Company briefs - 2004-10-13

There are no plans to sell a controlling stake in Latvijas Kugnieciba (LASCO), council member Olegs Stepanovs said last week. However, he did not rule out a change in ownership stakes among existing shareholders. He said that he envisioned no change in company management and that the company was doing well. Shareholders include Ventspils Nafta (31.27 percent), Deutsche Bank Trust Company Americas (19.6 percent), Hansabanka (13.27 percent), the Latvian State Social Insurance Agency (10 percent), Ojay Limited (8.83 percent) and Eastgate Properties Limited (4.45 percent).

Patrick Queen, the Scottish managing director of the Galvex steel facility in Muuga Port, said he would resign this month. Queen became managing director after Toomas Tuul resigned from the post in early 2002. A new position of administrative director will be created at Galvex and will be taken up by Kalev Kukk, who earlier worked for Deloitte & Touche. Galvex's investments in the port amount to nearly 4 billion kroons (256 million euros). The company recently announced that it was planning to invest 50 million euros more into the facility in order to paint metals, extend the galvanization line and start making construction products.

Svyturys, a Lithuanian brewery, has won a gold medal for its Svyturio Ekstra beer in the lager category of less than 5.9 percent alcohol at this year's Stockholm Beer Festival, one of the four biggest such competitions in the world. Svyturys beat global brewing giant SABMiller in the Stockholm event. "This award has proved that the legendary quality of Svyturys is unsurpassable. The Lithuanians can be proud to have one of the best brands of beer in the world," said Rolandas Virsilas, CEO of Svyturys-Utenos Alus. The silver medal went to SABMiller's Miller Genuine Draft and the bronze to DAB Original of Germany's Dortmunder Actien Brauerei.

Latvijas Balzams said it planned to build a chain of retail outlets in Lithuania. Currently at least one store is planned for Vilnius with an area of some 100 square meters. Board Chairman Rolands Gulbis said that the main reason for opening the retail outlets in the neighboring country was the rising market share. "At present we cannot give you the timetable for investments, their amount or the planned number of stores. This would depend on the market response. Initially we will open few stores, and the first one will be in Vilnius," he said.