Company briefs - 2004-07-22

  • 2004-07-22
The Finance and Capital Market Commission has allowed Nordic Food, the largest shareholder of the Staburadze confectionery, to offer the mandatory share buyout to Staburadze's minority shareholders, paying 1.1 lats (1.64 euros) per share. The decision had to be made in line with Latvia's new legislative provisions, giving public company shareholders no later than their first general meeting to come to a consensus. Staburadze's largest shareholders are Nordic Food (43 percent) and Johann Olafsson (8.4 percent). Staburadze controls Latvia's largest chocolate producer, Laima.

A new industrial park in Klaipeda is expected to lure massive investments, possibly as much as 150 million litas (43.5 million euros). The park, which will accommodate light industry companies, logistic centers and wholesalers, is expected to pay for itself within 12 - 15 years, said Arunas Kuraitis, shareholder of Kleta Group, the company engaged in the project. "The park will definitely avoid hazardous and air-polluting manufacturing. The majority of companies to settle in the park will only be engaged in wholesale and distribution," Kuraitis said.

The investing Luxembourg company ING Luxembourg S.A. announced that it has acquired qualified holdings in Estonian companies AS Viisnurk, Saku Olletehas and Klementi. According to the notice, ING Luxembourg S.A holds the shares on behalf of its client, DCF Fund (II), whose holding makes up 9.95 percent of the total shares in garment producer Klementi, 5 percent of brewer Saku Olletehas and 10.07 percent of furniture and wood-product producer Viisnurk.