bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Wednesday 26.07.2017 | Name days: Ance, Anna, Annija
LatviaLatvia

Ventbunkers: VN stocks were sold at an appropriate market price

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUNearly EUR 80 million is an appropriate price for 43.25% of stocks of Ventspils nafta, which Ventbunkers’ subsidiary Latvijas Naftas tranzīts has sold to Vitol Group’s Euromin Holdings (Cyprus) Limited, says Swiss lawyer Rudolf Meroni, who is also Chairman in Ventbunkers and LNT councils.

«The price at which VN stocks were sold exceeds every price that has appeared on stock markets in the past two to three years by 50%,» – explains Meroni.

He adds that the price agreed upon by LNT and Euromin is equal to the highest value estimated by experts. «This is why we believe stocks were not sold below market value,» – said Meroni.

According to the Swiss lawyer, the deal was carefully assessed from all aspects. «We have been provided with an accurate and professional market value estimate from experts of an international company. We are confident this deal is a good solution for LNT and is very reasonable. I doubt anyone would have any chance of challenging it,» – said Meroni. Nevertheless, it is impossible to say if someone could potentially «launch a pointless process doomed to fail from the start».

The Swiss lawyer says the sale of VN stocks was not a one-off transaction, but rather a part of a massive process aimed to regulate work between Ventbunkers and VN Group. «There are multiple areas in which ours and VN’s interests align, and we have worked with each other in the past to secure beneficial solutions for both sides in all fields,» – added Meroni.

«We will continue working to resolve all remaining problems with VN,» – emphasized Meroni.

Ventbunkers board member Edgars Ciniņš notes that this deal is a logical step in VN’s development. It also helps Euromin Holdings Limited to increase its portion of stocks.

He explains that this deal has been in development for a long time and is «the result of hard work and devotion of many people». «I believe recently voiced speculations regarding the deal and the price and unjustified and based purely on delusions. I have no doubts about the transparency of this deal and its contribution to the company’s interests,» – said Ciniņš.

The entrepreneur also explains that it is far more important to consider all benefits from the deal than it is to give in to unjustified speculations. The price of the deal cannot be taken out of context. «I cannot understand why anyone would want to challenge this deal, unless, of course, it is done solely because of unknown personal interests. I believe everyone will benefit from this deal – the sides involved, the small shareholders in VN, Ventspils Freeport and Latvia’s transit industry as a whole,» – he adds.

Relations between Ventbunkers and Ventspils nafta have been «more than tense» for many years. Hard work has made certain the two companies are trusted partners. It is clear that they will work together to develop Ventpils Freeport. «It also helps preserve resources that would otherwise be used to resolve pointless disputes,» – adds Ciniņš.

«The recent surfacing of speculations and dissatisfaction with this deal can be easily explained with simple envy. There will always be people who dislike it whenever someone else has a good life and is successful in business, especially if the envious person is not nearly as successful in business,» – concluded Ciniņš.

Ref: 102.109.109.2532


Leave a reply

Government allows Bite Lietuva to become the owner of TV3, LNT and Star FM

On Tuesday, 25 July, the Cabinet of Ministers permitted Lithuanian company UAB BITE Lietuva to acquire decisive influence in Latvian media companies TV 3 Latvia, LNT and Star FM.

Latvia put on 34th place in global pension index

Latvia is on the 34th place of Natixis Global Asset Management global pension index. It is two places lower than last year, according to the index report for 2017.

Experts predict nearly half of beer consumed in Estonia will be procured in Latvia

Estimates of Estonian alcohol producers and retail traders show that nearly half of all beer and one-third of vodka that will be consumed in the country next year will be procured in Latvia. According to experts, this way Estonia will lose up to EUR 170 million in tax revenue, Postimees reports.

Latvia had the sixth smallest new vehicles registration index in Europe

Compared with the same period of 2016, Latvia has had the sixth lowest registration index for new commercial vehicles in Europe in January-June period, according to data published by European Automobile Manufacturers Association.

LAR proposes reducing micro-enterprise tax to 12%

Latvian Association of Regions proposes establishing micro-enterprise tax rate at 12% instead of 15%, as well as state that calendar year turnover for micro-enterprises is not to be reduced to EUR 40,000, as it is proposed by the government, but to be kept at the current restriction – under EUR 100,000.

Court dismisses Krums from the last of his supervised insolvency process

On Monday, 24 July, Riga Pardaugava Court dismissed the currently arrested insolvency administrator Ilmars Krums from the last one of the insolvency processes currently under his supervision, as confirmed by Insolvency Administration’s representative.

