AS Merko Ehitus Eesti, a company of listed Estonian construction group AS Merko Ehitus, and the City of Tallinn property department on Friday entered into a contract for the reconstruction of Tallinn Arte Gymnasium, a high school located in the Tallinn district of Mustamae.

The contract value is approximately 7.7 million euros plus value added tax. The works are scheduled to be completed in May 2021, Merko told the stock exchange.

The contract includes reconstruction of the existing school building, extensions of the school and sports buildings and reconstruction of the stadium area. In addition, the school complex's external utility networks will be renewed, and roads and squares will be built.

AS Merko Ehitus group consists of AS Merko Ehitus Eesti in Estonia, SIA Merks in Latvia, UAB Merko Statyba in Lithuania and Peritus Entreprenor AS in Norway. Besides providing construction service as a main contractor, the group's other major area of activity is apartment development. As at the end of 2019, the group employed 694 people.

The annual revenue of AS Merko Ehitus in 2019 totaled 327 million euros and net profit attributable to equity holders of the parent came to 16.3 million euros.

© Pakistan Press International, source Asianet-Pakistan