Valmieras Stikla Skiedra: takeover plans dropped

The largest shareholders in Latvian fiberglass plant Valmieras Stikla Skiedra (Valmieras SS) do not plan to acquire the controlling stake in the company, Valmieras SS commercial director Imants Saulit…

The largest shareholders in Latvian fiberglass plant Valmieras Stikla Skiedra (Valmieras SS) do not plan to acquire the controlling stake in the company, Valmieras SS commercial director Imants Saulitis said at the CEO Meets Investor 2008 conference held by the Riga Stock Exchange on 21 October 2008. He said that the company“s shareholders from Germany had such a target in 2006, but dropped the plan as due to Latvian legislation they would have had to spend LVL 3 million (EUR 4.26 million) to buy out minor shareholders. Mr. Saulitis said that in the near future neither of the two German shareholders plan to acquire a controlling stake in the company and Valmieras SS will thus remain listed on the Riga Stock Exchange. Valmieras SS largest shareholders are German P-D Glasseiden Oschatz GmbH with a 45.3% stake and Vitrulan Textilglas GmbH with a 30.8% stake. The company“s share capital is LVL 23.903 million. Valmieras SS shares are listed on the Riga Stock Exchange second list.