Moscow refrigerator maker buys 44% of Snaige
VILNIUS. Dec 13 (Interfax) - Russian refrigerator manufacturer Polair bought 44.43% of Lithuania's Snaige, the only producer of household refrigerators in the Baltics, for 32.8 million litas (about 9.5 million euros), Snaige said in a press release published on the Vinius Nasdaq OMZ exchange website.
The Russian company can buy another 15.43% of Snaige no later than December 26. Acquiring the 59.86% in parts required an amendment to the agreement between Polair and the investment funds that control the Lithuanian company, which was introduced on Monday.
Snaige said that after acquiring the shares the Russian company will make an offer to buy shares from Snaige's minority shareholders.
The Snaige shares are being sold by Luxembourg-based investment funds KJK Fund and Amber Trust and Cayman Islands-registered Firebird Avrora and Firebird Republics. The funds had over 33% of Snaige shares in early February. After receiving permission from the Lithuanian Competition Council in late February to acquire all Snaige shares, the funds increased their stake in the company to almost 60%.
Snaige shares are quoted on the Vilnius Nasdaq OMX Secondary List.
Polair in Moscow produces and sells Polair brand refrigerators on the domestic market, in the CIS, Europe, Asia and Africa. In March 2011, Cyprus-based Furuchi Enterprises Limited wholly owned Polair. Alexei Kovalchuk is Polair's CEO.
The litas is tied to the euro at 3.4528 litas/EUR1.