1 October 1998: The Lithuanian government is moving to privatize the country“s largest glassware factory Panevezio Stiklas (Panevezys Glass) in October, according to a recent press report.
The state…
1 October 1998: The Lithuanian government is moving to privatize the country“s largest glassware factory Panevezio Stiklas (Panevezys Glass) in October, according to a recent press report. The state is reportedly selling its 99.13% stake in the company with a share capital of 39.99 million litas to a European glass manufacturer. “Almost all points in the privatization deal have been coordinated with the strategic investor. What remains to be done is to wait until the government approves the schedule of debt repayment by the factory,” a State Assets Fund official said. The Panevezys glassworks has total liabilities of 112 million litas, with assets worth 70.8 million litas mortgaged for loans. The Finance Ministry has already planned the repayment of loans with state guarantees after the company“s privatization, the report said. Panevezio Stiklas reconstructed its glass melting furnace this year, installing modern technology. The company is currently recovering from last year“s financial crisis, as it sold products worth 66.6 million litas over the first eight months of this year, 10.9 million litas more than a year earlier, and reduced the loss to 1.2 million litas.