subsidiaries EG Ehitus and INF Ehitus. Spanning 2.5 hectares, this area features a natural environment with large trees and water bodies, as well as innovative aerial walkway tunnels for the exhibits.

"Visitors to the zoo have been eagerly awaiting the completion of Tiger Valley for quite some time. Now we have reached the final stages of construction, and the first outdoor exhibit has been completed. It integrates the best welfare conditions for the animals with a natural living environment. Tiger Valley is designed to evoke positive emotions in visitors, where they can learn about the endangered Amur tiger and enjoy quality time with family. Like the entire zoo, Tiger Valley is in continuous development to become even better for both animals and visitors," said the zoo's director, Kaupo Heinma, expressing his delight about the newly finished attraction.

Visitors can expect to see tigers in the new environment starting from mid-July. After extensive travels across European zoos, the beloved Amur tiger Pootsman and his companion Danuta returned home in early June. Last week, a female Amur tiger named Ohana, born in 2022, arrived from Helsinki's Korkeasaari Zoo aboard the Tallink Megastar. Ohana's partner, a three-year-old male Amur tiger named Aleksander, is expected to arrive from the Highland Wildlife Park in Scotland.

Several other Far Eastern animal species will also find a new habitat in Tiger Valley, including the Amur leopard, red wolf, oriental stork, black stork, bearded owl, and Ural owl. All species will live in environments resembling their natural habitats. Currently, there are about 500 Amur tigers living in the wild.

Infortar has submitted an application to the Estonian Financial Supervision and Resolution Authority (EFSA) for approving a public and voluntary takeover offer for Tallink shareholders, according to plans Tallink shall remain a public listed company.

“Estonian economy has been declining for nine consecutive quarters, country’s credit rating has been lowered and the geopolitical risk is still high. In case Tallink has any shareholders who doubt in the economic outlook of our region then this offer brings liquidity to the market and provides them an opportunity to consider an exit.” noted the chairman of the Management Board of Infortar Ain Hanschmidt.

“Infortar believes in the financial and market position of Tallink and plans to keep it a public listed company, however, it must be taken into account that for larger international investors the liquidity of the company’s stock and market depth is limited – the average daily turnover of Tallink shares for the last year is about 175,000 euros” noted Hanschmidt.

This is a voluntary takeover offer – shareholders don’t have an obligation but an opportunity to choose, whether to accept the offer or not. Infortar treats all shareholders equally and the offer is made with respect to all shareholders of Tallink.

Infortar intends to start the offer in the beginning of July, this year after receiving the approval of EFSA, the offer is intended to last for 35 days. Infortar plans to offer 0.55 euros per one share to Tallink shareholders. Taking into account the timeline of the offer process all shareholders are able to receive dividends for the previous year in the amount of 6 cents per share, irrespective of whether they plan to use their right of sale or not. The offered price is similar to the average market price of Tallink for the last three years i.e. 0.61 euros per share. One year ago, in June 2023 the price of Tallink share was 0.56 euros per share.

To accept the offer the shareholder of Tallink must contact its account operator bank and submit the order for accepting the offer. The settlement of the offer is done via Nasdaq CSD. Infortar has the required financial assets to conclude the transaction.

With this public takeover offer Infortar is carrying out its strategy described in its initial public offering and admission to trading prospectus, according to which the group’s strategy in the maritime transport segment is increasing its shareholding in Tallink if the market price of Tallink share is favourable and regulatory requirements permit it.

On the afternoon of June 5th, the ribbon was ceremoniously cut, and the headquarters of the Infortar group at Liivalaia 9, as well as Kohvik 9 for employee catering, were officially opened. The beautiful building's architect was Indrek Tiigi, the interior architect was Ahti Peetersoo, and the sculpture in the lobby was created by Heigo Jelle. The building was constructed by INF Ehitus.

The opening ribbon, held by Puuluup members Ramo Teder and Marko Veisson, is being cut by architect Indrek Tiigi, Infortar management board members Eve Pant and Ain Hanschmidt, and chairman of the supervisory board Enn Pant. Photo: Ardo Kaljuvee

On May 20, Infortar held its first annual general meeting of shareholders as a public company. The meeting took place at the conference center of the Tallink SPA & Conference Hotel, with 52 shareholders registered, representing a total of 18,685,543 votes, thus accounting for 88.28% of Infortar's share capital.

At the meeting, the 2023 financial report and the profit distribution proposal submitted by the management board were approved, according to which dividends of 3 euros per share will be paid to shareholders. The payments will be made in two installments, on June 12 and December 12, 2024.

Additionally, the term of office for supervisory board member Toivo Ninnas was extended for the next five years, and the option programs directed at supervisory board members were approved. KPMG Baltics will continue as the company's auditor.

Today, Infortar acquired an additional 26,030,390 shares of Tallink Group, which constitutes 3,5% of all Tallink shares.

"We believe in Tallink as a publicly traded company with a strong financial and market position and low debt burden. Therefore, we have consistently increased our stake over the past few years. Tallink is a crisis-hardened company that is currently showing the best results of recent years. We see this as a long-term, risk-mitigating investment," noted Ain Hanschmidt, Chairman of the Board of Infortar.

After the transaction, Infortar owns 46,8% of Tallink shares.

51% of Halinga OÜ now belongs to Infortar, and the company will continue its operations as a member of the group.

"Infortar sees this transaction as an entry into a new field of activity. However, it is important to consider that modern agriculture extends far beyond cultivating fields and producing milk; it includes areas in which we have previous experience, such as the circular economy and renewable energy," noted Infortar's CEO Martti Talgre.

