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Lithuanian Panevezio Stiklas: company up for sale

9 April 1998: The privatization programme of the Lithuanian Panevezio Stiklas glassworks (Panevezys Glass) will be ready in two months, and the company will be sold through a public tender, company ex…

9 April 1998: The privatization programme of the Lithuanian Panevezio Stiklas glassworks (Panevezys Glass) will be ready in two months, and the company will be sold through a public tender, company executives said recently. “The annual meeting of shareholders decided to draft a memorandum on the company“s privatization,” said the company“s board chairman Arturas Kartenis. The 99% state-held stake in Panevezio Stiklas was reportedly offered at its face value of 39.6 million litas in the first tender in January, but no investors were interested. The shareholders also approved the company“s annual report for 1997. Last year, Panevezio Stiklas sustained a loss of 6.3 million litas on sales of 86.8 million litas. Its loss now totals about 37 million litas. The company“s assets, worth 70.8 million litas, have been mortgaged for over 60 million litas in loans it has taken with government guarantees. Repayment of part of the loans has been deferred until the years 2002-2003. Panevezio Stiklas is planning to start repair of a container glass furnace, shutting it down for about 100 days this year, and the plant is accumulating a reserve of bottles to maintain deliveries during the repair period.

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