Company briefs - 2004-11-01

Scottish parking entrepreneur John McGlynn is launching an investment fund to capitalize on soaring property prices in Eastern Europe, including the Baltic states, reported The Sunday Times. Scottish Capital Group said that 1 million British pounds had been committed to the trust, which will be run by Deloitte professional services group. With its head office located in Tallinn, the fund will cover industrial property, business parks, as well as office and residential developments in all three Baltic states.

Shareholders of Gutta juice producer voted on Oct. 29 against returning to the regulated market, which means trade on the Riga Stock Exchange will not be resumed. Nordic Partners company will make the mandatory buy-out offer, holding 96.89 percent of Gutta's shares. Nordic Partners representative Andris Eglitis said the decision was made in order to avoid problems with minority shareholders and not to impede company operations. Gutta was listed on the RSE free list until this year. Trade came to a halt on Jan. 1, when the company failed to close a respective contract with the stock exchange.

One of the largest food producers in Russia, Nutritek, will acquire the Estonian company Estmilk Production, which has continued operation of the bankrupt Rapla Dairy this summer. Parties are not disclosing the price of the deal, but a signed agreement is planned for Nov. 11. The Rapla District Court declared Rapla Dairy bankrupt in January of last year. Hansa Leasing bought assets from the bankrupt estate in April for the sum of 70 million kroons (4.47 million euros).