Company briefs - 2004-10-27

Liepajas Metalurgs reported a profit of 4.7 million lats (6.9 million euros) for the first nine months of this year, on a turnover of 106.2 million lats. The company said in its financial report submitted to the Riga Stock Exchange that turnover over the period increased by 50 percent, and profit was up 1 percent year-on-year.

MG Baltic, a private equity concern and owner of Lithuania's largest clothing chain Apranga, will acquire up to 100 percent in the Panevezys-based trader Levuo. On Oct. 21 the competition council voted to permit MG Baltic Investment, an investment arm, to acquire Levuo's remaining shares - the owner of the gift chain Dorado and clothing chain Imitz. The council said that the rise in concentration would be insignificant and would not lead to dominance or competition restriction on the market.

Scandinavia-owned SAS airline will begin launching flights to and from Palanga. The airline will commence the Palanga-Copenhagen route on Nov. 1, Lithuania's Transport Ministry announced. Currently Swedish Swedline and the Kaunas-established Aviakompanija Lietuva (Air Lithuania) are the only two carriers to use Palanga Airport all year round. The companies offer flights to Bilund, Denmark, Stockholm, Malme, Oslo, Hamburg, among others.

The Latvian Finance and Capital Market Commission's council has established that Rietumu Banka violated the law on the market of financial instruments by failing to report timely the direct or indirect acquisition of 10.31 percent in Ogre knitwear producer. A FCMC spokeswoman said that from Jan. 8 to Aug. 10 of this year, Rietumu Banka had failed to announce the direct acquisition of 174,170 shares - 1.01 percent - and indirect acquisition of 1.597 million shares - 9.3 percent in the company - made by RB Securities Limited, a subsidiary of Rietumu Banka. The watchdog added that their decision created grounds for company shareholders to take court action if they had incurred loss.