Located in Pärnumaa, Halinga OÜ is one of Estonia's largest milk producers and an important employer in the region, with over 70 people working there. The number of Halinga's dairy herd and young animals exceeds 3000, and the cultivated land area reaches 3700 hectares.

The Estonian Golf Association and Infortar have signed a cooperation agreement, under which Infortar becomes the main sponsor of the Estonian Golf Association and the title sponsor of the Estonian stroke play championships. With this title, for the first time, monetary prizes will be awarded to players who win medals. In addition, the tournament's top male amateur and professional player will have the opportunity to participate in the Challenge Tour event in Finland, Vierumäki, in August.

"Infortar has grown into one of Estonia's largest companies, and with that, our responsibility and desire to contribute more broadly have increased. We are an investment company, and cooperation with the Estonian Golf Association can be seen as an investment - we believe in the development of Estonian golf and see an opportunity in the near future to take the next step towards achievement in sports and medals. Of course, golf is also emotionally important to us; many employees of companies belonging to the Infortar group play golf themselves," noted Infortar's Chairman of the Board Ain Hanschmidt.

According to the General Secretary of the Estonian Golf Association, Kristo Raudam, he is pleased that the strongest companies in their field have joined the supporters of the Estonian Golf Association. "The role of the private sector in the daily development of the sport is becoming increasingly important, and it is gratifying to see that, despite difficult times, the private sector is willing to contribute more and more to the development of Estonian golf."

According to Infortar's Managing Director Martti Talgre, the best times in the 30-year history of Estonian golf have arrived. "We have many talented girls and boys. If diligent Estonian entrepreneurs lend a hand, we will hear more about them, even at the world level," said Talgre.

Infortar continuously and responsibly contributes to society. Its long-term partnership-oriented sponsorship strategy includes equal parts of education, culture, environmental protection, and sports. As a major supporter of the Estonian Tennis Association and the Estonian Golf Association, Infortar values professionalism, dedication, and quality.

Alongside the energy, maritime transport, and real estate sectors, Infortar enters the agriculture sector for the first time by acquiring a majority stake in one of Estonia's largest dairy companies in Halinga, Pärnumaa.

"Estonia's latitude is suitable for dairy production, and Estonian dairy farms are regionally competitive. Halinga, with its three farms and more than 3,700 hectares of arable land, is one of the largest and most modern," noted Infortar's Managing Director, Martti Talgre.

"Investments in agriculture fit into Infortar's portfolio – a capital-intensive field with high entry barriers. We are interested in investing and have plans, but we can comment on this transaction and plans more precisely after the approval from the Competition Authority and the transaction's finalization," Talgre remarked.

According to Halinga's manager, Raul Peetson, we live in a place where people have been able to sustain themselves since the beginning of time. "Today's dairy production and farming are based on the experiences of those who came before us. This experience tells us that the greatest value we must preserve when producing food is our land. This knowledge and adherence to it have allowed our Halinga dairy production to rise to the top in Europe and manage so that we can produce food for ourselves and have surplus for others," said Peetson.

"At Halinga, we believe that large-scale production is not just about the tons of milk but maximizing environmental protection and the welfare of our day-to-day heroes – the cows – as well as the satisfaction and future security of our people. Development in farming never ends, and we see that we must move forward. Forward towards a cleaner environment, towards an even smarter and more eco-friendly production model. Forward to even greater heights in Europe - in the world. And we do this so that in addition to wisdom, we can also pass on a clean and better environment for the future. To maintain production, but primarily to sustain and develop life in the countryside," Peetson elaborated.

An Infortar subsidiary has signed an investment agreement and shareholders' agreement to acquire a 51% stake in OÜ Halinga. The completion of the transaction is conditional upon obtaining the necessary approvals from the Competition Authority and carrying out additional actions. Among other things, the final price of the transaction depends on parameters that need further clarification and will be determined on the completion date of the transaction.

OÜ Halinga is one of Estonia's largest dairy producers and a significant regional employer, with over 70 people employed. Halinga's dairy herd and young stock number over 3,000, and it cultivates 3,700 hectares of land. After the transaction is finalized, OÜ Halinga will continue its operations as a member of the Infortar group.

Last year, Infortar's assets saw significant growth, reaching 1.46 billion euros. In light of this achievement, the company's board has decided to offer its shareholders a dividend of 3 euros per share for the 2023 fiscal results. Such a dividend payment refers to an approximate dividend yield of 11 percent, which is the highest on the Tallinn Stock Exchange this year.

The company's management emphasized the record financial results as an opportunity to continue investing in major projects and proposed to pay the largest dividend sum in the history of the Tallinn Stock Exchange to more than 5200 shareholders. The dividends are planned to be paid out in two installments: June and December 2024.

Last fiscal year, the company's net profit reached 293.8 million euros, compared to 96.1 million euros the previous year. The Chairman of the Board, Ain Hanschmidt, commented that all three areas of the company's operations achieved exceptional results. A significant contribution to the profit was made by the acquisition of the Latvian gas distribution network Gaso and the revaluation of real estate. The operating profit grew compared to the previous fiscal year, reaching 123.6 million euros.

The company's sales revenue increased by 30.9 million euros compared to the previous year, achieving 1.08 billion euros. This was primarily aided by an increase in the market share of gas sales in the region to 25 percent. Additionally, Infortar increased its stake in the shipping company Tallink Grupp, which now constitutes 42.33 percent.

Infortar plans to pay dividends on a total of 20,221,239 shares, making the total sum of dividend payments approximately 61 million euros.

