Financial Services, Foodstuff, Latvia, Legislation, Markets and Companies

Latvijas piens has not been paying for milk for a long time, and its debt continues to mount. "At the moment, the debt is at EUR 3,036,600, and talks with the company have not achieved anything," said Krievars.

"We have been supplying milk to the plant for prices way below the market price, and we were the sole milk suppliers since last October to this past April. Trikata KS members have been very patient and, in order to save the plant, gave too much and for too long. The board's main priority has always been to ensure stable operations, including on-time payments to members of the society – the milk suppliers," said Krievars.

In order to find a solution to the problem and look for a way to secure payments to the members of the cooperative society, the board of Trikata KS decided back in March to sell the society's shares in Latvijas piens, and the other Latvijas piens shareholders were notified thereof.

"We have been working on finding a buyer for the shares during these months, and the work is still ongoing," said Krievars.

As reported, Trikata KS is planning to sell its shares in Latvijas piens. According to unofficial information, the prospective buyers are from Estonia, Lithuania, or Ukraine. One of the largest agricultural companies in Latvia is also among the prospective buyers.