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Regulator allows Vitol to make final buyout offer for Latvijas Kugnieciba shares

BC, Riga, 26.01.2018.Print version
The council of the Financial and Capital Market Commission (FCMC) has given permission to Vitol Netherlands B.V. to make the final buyout offer for shares in Latvijas Kugnieciba (Latvian Shipping Company), FCMC spokeswoman Agnese Licite told LETA.

She indicated that since Vitol owns more than 95% of the shipping company’s voting shares and Latvijas Kugnieciba shareholders have decided at their meeting to delist the company’s shares, Vitol can go ahead with the final buyout offer.


According to the prospectus, the buyout price is set at EUR 0.71 per share.


The record date for the final buy-out is the last business day, counting from the day the offeror has published information regarding the final buy-out in the official gazette Latvijas Vestnesis in accordance with the Financial Instruments Market Law. The payment date is the next business day after the record date.


On the record date the shares in the shareholders' accounts will be blocked and the shareholders will lose their rights to use them.


Latvijas Kugnieciba shares are currently quoted on the Main List of the Nasdaq Riga stock exchange, but in December 2017 the company’s shareholders decided to delist the company.


Latvijas Kugnieciba shares have been quoted on the stock exchange since June 26, 2002.


Latvijas Kugnieciba group closed the first nine months of 2017 with EUR 62.467 million in turnover, down 6.5% from the same period in 2016, and a profit of EUR 11.944 million in contrast to a loss incurred a year ago.


Latvijas Kugnieciba provides shipping services in all seas and oceans of the world, trains and recruits crews, as well as provides technical ship management to its own and ships owned by other companies.






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