The largest private capital energy company in the Baltic-Finnish region, Eesti Gaas, will lower the price of its flexible package for domestic customers in February by twenty percent compared to January, and by an additional seven percent in March – the new price in March will be 0.46 euros/m³ including VAT.

"The price of natural gas has fallen to summer levels in the middle of winter, despite the cold weather the price of gas at the beginning of the year has halved," said Margus Kaasik, Chairman of the Board of Eesti Gaas.

"If last heating season gas drove up energy prices, now the roles have changed and the central theme has become the reliability and price of electricity supply. Gas has helped cover our energy demand this winter and survive the frost, it would not have been possible without the contribution of natural gas," noted Kaasik.

Natural gas is predominantly imported from the United States and Norway in liquefied form, or LNG, to the Finnish Inkoo and Lithuanian Klaipeda terminals. Eesti Gaas brought 18 shipments of LNG to the region last year. One shipment of gas constitutes about a quarter of Estonia's annual gas consumption.

Operating in five markets – Finland, Estonia, Latvia, Lithuania, and Poland – Eesti Gaas grew last year into the largest private capital energy company in the Finnish and Baltic region. Eesti Gaas offers its customers natural gas in the form of pipeline gas, compressed natural gas (CNG), and liquefied natural gas (LNG), and manages the largest gas network in Estonia and Latvia. The company is actively engaged in international energy trade and is developing a renewable energy portfolio through the production and sale of solar energy and green gas (biomethane). In foreign markets, Eesti Gaas operates under the name Elenger.

In an interview with Äripäev, Ain Hanschmidt, one of the founders and majority owners of Infortar, referred to the ending year as one of the most exciting in his entire career, arguably the best ever: "Infortar made the biggest profit ever – 270 million euros in nine months. We also acquired the Latvian infrastructure company Gaso and went public. Three major accomplishments. As they say – a hat trick!"

Äripäev recalls that Eesti Gaas, owned by Infortar, purchased the Latvian gas distribution network owner Gaso for 120 million euros. The Latvian gas network, with nearly 400,000 consumers, is almost four times larger than Gaasivõrk in Estonia. This marked the largest investment beyond Estonia's borders by Estonian companies in recent years. It's noteworthy that every third gas molecule sold in the Finland-Baltic market is brought to this region by Eesti Gaas.

In addition, Infortar took a risk during challenging times and successfully went public in December. The initial public offering of shares was oversubscribed 1.3 times. The company raised a total of 41.4 million euros. Infortar's IPO attracted the participation of nearly 5,500 retail investors from Estonia and professional investors from Europe.

In December, AS Infortar acquired 1,683,016 shares in Tallink, the value of which was almost 952,000 euros. As a result, Infortar’s holding in AS Tallink Grupp increased to 297,572,752 shares, representing 40.02 percent of the company’s voting shares.

Nasdaq announces that the shares of Infortar (ticker: INF1T), the largest investment holding company in Estonia, were listed on the Nasdaq Baltic Main List by Nasdaq Tallinn as of December 14, 2023.

The listing of Infortar’s shares follows their initial public offering (IPO) in which the company raised EUR 35.36 million from Estonian investors. A total of 5,517 investors subscribed for Infortar’s shares and the offering was 1.3 times oversubscribed.

"I’ve said it many times, and I will keep saying that: becoming a public company requires courage. Companies aiming to become public do not need ideal market conditions to open up, instead they need a firm ambition and confidence in their story. Therefore it’s even greater pleasure to see Infortar – one of the biggest companies in Estonia and now in TOP3 among Tallinn-listed companies by market capitalization – to conduct a successful IPO and become listed on our exchange. In addition, Infortar is the first investment holding company traded on the Baltic exchanges, giving investors an additional opportunity to diversify their portfolios,” said Kaarel Ots, Head of Nasdaq Baltic Exchanges and CEO of Nasdaq Tallinn.

"Going public will accelerate our international expansion and help raise additional capital. Infortar has won just by organizing the IPO – the quality of our company has reached the next level and our reputation has grown. Infortar is a company focused on growth – we are looking for new investment opportunities and want to increase the value of the investors' assets," said Ain Hanschmidt, the Chairman of the Management Board of Infortar.

Estonia's largest investment company, Infortar, relocated its group's subsidiary companies to a newly constructed office building in the heart of Tallinn on Liivalaia street.

"Infortar has grown into one of Estonia's largest companies, and a large organization requires proper infrastructure and modern working conditions. Our group includes over a hundred subsidiaries and affiliated companies, and not all of them fit into the new building," noted Infortar's CEO Martti Talgre.

"Real estate is our third important field alongside energy and shipping. The Liivalaia office building is our own group's development and construction project. We have become one of the largest property owners in Estonia by asset volume," added Talgre.

Infortar's subsidiary and affiliated companies, including the building contractor INF Ehitus, are moving to the office building at Liivalaia 9. The region's largest private equity energy company, Eesti Gaas, will have its headquarters on four floors of the building. Eesti Gaas has been located at the same address for several decades, even before the old building was demolished and replaced.

The nine-story office building, designed by Allianss Arhitektid, has a closed gross floor area of 7500m2. The building, equipped with energy-efficient and modern climate control systems, has a facade covered with anodized aluminum and additional sunshades provided by perforated aluminum slats. In the lobby facing Liivalaia Street, there is a metal sculpture titled "Fraktal," created by Heigo Jelle and illuminated at night by Alyona Movko-Mägi's videomapping.

Eesti Gaas, the largest privately-owned energy company in Finland and the Baltic region, has initiated the construction of its first solar power station in Latvia near Liepaja in Nica. The solar power station is expected to have a capacity of approximately 4 megawatts.

