Credit resources will be used for acquiring the share portfolio in Rigas Vini winery and for developing and implementing a newly established improved alcohol trading system.
The loan in U.S. dollars was granted to Latvijas Balzams with a repayment term of five years, whereas the loan in lats will have to be repaid in three years.
Latvijas Blazams currently holds an 83.9 percent stake in Rigas Vini. The company took over 50.5 percent of the winery's shares from the co-owner of both companies, the Ave Lat Group. Latvijas Balzams also acquired another 33.4 percent of shares from other shareholders in the company.
According to the decision taken by both com-pany's boards and the signed statement of intent, a working group has been set to draft the merger of the two companies.
With the acquisition of a majority stake in Rigas Vini, the distillery has become a shareholder in the alcoholic beverage trading company Bravo and the owner of a 54 percent stake in Rigas Alus brewery. Bravo has already been merged with the distillery's company of the same profile - Latvijas Balzams Trade - and is operating under the name Bravo.
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