Energy, EU – Baltic States, Investments, Latvia, Transport

Vitol Netherlands B.V. has acquired and paid up 399,999,830 newly issued B category shares as well as continued to acquire A category shares in the regulated market.

Until now, Vitol Netherlands B.V. owned 91.3% of Latvijas Kugnieciba shares.

As reported, Latvijas Kugnieciba shareholders at an extraordinary meeting on December 20 will decide on delisting the company. The delisting proposal has been included in the shareholder meeting’s agenda at Vitol Netherlands B.V. ‘s request.

At present, 200 million Latvijas Kugnieciba shares are traded on the Nasdaq Riga Main List. The company’s key shareholder, Vitol Netherlands B.V., made a mandatory takeover bid in the summer.

Latvijas Kugnieciba shares are traded on the stock exchange since June 26, 2002.

It has also been reported that Latvijas Kugnieciba group closed the first nine months of 2017 with EUR 62.467 million in turnover, down 6% 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.