Shareholders of the information technology group MicroLink have decided to reduce their stock capital and reorganize their council lineup. Due to overcapitalization upon conclusion of the company's sale of subsidiaries Delfi and SAF Tehnika, stock capital will be cut from 157 million kroons (10 million euros) to 400,000 kroons. "With last year's profit, we'll have enough equity after the reduction of stock capital to ensure continued development of the company," said Allan Martinson, MicroLink's outgoing CEO. In the course of the stock capital reduction the group will cancel 99.75 percent of its shares. Stocks will be repurchased and capital reduced proportionately for all shareholders.
Lietuvos Rytas, the largest daily newspaper in Lithuania, received 64.5 million litas (18.7 million euros) in revenues in 2003, while its printing house generated another 43 million litas in revenues. The Respublika publishing group, Lietuvos Rytas' main competitor, posted revenues of 28 million litas, a rise of 22 percent year-on-year, according Nord/LB's first Overview of Lithuanian Sectors. The report said that Verslo Zinios, Lithuania's only daily business paper, grew by 7 percent to 12 million litas last year.
Metaloidas, a metal trade company, has built Lithuania's first scrap tire processing plant in Siauliai with investments reaching around 7 million litas (2 million euros). "The plant should be put into operation July 10 - 12. We expect that it will process around 2,000 tires this year before reaching its full capacity of approximately 6,000 tires next year," said Gediminas Gostautas, director of Metaloidas.
Latvijas Mobilais Telefons was Latvia's largest company in terms of profit in 2003, boasting earnings of 42.3 million lats (64 million euros), up 22 percent year-on-year. The second largest profit maker was Lattelekom, with a 27.2 million lat profit, while Tele2 came in third with 16.6 million lats.
