Energy commodities trader and convenience store network AS VIRŠI-A (hereinafter - “Virši”) has on 19 February submitted a notification to the Competition Council regarding a planned transaction under which AS VIRŠI-A intends to acquire long-term lease rights to 19 fuel filling stations owned by SIA Naftimpeks, currently operating under the “Astarte” brand, located in various regions across Latvia.
Following approval Subject to approval by the Competition Council, it is planned that the fuel filling stations will gradually commence operations under the “Virši” brand through the implementation of long-term lease rights. A full range of “Virši” services will be introduced at these stations, including fuel retail and additional services for customer convenience.
In case of the approval of the planned transaction, the “Virši” fuel filling station network could increase in the future from the current 84 service stations to 103 stations, representing an increase of more than 20% compared to the Company’s existing number of stations. This would significantly expand the Company’s network coverage, turnover potential, and service availability to customers across Latvia.
“We highly appreciate the contribution made by the Astarte Nafta team over the past thirty years to the development of the company and the industry as a whole. At the same time, we are genuinely pleased to commence cooperation with Naftimpeks, characterised by a shared understanding of sustainable development, responsible business practices and long-term partnership.
“Virši” plans to make substantial investments in the further development and modernisation of these stations to improve infrastructure and service quality, while expanding the availability and coverage of “Virši” services across Latvia. The planned cooperation will be implemented in a thoughtful and gradual manner, maintaining a responsible approach towards existing employees and recognising their contribution to the development of the stations to date,” says Jānis Vība, Chairman of the Board of “Virši”.
Ivars Blumbergs, Chairman of the Board of SIA Naftimpeks, emphasises: “The focus of this cooperation is the customer and the benefits they will gain - broader station coverage, more convenient access to services and additional advantages. At the same time, it is important to us that this cooperation is formed between two locally owned companies united by shared values and a responsible approach to business. We are confident that this partnership will ensure sustainable development and high added value for customers in the future.”
The completion of the planned transaction is subject to the assessment and decision of the Competition Council.
About Virši:
Virši is a rapidly growing local energy commodities trader and convenience store network with 30 years of experience. Currently, Virši operates 84 service stations and has more than 900 employees throughout Latvia. Since 11 November 2021, the shares of AS VIRŠI-A have been listed on the Nasdaq Riga First North Alternative Market.
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