Financial Services, Industry, Lithuania, Markets and Companies

Sources in the company say that active preparations are underway for relocating the headquarters out of Lithuania, possibly to the United Kingdom.

The Lithuanian Foreign Ministry has drafted an amendment to add the whole Achemos Grupe to the list of strategic enterprises, which currently includes the fertilizer manufacturer Achema, the country's single largest natural gas consumer. The amendment has been in the pipeline for more than half a year now.

It is said that transferring Achemos Grupe's registration to a foreign jurisdiction would make it easier to sell the group or its companies as Lithuania's Law on Strategic Enterprises would then not apply to them. The Lithuanian government's approval is necessary for selling companies on the strategic list.

Apart from Achema, the group also controls the stevedoring company Klasco, the railway services provider Transachema and the fertilizer trade and agribusiness company Agrochema, as well as media companies and hotels, and a wind farm in western Lithuania.

Lyda Lubiene holds 50.4% of shares in Achemos Grupe jointly with her daughter Viktorija.

Achemos Grupe (Achema Group) on Monday dismissed as "rumors" media reports that the group was planning to move its headquarters abroad.

"Our main business has always taken place in Lithuania. We have paid and continue to pay taxes and huge infrastructure costs here. We are a source of bread for several thousand employees and a reliable partner for a great number of companies in the country," Lyda Lubiene, Achemos Grupe's majority shareholder, said.

"The issue of relocating the group's business abroad has not been and is not being considered. We do not comment on rumors from unnamed sources," she said.