Nordecon As : Change in Management Board, Nordecon AS

Nordecon
Changes board/management/auditors Change in Management Board, Nordecon AS Coming from the need to make the management structure of Nordecon AS more efficient and to specify the management of core activities, the chairman of the council will put on the vote (council meets on 30 April 2012) the proposal to change the management board structure.

Tallinn, Estonia, 2012-04-09 15:35 CEST (GLOBE NEWSWIRE) -- Coming from the need to make the management structure of Nordecon AS more efficient and to specify the management of core activities, the chairman of the council will put on the vote (council meets on 30 April 2012) the proposal to change the management board structure. According to the chairman's proposal the responsibilities for the management of core activities will be consolidated under single member of the management board. Mr Marko Raudsik, responsible for managing buildings business line, will be recalled from the board. Starting from 1 May 2012 all the core activities will be managed by Mr Erkki Suurorg, current member of board responsible for infrastructure business line.

There will be no other changes in the management board structure and responsibilities as per chairman's proposal. Sales and pre-construction operations are managed by Mr Avo Ambur, overall management of the group is managed by chairman Mr Jaano Vink.

Nordecon is a group of construction companies whose core business is construction project management and general contracting in the buildings and infrastructures segment. Geographically the Group operates in Estonia, Ukraine and Finland. The parent of the Group is Nordecon AS, a company registered and located in Tallinn, Estonia. In addition to the parent company, there are more than 10 subsidiaries in the Group. The consolidated revenue (unaudited) of the Group in 2011 was approximately 150 million euros. Currently Nordecon Group employs more than 700 people. Since 18 May 2006, the company's shares have been quoted in the main list of the NASDAQ OMX Tallinn Stock Exchange.

         Raimo Talviste
         Nordecon AS
         Head of Finance and Investor Relations
         Tel: [phone]
         Email: [e-mail]
         www.nordecon.com