Company briefs - 2006-04-05

Apr 05, 2006

Baltika, a garment maker, announced plant to triple its representation in Ukraine by 2008. The company has opened three new shops in Ukraine since the beginning of this year, plus a new Monton brand store in Dnepropetrovsk. A new shop is planned for Odessa this month, and six are scheduled to open before next year. By 2008, the number of shops should increase from the current 15 to 38, with sales projected to increase from 98 million kroons (6.26 million euros) in 2005 to 300 million kroons. After Estonia, Ukraine will be Baltika's second-largest market by next year.

Schibsted, a leading Scandinavian media group, bought a 99.99 percent stake in 15min, a free Lithuanian daily newspaper. Schibsted Baltics and the four founders of 15min 's Vytaute Smaizyte, Tomas Balzekas, Tomas Bindokas and Daumantas Mikucionis 's signed an agreement on the acquisition and sale of the shares on March 30. It did not disclose the value of the deal. "High ambitions for growth in the Lithuanian market and Schibsted's experience make the acquisition of 15min a natural step by our company," said CEO Mart Kadastik. He added that 15min would gain from Schibsted's experience as a leading publisher of free newspapers in Europe. First published in September 2005, 15min is distributed five days a week in Vilnius and Kaunas.

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