"We continue to diversify our energy portfolio and bring new solutions and megawatts to the market. In addition to the solar and green gas stations already operational in Estonia, we are starting the construction of solar stations in Latvia. Solar energy is the most predictable and community-accepted form of renewable energy," stated Margus Kaasik, the Chairman of the Board of Eesti Gaas.

"This location, Nica, is the sunniest place in Latvia, as confirmed by its name. In addition to Nica, which we can expand if necessary, we have selected two more locations in Latvia for the development of solar stations," added Kaasik.

The Nica solar power station, with an approximate capacity of 4 megawatts, equipped with large panels, is set to be completed next spring. It will supply electricity to the city of Liepaja, meeting the electricity needs of about a thousand households. The investment in the solar power station amounts to 2.7 million euros.

Eesti Gaas commenced solar electricity production in 2019 when it launched the then-largest solar parks complex in Estonia in collaboration with a company owned by the city of Pärnu, located on the former Rääma landfill. The Pärnu solar energy station consists of 13,000 panels with a capacity of 4.7 megawatts. In addition to this, Eesti Gaas has built several smaller solar stations across Estonia for its customers.

Apart from solar electricity production, Eesti Gaas is actively involved in renewable energy in the field of green gas, selling gas produced at the Oisu facility in Järvamaa, the Ilmatsalu facility in Tartumaa, and the Vinni facility in Lääne-Virumaa as automotive fuel in its CNG (compressed natural gas) stations. Green gas, or biomethane, is an environmentally friendly fuel promoting a circular economy, produced from biodegradable waste, manure, urine, and food waste.

Mayor of Pärnu, Romek Kosenkranius and CEO of Infortar, Ain Hanschmidt laid the cornerstone for one of Estonia's largest infrastructure objects, the new bridge in Pärnu. The bridge with the longest span in Estonia, which will be completed by the summer in two years with new construction technology, will cost 26.7 million euros, including connecting roads, the investment will reach 40 million euros.

"The residents of Pärnu have been dreaming of a new bridge for years, and a year ago many assumed that this dream would never come true for Pärnu. However, this spring, the Pärnu city government signed a contract with the companies INF Infra OÜ and AS EG Ehitus, which belong to the Infortar group, and in the summer the picture has changed drastically in the construction industry on both shores. Apparently, no one doubts anymore that Pärnu will get a new, state-of-the-art arch bridge. The city's good cooperation with the builders and the pace of construction leave no room for doubt, the pillars of the new bridge can already be seen on the water, and the symbolic cornerstone of the bridge was also laid today. Of course, the bridge construction contract was preceded by a long and complicated preparatory work," said mayor of Pärnu, Romek Kosenkranius.

According to Ain Hanschmidt, the effect of the new bridge is manifold - citizens of Pärnu can move more easily and save time, builders can use new technological techniques and develop construction activities, and the region and economy as a whole will gain momentum.

"With this project, the city of Pärnu shows an example of how to revive the economy in the face of economic recession - investments in infrastructure increase the attractiveness of the region and bring multiple returns," said Ain Hanschmidt.

The new bridge in Pärnu will be the longest bridge in Estonia, with a span of 140 meters, and also the longest reticulated arch bridge in the Baltics and Finland.

On February 10, the winners of the contests 25 Most Beautiful Estonian Books and 5 Most Beautiful Estonian Children's Books and recipients of special prizes were announced in the Estonian Writers' House. Printing house Printon received a total of 10 awards, among them 1 special award and 2 awards in the category of children's books! Two juries were formed to select the most beautiful books. 135 books participated in the competition of the 25 most beautiful Estonian books, and there were 43 works in the category of the most beautiful Estonian children's books. A total of 178 works from 85 publishing houses were evaluated.

Eesti Gaas will bring an additional ship from the United States by November to serve Finland's gas consumption, the company is ready to bring additional supplies to the Inkoo terminal for this season.

"The market can handle the Balticconnector's situation, and based on the Inkoo terminal, it is possible to cover Finland's consumption volume - there is enough gas and tankers in America and Europe, additional ships can be ordered quite quickly, and the Inkoo terminal has previously operated in the mode of current gas demand," stated Margus Kaasik, Chairman of the Board of Eesti Gaas.

"In the last week, we have taken an important step forward - Gasgrid has announced the possible restart time of Balticconnector, and Inkoo Terminal has established the rules for the use of the terminal for this winter. Eesti Gaas, for its part, is ready to show that it is capable of being up to the task in a difficult situation and guaranteeing deliveries to customers," said Kaasik.

Eesti Gaas has tripled its LNG deliveries this year – instead of last year's five ships, the company is bringing already the 17th shipload of LNG to the region this year. One shipload of gas makes up about a quarter of Estonia's annual gas consumption. If before, natural gas reached Estonia mainly via a pipeline from Russia, this direction has been closed for nearly a year and a half and a full-scale turn to the west has taken place. Natural gas is now brought in liquefied form or LNG (liquefied natural gas) to the terminals in Inkoo in Finland and Klaipeda in Lithuania, where it is regasified and fed into the network or pipeline. The LNG supplies imported by Eesti Gaas have certificates of origin, the gas comes mostly from the United States and Norway.

On Monday, September 18, a festive event took place during the construction of the Rimi Logistics Centre near Saue: a rafter wreath was brought down, which in folk tradition marks the moment when the roof has reached its final height and it is time to remember the builders with a rich meal as a sign of gratitude. Time flies, barely a month and a half ago the cornerstone was laid on the building, in the spring of 2025, in addition to the 18,000 square meter distribution center, Rimi's head office and central kitchen will open their doors here. The building is being built by INF Ehitus.

