releases
Eastern European Markets
NEWS RELEASE
June 28th, 2007

SOK discontinues its motor trade in the Baltic countries

SOK has decided to discontinue its motor trade in the Baltic countries. AS Kommest Auto, owned by SOK, is to be sold to Toomas Rüütmann, the company’s Director General.

SOK, AS Kommest Auto’s Director General Toomas Rüütmann and Automobiles Peugeot embarked on discussions concerning the transaction in January 2007, and the negotiations progressed in a spirit of good co-operation. The final agreement was signed on 27 June 2007.

“We are discontinuing our motor trade in the Baltic countries because it is not part of SOK and the S Group’s internationalisation strategy. However, the S Group is forging ahead with its motor trade in Finland, and we have drawn up a growth strategy with this in mind. Our investments in recent years are an excellent indication of this move,” says Kari Neilimo, SOK’s CEO.

Maan Auto Oy, a subsidiary of SOK, imports Peugeot vehicles into Finland. The S Group sells 80 per cent of Peugeot vehicles in the country. SOK will prioritise the supermarket trade and the tourism and hospitality business in the Baltic countries and St Petersburg.

“The trend in internationalisation in these business areas will continue to take a growth oriented approach in the years ahead,” says Professor Neilimo. AS Kommest Auto was established by Toomas Rüütmann in 1991 and it imported used vehicles into Estonia from 1991 to 1995 and served as the Peugeot dealership in Estonia from 1995 to 1998. In 1997, the company launched operations in Latvia under the name AS Lauva Auto. Since 1998, AS Kommest Auto has served as the Peugeot importer in Estonia and Latvia (AS Lauva Auto).

SOK owned 90 per cent of the company and Toomas Rüütmann 10 per cent from 10 December 1999 to 30 April 2006. AS Kommest Auto became a wholly-owned subsidiary of SOK on 1 May 2006. Toomas Rüütmann has served as the company’s Director General and the Chairman of the Board of Directors throughout this entire period. Under the terms of the agreement signed on 27 June 2007, AS Kommest Auto is to return in full to the ownership of Toomas Rüütmann.

Further information
Toomas Rüütmann, Director General, AS Kommest Auto, tel. +372 6 997 683
Kari Neilimo, CEO, SOK, tel. +358 10 76 80200
Reino Ylä-Autio, Managing Director, Maan Auto Oy, mobile +358 40 589 0663
AS KOMMEST AUTO
Subsidiaries:
Öü Kommest Autokeskused, As Lauva Auto, SIA Lauva Autocentrs

www.s-kanava.fi


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