Baltic News Service
Foreign exchange and investment gold trading company Tavid AS is preparing to go public within a few years, as it would allow the company to open offices in Singapore and London.
“As to the question of whether there is a plan to sell Tavid, I can answer that, we have been planning IPO for some time now. More than 25 years of experience shows that our business model has been successful and profitable – we operate in eight countries – Estonia, Latvia, Finland, Sweden, Norway, Denmark, Poland, and Bulgaria – and we have reached the place where, in order to take the next step it would be wise to become public traded company,” said the company’s owner, Alar Tamming to BNS.
Flotation and additional funds will allow the company to open branch offices in Singapore and London, said Tamming. “The plan is still at the stage of preparation now, but we are studying the laws of Singapore, and we have been to England to find highly educated and motivated staff. Certainly, there will be no IPO this year, and it probably won’t happen next year either,” he said.
According to Tamming, not only owners, but also customers and employees will benefit from this plan. “Customers will benefit, because every new member in a group creates additional synergy which is reflected in the wider range of products and services, and decrease in profit margins. The owners will enjoy the fruits of years of their labour. Workers win, because many years ago, we have decided, that when the company will go public, 40 percent of additional profit from the sales will be divided between employees in one way or another, because the company is where it is now, as a result of collective activities,” he said.
According to Tamming, Tavid has now ordered the company’s valuation, but has not received it yet. “This is a very long process, we are making first steps in a multi-year project,” said Tamming.