Infortar and Alexela started expanding the biomethane plants located in Oisu in Järva County and Ilmatsalu in Tartu County, as a result of which the plants can accept more food waste than before.

"We are taking the next step in local gas production - if until now we mainly produced biomethane from animal manure, now we can use food industry and other biodegradable residues as raw material more than before. This gives the food industries wider opportunities to participate in the circular economy," said Kristjan Stroom, CEO of Eesti Biogaas OÜ, a joint company of Alexela and Infortar. "Biomethane plants leave no footprints and solve several formulas at the same time - after agricultural and food industry waste, the next problem to tackle could be the reception and processing of urban residents' bio-waste, the plants are technically ready for this, in addition, it requires adaptation of national regulations, decisions of municipalities and organisation of logistics".

The production capacity of the three green gas plants opened two years ago with the support of a EUR 30 million investment will increase by a third after the expansion works, thus increasing the role of Eesti Biogaas as the largest producer of biomethane in the Baltics in achieving the goals of the green revolution. During the expansion, digesters and production equipment will be added. Construction works at the stations will be carried out by EG Ehitus.

The major customers of biomethane are the public transport companies of the cities Tartu, Rakvere and Pärnu, biomethane can be purchased as motor fuel at all Eesti Gaas and Alexela gas stations across Estonia. The annual amount of manure of one dairy cow can produce 200 kg of biomethane, which can be used to drive 5,000 km. In one household, 130 kg of biowaste is generated during the year, and the biomethane produced from it can drive a car 200 km.

Biomethane is a clean and high-quality motor fuel suitable for all CNG vehicles. The performance of an engine running on biomethane is the same as a gasoline engine, but it works more quietly and consumes significantly less fuel, the price of which is also 2-3 times cheaper. In addition to public transport, domestic passenger and freight transport could also be switched to green gas. Switching to local biomethane is today the only existing climate-neutral and competitive solution in the passenger and freight transport sectors to achieve the 2030 climate goals.

Biomethane, or green gas, is produced mainly from biodegradable waste, manure, urine and food waste. During the additional processing and purification of biogas, biomethane, or green gas, with a calorific value similar to natural gas is produced. Biomethane is the cleanest and most soot-free fuel that can be used in transport, only carbon dioxide and water vapor are released when burning biomethane. The residue of the fermentation process of the biomethane plant, or digestate, is transported to a storage or lagoon and from there to the field. Digestate is a high-quality and certified organic fertilizer from which plants can easily acquire nitrogen and phosphorus. Unlike manure, digestate has no smell and a lot of harmful methane remains unreleased into the environment.

In addition to the 18,000 square meter logistics centre, Rimi's 4,000 m2 head office and over 2,000 square meter central kitchen will be located in the building to be completed in the spring of 2025 in Laagri, Gate Tallinn business park.

"The real estate sector today offers opportunities for growth. We want significantly expand our real estate portfolio and bring it to the same level as our shipping and energy investments. The development of the Rimi logistics center is an important project for us and confirms the trust of a large international group," said Ain Hanschmidt, CEO of Infortar.

"We have been looking for a long time and considering various options for the development of a new office and a central warehouse - I believe that we have found the right location and a strong cooperation partner who will enable us to realise our wishes. The project makes it possible to bring logistics operations in Estonia under one roof, develop a modern central kitchen and build a modern office that supports modern and innovative ways of working. All this creates prerequisites for the further development and growth of Rimi in Estonia and helps to serve the stores in the best way," said Vaido Padumäe, CEO of Rimi Estonia.

The builder of the building is INF Ehitus and the developer is AS Infortar. The development of the logistics center was started in 2021 by Lumi Capital, which signed a lease agreement with Rimi Eesti and prepared the project up to the construction stage, and continues today as a minority shareholder.

From 5 to 7 July 119 players from 11 countries participated in the Niitvälja Karikas by Infortar competition. In the men’s class Kevin Christopher Jegers (Niitvälja Golf) set a course record on the second day of the competition and started the final day in the first place, got a good result on the third day as well (67 strokes / -2) won first place and scored the Niitvälja Karikas competition record (the final result was 205 strokes / -11). However, Jegers teammate Mattias Varjun offered him a strong competition, played the best golf of his life in the last round – 10 birdies and a new Niitvälja Golf Park Course record of 64 strokes (-8). In the women’s class Hannah Õunap (Valgeranna Golf Club) started the final day as the leader, played 75 strokes (+3) on the third day and thus secured first place (final result 223 strokes / +7). Niitvälja Karikas by Infortar, the oldest golf tournament in the Baltic States with a prize fund of €10,500 is included in the R&A World Amateur Golf Ranking

Eesti Gaas, the largest private energy company in the Baltic states and Finland, will more than triple its LNG supplies this year – compared to last year's five LNG cargoes, the company will bring 16 shiploads of LNG to the region this year.

"One third of the LNG imports to the Baltic region and Finland come through Eesti Gaas - large volumes and direct contracts with the leading LNG suppliers allow us to offer our customers reliable and affordable supplies and increase our market share," said Margus Kaasik, Chairman of the Managment Board of Eesti Gaas.

"In less than a year, we made a complete turnaround to LNG of Western origin, the new supply routes from Norway and the United States were established and work well today, this has given the regional gas market more security and also helped bring down the price,“ Kaasik noted.

"Heading towards the new heating season, our gas consumers can have peace of mind - European gas storages are full and there will be enough gas. Towards winter, the price of gas is expected to rise somewhat, but according to all assumptions, the upcoming winter will be easier for consumers than the previous one," said Kaasik.

