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VMG from Lithuania decides against investment in Russia
BC, Vilnius, 11.09.2017.
Print version
Print versionVakaru Medienos Grupe (VMG), one of Lithuania's largest wood processing and furniture production groups, has opted out of the risky investment in Russia, however, is looking for acquisitions in countries with lower timber prices than in Lithuania, Verslo Zinios business daily said on September 11th, cites LETA/BNS.
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At a meeting with VMG executives
in June, Russia's Briansk region Governor Alexander
Bogomaz discussed the possibility of funding the Briansk plywood plant,
however, the company's CEO Viktoras
Adomaitis says the group decided not to make the investment after studying
the situation.
"Yes, we had met with the governor, as we were interested in
acquisitions and brought our attention to the company up for bankruptcy. We
decided that buying it would be too risky," said Adomaitis.
VMG owns four
companies in Belarus where it built a 100-million-euro production complex in
Mogilev together with the SBA concern in 2013.
VMG is operated by Sigitas Paulauskas and Viktoras Adomaitis via
Cyprus-registered VMG Holdings and
directly.
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