49 «quota refugees» away from Estonia for over 90 days

49 people of the refugees accepted by Estonia as part of the European Union's refugee relocation programme have exceeded the 90-day period of being allowed be away from the country.

Opinion: EU agricultural policy is not equal to all member states

Latvian Association of Agricultural Cooperatives organized a meeting with Agriculture Ministry’s and State Plant Protection Service’s specialists to discuss and search for solutions for opportunities to sow fermented summer rapeseed.

In pictures: Corsica hit by widespread forest fires

Fire-fighters in the French Mediterranean island of Corsica continued on the night to July 25 to battle forest fires covering an area of some 900 hectares.

Can Latvia expect a more rapid rise of excise tax for alcohol and cigarettes?

Finance Ministry has plans to raise excise tax on alcoholic beverages and cigarettes even more rapidly, according to proposals prepared by the ministry to the Excise Tax Law. These proposals have been submitted to the Saeima for approval in the final reading.

LCCI: e-health system will help reduce the number of dishonest patients

«Healthcare Ministry has to secure full integration of e-health system and form a policy for healthcare specialists that is aimed at returning labourers back to work as soon as possible, not issuing countless sick leave certificates,» as noted by representatives of Latvian Chamber for Commerce and Industry.

Swedish government admits «disastrous» data leak

The government of Sweden has stated that one of its agencies has committed a massive leak of sensitive data in 2015, when it organised an information technology outsourcing procedure.

Vucans: there are plenty of proposals for tax reform laws

Around 350 proposals have been received by the Latvian parliament in relation to tax reform laws. Last week, the Saeima supported tax reform laws in the first reading. This week, on the other hand, it is planned to review them in the final reading.

Greece to return to financial markets after three-year pause

Greece, which has been suffering from severe and prolonged financial problems, is expected to return to international financial markets to borrow funds.

Duda to veto Polish judicial reforms

President of Poland Andrzej Duda has stated he would not announce the controversial reforms of the Polish Supreme Court and the National Council of the Judiciary passed in the Polish Sejm that have also sparked mass protests in the country.

Dairy product prices not expected to decline in Latvia soon

Prices of dairy products in Latvia will either remain on the current level or increase even more in the next couple of months. With that, there is no reason to expect price decline in the near future, predicts head of Agriculture Market Promotion Centre Inguna Gulbe.

Five insolvency administrators suspended due to criminal processes in Latvia

Five insolvency administrators have been suspended because of several criminal processes, said Director of Insolvency Administration Inese Steina in an interview to LNT 900 seconds.

Family doctors may change the form of strike if need be

Latvian Family Doctors Association could change the form of its strike of need be, as confirmed by the association’s representative Solvita Olsena.

Baltic animal rights organisations turn attention to fur farming ban in Czech Republic

Following the fur farming ban passed by the parliament of the Czech Republic, Latvian and Estonian animal rights organisations turn the attention of communities in Latvia and Estonia to the increasingly the ethical attitude of European countries to animal rights.

Toyota sales in Latvia up 25%

5,735 new Toyota cars were sold in Baltic States in the first six months of 2017, which is 33% more than last year. Toyota’s total market share in Baltics is 14.2%, BNN was informed by the company.

Number of accidents caused by tractors and size of claims on a rise

Over the course of the past several years, the number of traffic accidents caused by specialized agricultural vehicles and the size of insurance claims has grown in Latvia, as reported by Motor Insurers' Bureau of Latvia.

Businessmen offer to help fund railway works in Estonia rejected by minister

Entrepreneurs in Lääne County, Estonia, have offered the state to help with funding the reconstruction of a railway section, by attracting private money, but the offer has been rejected by Estonian Economic Affairs Minister Kadri Simson.

International Baltic Bikini military exercises to be organized in Latvia

Baltic Bikini 2017 military exercises will be taking place in Liepaja, Latvia, throughout 24 – 28 July. More than 100 Baltic and American troops will be participating together with State Border Guard and Emergency Health Service to practice survival skills, as reported by Defence Ministry.

SRS: envelope wages will be a priority this year

More than half of Latvian employers pay their employees wages below the minimal monthly amount, said Director of the State Revenue Service Tax Control Office Sandra Karklina Admine in an interview to Rīta panorama on Monday, 24 July.

Latvians hesitant to use electronic means to request benefits

So far, Latvia residents have been rather slow in the use of electronic tools to request benefits from the State Social Insurance Agency.