Sonex, the leading IT group in the Baltics, said it intended to split into two units - Sonex Infrastructure Solutions Group and Sonex Software Solutions Group.
The Sonex Group itself will reorganize into Sonex Holding, which is expected to post a turnover of 300 million litas (87 million euros) this year. In the first quarter of 2004 the group, which controls 13 companies, reported sales of 35.4 million litas, a 31 percent increase year-on-year.
As of July 10 Eesti Raudtee (Estonian Railway) has been forbidden to use its engines on a 500-meter stretch of track to Pechory on the Russian side of the border, causing problems with transit shipments. Information as to why Russian authorities made the decision was not available even to company officials. Leaders of the railway companies of the Commonwealth of Independent States, Russia and the Baltic countries had an effective agreement permitting Estonian Railway engines to operate in Russia, said an Estonian Railway spokesman. "We are confused, because the Russians do not have anything intelligible to say to us, although everything should be okay according to the agreements."
Latvenergo will support the Estlink underwater cable to link the Baltic and Nordic power systems by providing guarantees, though the exact amount is still to be determined. An Economy Ministry official said that Latvenergo would issue guarantees to the newly established company Nordic Energy Link to carry out the project, which is in proportion to the 25 percent holding in the company, or around 100 million - 110 million euros.
The assets of the bankrupt Estonian company Intrinsic Electronics will apparently be bought by LEAB, a Swedish firm. LEAB Eesti OU, its Estonian subsidiary, last month filed documents with the trustee of Intrinsic Electronics to buy the bankrupt company's assets for 1.7 million kroons (110,000 euros).
