One of the largest Lithuanian investment companies Invalda LT, AB increased its stake in the furniture manufacturer Vilniaus baldai, AB from 39.4 percent to 45.4 percent.
Invalda LT, AB paid EUR 3.495 million (LTL 12.069 million) for 6 percent of shares in Vilniaus baldai, AB acquired during the mandatory official tender offer. Acquisition was made by Invalda LT, AB using its own funds, thus, the short term loan was paid back to DNB bank, AB.
According to Darius Sulnis, the president of Invalda LT, AB, the main task after completion of formalities of the tender offer will be further focus on global competiveness as well as on increase of efficiency of activity of Vilniaus baldai, AB. “This becomes a precondition for getting acceptable manufacturing contracts and assures profitability as well as positive cash flows and payments to shareholders,” – D. Sulnis said.
During the tender offer the acquiring persons were offered with 13.9 percent in Vilniaus baldai, AB for the total amount of EUR 8.041 million (LTL 27.764 million).