Of the LNG deliveries ordered by Eesti Gaas this year, four have come to Lithuania's Klaipeda and eight to Finland's Inkoo terminal. Until the end of the year, one more cargo to Klaipeda and three to Inkoo have been agreed. The company's major supply partners are the international energy groups Vitol and Total and Equinor of Norwegian origin. Eesti Gaas was the first to start using the new Finnish Inkoo terminal.

From last autumn's peak price of 2.85 euros/m³, the price for Eesti Gaas' household customers has fallen by more than 84 percent to 0.46 euros/m3 today. Larger gas price reductions took place in December of last year and in February of this year, when Eesti Gaas reduced the price of natural gas by 35 and 50 percent, respectively.

Operating in five markets - Finland, Estonia, Latvia, Lithuania and Poland – Eesti Gaas grew last year to become the largest private energy company in the Baltic and Finland region. The company offers its customers natural gas in the form of pipeline gas, compressed natural gas (CNG) and liquefied natural gas (LNG) and manages the largest gas network in Estonia and Latvia. Eesti Gaas is actively engaged in international energy trade and develops a renewable energy portfolio in the form of solar energy and biomethane production and sales. On export markets the company carries Elenger name.

Last year, AS Infortar grew into one of the largest companies in Estonia - the group's assets reached 1.1 billion, turnover 1.05 billion and profit to 96 million euros. In the next three years, Infortar plans to invest 250 million euros in the field of energy and real estate. Infortar operates in five countries, the company's main fields of activity are energy, shipping and real estate. A total of 104 companies belong to the Infortar group: 49 group companies, 5 affiliated companies and 50 affiliated companies' subsidiaries.

The Pärnu city government signed a design and construction contract for the construction of a new bridge in Pärnu worth 26.7 million euros with the engineering and construction companies INF Infra OÜ and AS EG Ehitus, which won the state tender.

"Today is definitely a historic moment. For decades, there has been talk of building a new bridge over the Pärnu River, and for the past five years we have been intensively working on finding solutions to several problems - the selection of the bridge's location, detailed planning, construction procurement, financing of the bridge," said Romek Kosenkranius, the Mayor of Pärnu.

"We understand the importance of the new bridge and will make the maximum contribution to the success of the project. Besides shipping and energy, Infortar has also become one of the largest real estate and mineral resources and the fastest growing engineering construction company, we have put together a very experienced team to build bridges and infrastructure objects," said Ain Hanschmidt, chairman of the board of Infortar.

"We use innovative solutions and technologies in the, which allow the people and the city of Pärnu to significantly save time and money, and ultimately get the bridge completed earlier and at a more affordable price. Innovative construction technology helps to reduce construction cost, completion time and environmental impact," said Robert Sinikas, board member of INF Infra OÜ.

INF Infra received maximum points for the Pärnu bridge tender: their offer was the cheapest and the construction time was the fastest. The price offered by INF Infra was 26,666,665 euros including VAT and the construction time is 22 months.

The new bridge in Pärnu will be the longest bridge in Estonia, with a span of 140 meters. It will also be the longest net arch bridge in the Baltics and Finland. The authors of the bridge are engineers Andreas Papp and Dmitri Gorbatjuk from Stricto Projekt OÜ.

Eesti Gaas has signed an agreement to acquire the Latvian gas distribution network owned by Gaso, a subsidiary of Latvijas Gaze, for 120 million euros. The completion of the transaction is subject to approval from the Latvian Competition Authority and permission from the Latvian government, as Gaso is considered a strategic asset.

“We see a future in gas and know how to do this business and grow it. We hope that we can share our experience as a gas network operator and that the change of ownership will help the company continue to grow and provide the best service to Latvian gas consumers,” said Ain Hanschmidt, Chairman of the Board of Eesti Gaas.

“With the support of Infortar, Eesti Gaas has developed from a local gas supplier to the largest privately owned energy company in the region, with about 70% of our sales volumes coming from foreign markets. The acquisition of the Latvian gas network is another important step in the expansion of Eesti Gaas as a Baltic Sea energy company. The Latvian gas network is almost four times larger than the one in Estonia, serving about 400,000 consumers. Like the rest of Europe, we see gas playing an important role as a transition fuel and a supporter of renewable energy. The prospect of gas use encourages us to invest in gas networks – we have signed the agreement and are waiting for the decision of the Latvian government,” added Hanschmidt.

Infortar, major owner of Eesti Gaas and Tallink, being Estonia's largest investment company with more than one billion euros in assets and operating in energy, shipping and real estate, aims to go public in the near future.

"Infortar has grown so big that the next logical step is to be listed and public. Expanding our investor base and joining the stock exchange gives us the opportunity to grow even faster internationally, to increase the value of our assets and to find additional financing opportunities," said Ain Hanschmidt, Chairman of the Management Board at Infortar.

"Our investment portfolio is diverse and cross-border, the lion's share of the group's income comes from foreign markets. The energy, shipping and real estate companies in which Infortar participates have proven themselves in crises and have great growth potential - we plan to continue investing in energy and real estate projects, while Tallink has its own decision-making processes and an investment plan independent of us," Hanschmidt said.

"The goal of going public has been set, the advisers have been chosen and the initial preparations have been made, but the more precise time frame depends on what is happening around us - no one can see behind the curvature of the earth after all. We are investors ourselves and we want to offer other investors a unique value share, meaning dividend security, real success and assets, not only in the future but also today," Hanschmidt said.

