Glasseiden GmbH increases share in Latvian glass fiber maker

Date: 18 July 2003
Source: Interfax.com

Date: 18 July 2003

Glasseiden GmbH Oschatz of Germany on Tuesday acquired 24.2% of Valmieras stikla skiedra (VSS), a Latvian glass fiber manufacturer, from P-D-P Consulting, increasing its stake in the company to 45.3%, VSS Financial Director Imants Saulitis told the Baltic News Service.

Glasseiden paid 3,934,393 lati for the shares, he said, adding that he did not know what the purpose of the deal was.

The German company owned over 70% of VSS at the beginning of 2002, but it sold 30.8% in the fall of 2002 to another German company VitrulanTextiliglas GmbH, one of VSS' biggest customers, which reduced the Glasseiden stake to 45.3%.

In December Glasseiden sold another 24.2% to P-D-P-Fiberglas Consulting GmbH Oschatz of Germany, and reduced its stake to 21.09%.

Glasseiden began to reduce its stake in VSS after the Latvian government refused to grant tax breaks for investment.

VSS has charter capital of 23.9 million lati, split into common shares with par value of 1 lat.
600450 Glasseiden GmbH increases share in Latvian glass fiber maker glassonweb.com

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