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Meanwhile, Lattelecom Group's normalized earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 4% in 2014, reaching EUR 72 million.

The group's turnover in 2014 reached EUR 191 million, which was the same as in 2013.

Lattelecom CEO Juris Gulbis says that 2014 was a successful year for the company. The company's strategy was very successful – the company's value increased, and investments facilitated service availability and development, namely, optic network infrastructure and free Wi-Fi spots. "There are more than 4,300 Wi-Fi spots all over Latvia now, and Riga has become Europe's Wi-Fi capital, whereas the optic network enables Internet connection speeds above 100 Mbps," Gulbis said.

He reminded that Lattelecom clients were offered two unique television channels last year – "Positivus TV" and "Kultura 360TV".

"According to the list of Latvia's 101 most valuable companies, Lattelecom's value increased by 100 million year-on-year, making it the 6th most valuable company and the most valuable telecommunications company in Latvia," says Gulbis.

As reported, Lattelecom was established in 1992, the company was originally named Lattelekom. In 1994, Danish company, which at that time belonged to Finland's Sonera, Britain's Cable&Wireless and the state of Latvia, acquired a 49% stake in Lattelecom. In 1998, Sonera bought Cable&Wireless, and in 2002 it merged with Swedish company Telia, creating TeliaSonera – currently the owner of 49% of Lattelecom shares.