Eesti Gaas has made agreements with LNG terminals to bring a total of ten LNG cargos by the fall of this year – three deliveries to the port of Klaipeda in Lithuania in the winter and seven to the port of Inkoo in Finland in the spring and summer.

“Our gas now comes from the west and by tankers, cooperation with both large LNG terminals in the Finnish-Baltic region and the gas storage in Latvia gives us stability. Our ten LNG cargos will bring security of supply to customers and, hopefully, together with the gas also comes price stability,” said Margus Kaasik, CEO of Eesti Gaas.

“In the big picture, natural gas is making a comeback. The use of natural gas is increasing again since the security of supply in Europe is good and the price is in a downward trend. Gas price has returned to pre-war price levels, and gas is once again cheaper than, for example, light heating oil or propane. Several customers on our different markets, who used alternative fuels in the meantime, are already returning to natural gas today,” Kaasik said.

Last year, Eesti Gaas procured five shiploads of LNG for its customers through the port of Klaipeda. The LNG tanker Aristidis I from the United States arrived at the Lithuanian Klaipeda terminal in May, Diamond Gas Crystal from the United States and Arctic Princess from Norway in June, Isabella from the United States in October, and Arctic Aurora from Norway in November.

In January, Equinor’s LNG tanker Isabella delivered this year’s first cargo from the United States to the Lithuanian port of Klaipeda. In March, Eesti Gaas will bring two more cargos to Klaipeda and in the spring and summer seven more to Inkoo.

The investment company Infortar expanded its real estate portfolio by purchasing the next loft-office type commercial building located in the Tähesaju Business Campus in Lasnamäe. "For Infortar, real estate is as important as investments in the field of maritime transportation and energy. Today, the real estate market is changing and offers opportunities, we look at it with an open mind and a persistent will, the goal is to further increase the size of our real estate portfolio in the near future," commented Ain Hanschmidt, chairman of the board of Infortar. The building completed in September at Tähesaju Street 9 in Lasnamäe combines retail, service, office and warehouse spaces. Koffisemu, Mereneid Trading, Skyadvert Network and other companies operate in the commercial building.

Alexela and Infortar completed the construction of the Paldiski LNG terminal mooring point on 28 October, few days earlier than the promised deadline, the port is now ready to start navigation and receive LNG carriers.
The world record has been achieved and the promise made in the spring has been fulfilled - as far as we know, no one has built an LNG terminal anywhere in the world only in 6 months. We would like to thank all - more than 200 people who, from spring to today, have been working towards this goal.
What's next you ask. Right now we kindly ask you to salute all the people involved for the incredible accomplishment. Also before making any next decisions, we want to make sure that the gas equipment by Estonia's gas and electricity transmission system operator will be installed so the gas reception capacity will be established in Paldiski LNG terminal by the end of this November.

On August 28, commemorative plaques with the symbolic footprints of three famous Estonian artists – singers Teo Maiste, Mati Palm and stage/film director and comedian Sulev Nõmmik - were opened on the sidewalk between the Viru hotel and the Estonian National Opera.

The author of the memorial plaques is the sculptor Tiiu Kirsipuu, the completion of the sculptures was supported by Infortar, and the tablets were put into the street pavement with the help of the Tallinn City Goverment. Arne Mikk, the initiator of the wonderful tradition, Ott Maaten, the general director of the Estonian National Opera, Ain Hanschmidt, the chairman of the board of AS Infortar, spoke at the opening.

There are already 40 tablets commemorating famous Estonian artists around the theatre.

On August 23, the cornerstone of a new office building was laid on Liivalaia street, the nine-story commercial building will be completed in one of Tallinn's busy areas already in the spring of next year.

"We are bringing our investments, i.e. subsidiaries from the city, together in one building, at the same time we will significantly increase the value of our real estate portfolio and assets, and the city will also get a nice building." Real estate is the third important field for us, next to shipping and energy, in which we see significant growth in the coming years, this week it is already the second cornerstone for us - on Monday we started the second phase of the Hiiu health campus," said Ain Hanschmidt, chairman of the board of Infortar.

Chief construction worker Inf Ehitus board member Ahto Aruväli said that in today's unpredictable situation, the prerequisite for success is the existence of trust and support between the client, the architect and the builder. "In this case, it is still a demanding object and quite a challenge for the builder, especially due to the complex location and the smallness of the plot - all this requires good planning, a professional team and the ability to be flexible when necessary," said Aruväli.

According to Indrek Tiigi, the architect of the office building and chairman of the board of Allianss Arhitektid, the high-rise building will have a minimalist formal language, and it will offer good views of the whole of Tallinn. "The building has been designed with a good working environment as a priority - the workspaces have been created with exemplary access to natural light and panoramic views. We envisioned a big change in the solution of Süda street, where we will build a boulevard in the front part of the building," said Tiigi.

The closed gross area of ​​the nine-story building at Liivalaia 9, one of Tallinn's busiest streets, is 7,500 m2. The building will be energy efficient and will be equipped with modern and healthy indoor climate systems. The facade is covered with anodized aluminum and perforated aluminum lamellas providing additional sun protection. A bicycle storage facility will be located in the building to promote healthy modes of movement and carbon-neutral transport.

