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Sunday, 23.11.2014, 04:02
The new owner of Liepajas metalurgs – Ukrainian company KVV Group, has cleared its first payment in the acquisition process – EUR 20.5 million, Liepajas metalurgs insolvency administrator Haralds Velmers told LETA on November 14th.
Keyword tags: Baltic States – CIS, Financial Services, Latvia, Legislation, Markets and Companies, Metals Market
The process of takeover of the insolvent Liepajas metalurgs is still in progress, however, the new owners at KVV Group hope to resume Liepajas metalurgs operations by the end of the year, co-owner of KVV Group Yevgeny Kazmin said at a press conference, reports LETA.
Liepaja City Council Chairman Uldis Sesks (Liepaja Party) hopes that Liepajas metalurgs will resume operations already in December 2014, informs LETA.
Scrap metal recycling company Tolmets was the leading services provider in 2013 with turnover of EUR 148.5 million, according to the Latvian Business Annual Report 2014 compiled by Firmas.lv and LETA.
Regardless of the fact that current Latvian-Russian economic relations are troubled by the European Union and Russia's mutual sanctions, they could stabilize soon, reports LETA.
During his visit to North East Estonian town Sillamäe on Tuesday, Estonian Prime Minister Taavi Rõivas visited the facility of Molycorp Silmet, a rare earth metal processor, and the Port of Sillamäe, and he thanked the companies for their contribution to the economic development of Estonia, reports LETA, referring to government communication unit.
Restoring Liepajas metalurgs will provide a significant contribution to Latvia's economy in the coming five years, the State Treasury's head Kaspars Abolins told the press representatives today, cites LETA.
Liepajas metalurgs will resume operating already at the end of November 2014, furthermore, taking into account that the first three months could be fruitless, the company nevertheless plans to bring back profit already in the first twelve months, owner of KVV Group Valery Krishtal said in an interview with the business portal Nozare.lv today, cites LETA.
After a meeting with the new owner of Liepajas metalurgs Valery Krishtal today, Finance Minister Andris Vilks said that Latvia and the other Baltic countries are also open to other Ukrainian companies which wish to enter the European Union market, reports LETA.
Liepaja Mayor Uldis Sesks (Liepaja Party) admitted to LETA today that the signing of the Liepajas metalurgs sales agreement yesterday is the ''deal of the century''.
Liepajas metalurgs insolvency administrator Haralds Velmers signed the company's sales agreement with Ukraine-registered KVV Group last night, KVV Group spokeswoman Inese Ozolina informed LETA.
Prime Minister of Latvia Laimdota Straujuma (Unity) told members of the press yesterday after a government meeting that the state will recover all the funds it pumped into the rescue of Liepajas metalurgs, reports LETA/Nozare.lv.
Liepajas metalurgs investors are haunted by scandals and lawsuits, the Latvian magazine "Ir" reports, cites LETA/Nozare.lv.
The buyer of insolvent Latvian metallurgical company Liepajas metalurgs – KVV Group, is a Ukrainian holding company, thus the company kindly asks failed bidder Kirovs Lipmans and others not to come out with strange speculations, especially in wake of the situation in eastern Ukraine, the company's owner Valery Krishtal told the business information portal Nozare.lv, cites LETA.
Liepajas metalurgs buyer KVV Group is a Russian, not Ukrainian, company, one of the candidates to buy the company whose bid was rejected, Kirovs Lipmans said in an interview with Latvian State Television today, cites LETA.