Estonian investment holding company Infortar has announced a voluntary takeover offer to acquire all remaining shares of shipping and tourism group Tallink Grupp for EUR 0.55 per share, GlobeNewswire reports. Infortar currently owns 46.76% of Tallink’s shares and seeks to acquire the remaining 53.24%. The offer period runs from 2 July 2024 to 5 August…
Estonian biomaterials company Fibenol plans to invest EUR 600-700mn in a biorefinery in Latvia, ERR reports. Fibenol’s pretreatment technology will convert locally-sourced wood into biomaterials that can replace fossil fuel-based chemicals in various industries. The company had initially intended to build the plant in Estonia. Fibenol’s owner, Raul Kirjanen, noted that countries rich in wood…
Latvian fuel retailer Virsi-A (Virsi) posted consolidated unaudited net sales of EUR 343.732mn in 2023, which was down from EUR 375.110mn in 2022, LSM reported. The company’s gross profit amounted to EUR 37.692mn (EUR 32.771mn) and net profit to EUR 5.099mn (EUR 10.370mn). Virsi reported an all-time record EBITDA of EUR 13.7mn in 2023, which was…
Latvia’s state-owned Riga International Airport (RIX) made a profit of EUR 1.6mn in 2023, which was up 4.6 times from a year earlier, LSM reported. The company’s net turnover rose by around 25% to EUR 72.5mn. Revenues from aviation services amounted to EUR 36.7mn (up 18%) and from non-aviation services to EUR 21.2mn (up 38%)….
Estonia’s GDP totalled EUR 37.7 billion at current prices in 2023, which was down 3% from 2022, according to data from Statistics Estonia, ERR reported. Robert Müürsepp, national accounts team lead at Statistics Estonia, said that Estonia’s economy was in broad-based recession in 2023, with decline recorded in most major sectors. Information and communication had…
New players will enter the Lithuanian banking market in 2024, Simonas Krepsta, board member of the Bank of Lithuania, announced, BNS reports. Speaking in an interview with LRT, Krepsta said that Polish banks had contacted Lithuanian regulators and the business community. He noted that the Lithuanian banking sector was “exceptionally profitable.” Earlier, Poland’s Bank Pekao…
The growth of household income in Lithuania will exceed inflation by 3-4 times in 2024, Social Security and Labour Minister Monika Navickiene forecasts, BNS reports. The Social Security and Labour Ministry expects that household income will rise by an average 12% on year in 2024, while the Finance Ministry expects Lithuania’s average annual inflation to…
Lithuania is holding “intensive and very detailed” talks with Germany’s Rheinmetall on opening a new factory in the country, Economy Minister Ausrine Armonaite announced, BNS reports. Rheinmetall’s top management met with Prime Minister Ingrida Simonyte in November 2023. According to 15min, the new factory could produce NATO-standard 155mm artillery shells. Rheinmetall and Krauss-Maffei Wegmann have…
A Russian attack on NATO countries was “practically impossible” in the near future, Lithuania’s defence chief, Valdemaras Rupsys, stated, BNS reports. Speaking in an interview with Ziniu Radijas, Rupsys warned that diverging political statements and military assessments on the Russian threat created “some confusion,” which could scare the public. His assessment was that the possibility…