Eesti Gaas (Estonian Gas) said that negotiations with Russia on a new supply contract were ongoing and that the final price for gas would likely entail a 30 percent increase. CEO Tiit Kullerkupp, who replaced long-time chief executive Aarne Saar last week, said that there were no signs that Russia would cut supplies and the atmosphere of negotiations was formal. Gazprom, Russia's natural gas monopoly, owns a 37 percent stake in Estonian Gas and another 10 percent indirectly through Itera Latvija.
Lauma Lingerie's board of directors elected a new CEO last week, selecting Andris Sedmalis, former chief of Rigas Dzirnavnieks (Riga Grain Processor), for the job. Sedmalis is currently director of Lauma Fabrics, another subsidiary of the Lauma group, which is 85 percent owned by Estonia's Alta Capital, a venture capital firm.
Arosa Vermoegensverwaltungsgesellschaft, a German investment firm, was given permission to buy 50 percent in Ozantis, a project involving the creation of a shopping and entertainment center, Ozas, in Vilnius. Ozantis is headed by Julius Dovidonis, who also manages the Vilniaus Pramogu Parkas (Vilnius Entertainment Park), part of the Rubicon Group that has assets in the real estate, energy, media and entertainment industries.
