Harju Elekter establishes subsidiary in Sweden

The agreement of the corporate foundation of Harju Elekter AB, a subsidiary of AS Harju Elekter, was signed in Stockholm on June 15, 2010. Share capital of the newly founded company is SEK 1 million, of which 90% is held by AS Harju Elekter and 10% by AS Vallin Baltic. Share capital contributions are in cash and sufficient to establish and launch the operations of the newly created company. "By establishing the subsidiary Harju Elekter AB, we will increase our presence and sales on the Swedish market, offering our clients a wide selection of products, first and foremost electrical engineering products, from companies in the Harju Elekter Group", the company stated. Andres Allikmäe, Chairman of the Management Board, was appointed Chairman and Ülo Merisalu (Managing Director, AS Harju Elekter Elektrotehnika) was appointed Member of the Management Board of the subsidiary by AS Harju Elekter, and Andres Olt, a Swedish national, was appointed by AS Vallin Baltic. The Harju Elekter Group includes the manufacturers of electrical plants in Estonia, Finland and Lithuania: AS Harju Elekter Elektrotehnika (100%), Satmatic Oy (100%) and Rifas UAB (51%), as well as the manufacturer of telecommunications products AS Eltek (100%) and the related company AS Draka Keila Cables (34%). Harju Elekter also has financial investments in the Latvian seller of electrical plants SIA Energokomplekss (14%) and the Finnish stock company PKC Group Oyj (8%). The main activity of AS Vallin Balti includes sale of electrical equipment and measurements in Baltics.