Company briefs - 2006-05-24

May 24, 2006

Sonex Technologies, the largest IT group in the Baltics, said it would aim to integrate its subsidiaries, reorganize into a public company and possibly float shares on the Vilnius Stock Exchange. Arunas Bartusevicius, Sonex founder and upcoming president of the company, said the purpose of the reorganization was to ensure greater transparency and efficiency of management. "Sonex Technologies will integrate the Lithuanian subsidiaries of Sonex Group, while the subsidiaries of Sonex Group in Latvia, Estonia and Russia will be managed as subsidiaries of Sonex Technologies," Bartusevicius said.

Lietuvos Avialinijos (Lithuanian Airlines) announced plans to launch a passenger service examination by inspectors disguised as passengers. "In accordance with our schedule, disguised inspectors will start their work from June 1," said CEO Arunas Griskenas. The air carrier said it was searching for people to work as inspectors. LAL currently employs some 100 air hostesses and stewards. LAL held 43.3 percent of passenger market at the Vilnius Airport last year, a decline of 2.87 points from a year before.

Several new shale oil factories are likely to appear in Estonia in the next decade, as the domestic industry strives to meet local demand for liquid fuels, the CEO of Viru Chemical Group said last week. As Janek Parkman told the regional newspaper Pohjarannik, "Dependence on imported liquid fuel will decrease significantly. The same can be expected with regard to natural gas imported from Russia 's the gas released in the process of oil production will be used to generate thermal and electric energy and it can successfully compete with natural gas."

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