On August 22, the cornerstone was ceremonially laid for health center building, where Kivimäe Family Medical Centre, Haldja Dental Clinic and Vilde Farmacy will start operating from the beginning of next year. According to Ain Hanschmidt, chairman of the board of Infortar, in addition to top hospitals, primary medicine also needs development, better working conditions and environment than before. "If Infortar means this step forward in the development of the Hiiu health campus and the growth of the Kivimäe Family Medical Centre, it shows the concentration of services in modern health centers," said Hanschmidt. According to Lembi Põlder, manager of the Kivimäe Family Medical Centre, they are extremely happy that thanks to the cooperation with Infortar, the Kivimäe Family Medical Centre has the opportunity to expand and offer its patients even better care than before. "Thank you for the supportive attitude of the Nõmme district and all the residents of Nõmme, whose health concerns we have been able to find a solution to. We hope that the new premises and the expanding centre will also provide an opportunity to expand our team, and through this the satisfaction of patients will also increase and the availability of medical care close to home will improve," said Põlder. The Kivimäe Health Centre is located on the border of Nõmme and Kivimäe in the ecologically valuable park at Põllu 63. The building to be completed at the beginning of next year the architect is Indrek Suigusaar from Pluss Architects, and the main construction contractor is INF Ehitus, a member of the Infortar group. Kivimäe health center is the second building of Hiiu health campus, the first one was completed in 2016.

The thirtieth golf tournament Niitvälja Karikas by Infortar brought many unexpected solutions to the competition and excitement was shared until the very last moments, when one additional course in sudden-death format had to be played to determine the winner of the men's class. The winner was Mattias Varjun with a final score of 210 shots (-6). Anete Liis Adul won the women's class with a result of 227 shots (+11), Gunnar Kobin was the best among the male seniors with a result of 234 shots (+18). The main supporter of Estonia's oldest golf cup competition sends the best greetings to the winners, organizers and all participants!

Energy group Elenger’s liquefied natural gas (LNG) bunkering vessel has arrived to Estonia from a Dutch shipyard to become the first of its kind in the region. The service area of the LNG bunkering ship will comprise the part of the Baltic Sea centred around the Gulf of Finland. The ship, named Optimus, was christened with the Estonian Prime Minister Kaja Kallas, as the ship`’s godmother.

“This is the first such bunkering vessel in our region to start supplying LNG fuel to ships,” said Ain Hanschmidt, Chairman of the Supervisory Board at Elenger, adding that the new vessel will contribute to preventing nearly 2 million tonnes of CO2 emissions during its lifecycle and will allow shipping companies to provide clients with a smoother and quieter travel experience.

Within a matter of a few years, Elenger Marine, has become the largest LNG bunker services supplier in the Baltic region, delivering LNG to Tallink’s shuttle Megastar(with Tallink’s new shuttle MyStar to join next year) as well as to a number of cargo vessels in the ports of Tallinn, Helsinki and Hanko.

The vessel can bunker tankers, cargo ships, passenger vessels and cruise ships in ports and in offshore waters. It’s tanks and pumps allow for up to 6000 m3 of liquefied natural gas to be delivered to clients at a rate of up to 1000 m3 per hour. The LNG bunkering vessel, which is almost a hundred metres in length, was built by the Dutch company Damen.

“We are very pleased to be playing a significant role in making sustainable shipping more accessible to ship-owners and operators in the Gulf of Finland,” added Peter Anssems, Damen Sales Manager for East Europe. “We are confident that Optimus will give many years of productive service to Elenger.”

Capable of carrying 6000 m3 of liquefied natural gas, the vessel belongs to the investment company Infortar and will be commercially operated by Elenger Marine. The construction of the ship was co-financed by OP Bank, and aid was granted by EU CEF (Connecting Europe Facility).

The common goal of the two Estonian companies is to launch the terminal by November this year and thus ensure the security of supply to consumers.

“In our opinion, the liquefied natural gas terminal in Paldiski should be a public terminal. It is expected that other market participants, as well as investors, will join the project. If the government sets an exact deadline for phasing out Russian gas, and Elering builds a pipeline connection, the private sector will be able to solve the problem by joint efforts and launch the terminal by the beginning of the heating season this year,” said Mr Heiti Hääl, Chairman of the Board of Alexela Group, announcing that the investment company Infortar joins the LNG terminal project in Paldiski.

“Estonia and the Baltic Sea region as a whole need diverse and sustainable energy solutions to maintain competitiveness and economic development. Residential consumers, industry, transport and heat generation expect convenience, reliability and safety from the new energy – all this is provided by new generation LNG gas. For Estonia, the construction of the terminal would also mean a historic opportunity to play the role of an “energy battery” for the entire region,” said Mr Ain Hanschmidt, Chairman of the Board of AS Infortar.

The LNG terminal in Paldiski will be built in two phases: the first phase includes the construction of a connection between the berth and Balticconnector, as well as the rental of a floating terminal, while the second phase will build a permanent solution for the terminal. The cost of the terminal infrastructure, which will be completed this autumn, reaches 40 million euros. Negotiations are underway on the lease of a floating terminal, a tender for construction will be completed in the coming days, and the first prepayments for the supply of building materials have been made. This month, dredging and construction of the mooring pit will begin in Pakrineeme.

Alexela and Infortar are also cooperating with Latvian and Finnish market participants to ensure energy security in all three countries during the coming heating period. In addition to Estonia, the LNG terminal in Paldiski will cover at least 80% of Finland’s gas needs.

Alexela and Infortar have many years of cooperation experience in OÜ Eesti Biogas, Estonia’s largest jointly owned biomethane plant producing biomethane from local feedstock in Vinni in Lääne-Viru County, Ilmatsalu in Tartu County and Oisu in Järvamaa. In addition to Paldiski, Alexela is building an LNG terminal in Hamina in Finland. Through its subsidiaries, Infortar has one of the most extensive shipping and LNG competencies in the region. Last year, Estonia’s first LNG bunkering vessel Optimus was built on Infortar’s order.