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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 15:22

State-owned Grindeks and Valmieras Stikla Skiedra shares sold at auction for EUR 2.059 million

BC, Riga, 08.11.2016.Print version
All state-owned shares in the joint-stock pharmaceutical company Grindeks and joint-stock fiberglass producer Valmieras Stikla Skiedra, held by the Privatization Agency, were sold at auction at Nasdaq Riga stock exchange for a total of EUR 2.059 million today, according to a statement posted on the stock exchange's website.

Auction price for Grindeks shares was EUR 3.85 and auction price for Valmieras Stikla Skiedra shares was EUR 2.85.


Therefore the state has sold its 2.29% stake in Grindeks and 1.78% stake in Valmieras Stikla Skiedra for EUR 846,153 and EUR 1,212,985.65 respectively.


The demand for Grindeks shares exceeded the amount sold by 29.8% and the demand for Valmieras Stikla Skiedra - by 51.3%.


"The demand for shares was unexpectedly high," commented Privatization Agency's head Vladimirs Loginovs. This, as well as the fact that the shares were sold at a higher price than the original price at the auction, proves that market players are prepared to invest in experienced, export-oriented companies. The successful share sale has made it possible to increase the state pension budget by almost EUR 2 mln, he added.


The minimum price for Grindeks shares sold at the auction today was set at EUR 3.78, while the minimum price for Valmieras Stikla Skiedra was EUR 2.73.


Admitted to the auction were licensed banks and investment brokerage companies that are Nasdaq Riga members.


Grindeks share capital is made up of 9,585,000 shares at nominal value of EUR 1.4 per share, while the share capital of Valmieras Stikla Skiedra is made up of 23,903,205 shares, nominal value EUR 1.4.






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