5 November 1998: Lithuania“s state privatization fund said it had signed a deal to sell the state“s 99.13% stake in troubled Lithuanian glassmaker Panevezhio Stiklas to Polish glass producer Warta.
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5 November 1998: Lithuania“s state privatization fund said it had signed a deal to sell the state“s 99.13% stake in troubled Lithuanian glassmaker Panevezhio Stiklas to Polish glass producer Warta. The fund said in a statement that Warta will pay one million litas (US$ 250,000) for the stake in Panevezhio Stiklas, which has 1,300 employees. “It is a case of investment privatization as Warta took an obligation to invest 24 million litas into the company in the next five years,” the statement said. Warta will also takeover the company“s liabilities of 117 million litas and pledged Panevezhio Stiklas will continue operating. The statement said Warta will provide details about its plans for the company in about a month when it will take over Panevezhio.