Harju Elekter’s quarter of a century on the stock exchange also recognised in Times Square, New York


Today, 30 September, marks the 25the anniversary of the day when AS Harju Elekter went public in Tallinn. On the occasion of the anniversary, the company was congratulated on a screen in Times Square, New York.

During its early years, Harju Elekter was largely an Estonian-centric production company; however, the group has since become one of the largest electric power distribution solutions providers in the Nordic countries, actively contributing to a more sustainable society.

AS Harju Elekter was one of the first and one of the few Estonian companies to go public in the 1990s, and its life on the stock market has remained stable to this day. Most of the listed Estonian companies that started at the same time have since been delisted.

Tiit Atso, the Chairman of the Management Board at Harju Elekter, explained that by listing its shares on the stock exchange 25 years ago, Harju Elekter created the prerequisites for entering the international market and increased the credibility and growth prospects of the Estonian company.

“When we went public in 1997, the total value of the share capital was EEK 18 million, of which the value of one share was EEK 10. With the fund issue that took place in 2000, the then share capital was tripled. Since 2003, Harju Elekter has been on the main list of the Tallinn Stock Exchange,” Atso said.

Atso added that in 25 years on the stock exchange, the group has increased its turnover 22 times, and the company’s market value has increased almost 10 times.

“As of July 31 of this year, the share capital of AS Harju Elekter was EUR 11.5 million, consisting of 18.3 million ordinary shares. Harju Elekter has generally done well on the stock exchange and shares are actively traded. As of the second quarter of this year, the company had 9,842 shareholders,” Atso noted.

He stated that in the last five years, the number of shareholders has increased almost five-fold. More than 80% of Harju Elekter’s share ownership belongs to Estonian shareholders. “The large and stable number of shareholders shows that Harju Elekter occupies a reliable and secure place in investment portfolios. We are especially pleased that the company has been able to pay dividends to shareholders every year for the entire period listed on the stock exchange,” Atso emphasised.

Harju Elekter is an international industrial group with extensive experience in providing future proof solutions for electrical power distribution. We engineer, manufacture, and install electrification solutions for utilities, industries, infrastructure, plus public and commercial buildings. The entities of Harju Elekter Group in Estonia, Finland, Sweden, and Lithuania employ around 900 people, and the Group’s revenue for the first half of 2022 amounted to 79.2 million euros.