Investments, Latvia, Legislation, Lithuania, Mergers and take-overs, Real Estate

According to Jurmalas namsaimnieks privatization regulations, the organizer of the auction has decided to sign Jurmalas namsaimnieks acquisition agreement with Busto valda, where the amount is equal to the starting price of the auction.

Jurmala City Council spokeswoman Ieva Aile said that the auction results will be submitted to Jurmala City Council that would review them on October 9. Meanwhile, the agreement on the acquisition of Jurmalas namsaimnieks shares is to be signed within two months after the auction results are approved.

Jurmala City Council's Executive Director Arturs Grants indicates that the prospective buyers were picked following several criteria – experience in housing management, financial stability, etc. A total of three candidates showed interest in acquiring Jurmalas namsaimnieks capital shares, including Lithuania's Busto valda.

Ultimately, only one candidate applied for the auction – the said Lithuanian company. The auction of Jurmalas namsaimnieks was held yesterday.