Panevezys Glass: state fund to divest stake

Lithuania“s State Property Fund (SPF) aims to sell the state“s 34.22% stake in Panevezio Stiklas (Panevezys Glass), the financially-troubled Lithuanian container manufacturer, for LTL 998,900 (EUR 2…

Lithuania“s State Property Fund (SPF) aims to sell the state“s 34.22% stake in Panevezio Stiklas (Panevezys Glass), the financially-troubled Lithuanian container manufacturer, for LTL 998,900 (EUR 289,536). The stake with a total par value of LTL 33.298 million will be sold via the Vilnius Stock Exchange (VSE) at LTL 0.03 per share from 8 September through 21 October 2008. The shares are expected to be purchased by Poland“s Sierakow, which owns 65.78% of Panevezio Stiklas. SPF officials claim that the sale of the state-owned interest is the only solution for the company“s financial problems. Polish investors purchased the glass maker from the state for LTL 1 million in 1998. The company, which employs more than 500, had turnover of LTL 82 million in 2007.