Cargo, Latvia, Oil, Port, Transport

The publication says that the Ventamonjaks board has decided to reorganize the company through a merger where Ventamonjaks is as the target company and Despina Capital the acquiring company.

As a result of the merger, Ventamonjaks will cease to exist as a separate legal entity as Despina Capital takes over all its rights and obligations.

The companies have not yet provided comments on the reorganization.

According to information available at Firmas.lv, Ventamonjaks belongs to Despina Capital since 2014. The owners of Despina Capital include the Cyprus-registered Uralchem Freight Limited (55%) and Halcyon Capital (45%). The company has been registered in 2014 and has a share capital of 22.3 mln euros.

Ventamonjaks is one of the largest chemicals terminals on the Baltic Sea coast, handling ammonia, liquid chemicals and oil product cargos.

Ventamonjaks, turned over 14.047 mln euros in 2017, which was a 26.6% increase against 2016, while the company’s profit grew 3.1 times year-on-year to 4.718 mln euros, according to information available at Firmas.lv.

Handling of liquid ammonia at the terminal decreased by 17,500 tons or 4.53% from 2016 to 369,200 tons in 2017, according to the company’s annual report.