Company briefs - 2011-02-24

  • 2011-02-23

Last year, the losses of Latvia’s Citadele bank reached 15.8 million lats (22.5 million euros), the bank’s chairman of the board, Juris Jakobsons, said, reports On Aug. 8, 2008, the government took over the poorly managed and failing Parex bank’s controlling interest from its previous owners, Viktors Krasovickis and Valerijs Kargins. On Aug. 1, 2010, the technical split of Parex was performed, resulting in the ongoing, or ‘good,’ bank assets and liabilities being transferred to Citadele. The Latvian Privatization Agency owns a 75 percent stake in Citadele, whereas the European Bank for Reconstruction and Development (EBRD) has 25 percent.

The Horizon Tselluloosi ja Paberi AS paper plant in Kehra, Northern Estonia posted a turnover of 52 million euros and net profit of 8.6 million euros in 2010, reports Postimees Online. The profit margin was 16.5 percent. “The year 2010 marked a global paper markets’ clear recovery,” said the company’s board chairman, Ashwani Sharma. He said that Horizon posted an annual production record, with average monthly production volume at 6,000 tons. Horizon produces packaging paper and exports it to 50 countries. The company belongs to Singapore’s Tolaram Group.