Latvia, Port, Transport

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Latvijas Kugnieciba shipping company to reduce share capital by EUR 341.5 mln

BC, Riga , 06.03.2018.Print version
Latvijas Kugnieciba shipping company will reduce its share capital by EUR 341.5 mln to 2.5 mln, information available at shows, writes LETA.

According to the rules of the capital reduction, approved on February 23, the decision to reduce the shipping company’s share capital was taken in order to optimize the share capital and restructure the company’s resources. The share capital will be reduced by redeeming 341.5 mln Latvijas Kugnieciba shares, paying EUR 1 per each share.

Creditors have a month to file their claims, according to an announcement published in the official gazette Latvijas Vestnesis.

At their extraordinary meeting on February 19, Latvijas Kugnieciba shareholders amended the company’s articles of association, changing the face value of Latvijas Kugnieciba shares to EUR 1 per share from EUR 0.3 per share.

As reported, Latvijas Kugnieciba increased its share capital twice since December 2017, by EUR 120 in December 2017 and by EUR 164 mln in February this year.

Latvijas Kugnieciba group closed the first nine months of 2017 with EUR 62.467 mln in turnover, down 6.5 % from the same period in 2016, and a profit of EUR 11.944 mln 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.

In mid-February 2018, Latvijas Kugnieciba delisted from the Nasdaq Riga stock exchange.

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