Andmed seisuga: 24.08.2024 03:17 (GMT+3)
European Bank or Reconstruction and Development (EBRD) and Danish
Investment Fund for Central and Eastern Europe (IO Fund) have signed an
agreement to become shareholders of Latvian Insurance JSC "Balta".
At present Danish insurance company "Codan" is finishing up preliminary
work before overtaking JSC "Balta" and has made an offer to EBRD an IO
Fund to make a financial investment in JSC "Balta" were "Codan" owns
more than 51% of shares.
"Codan" is offering EBRD to acquire 24% of JSC "Balta" shares and to IO
Fund to acquire 17%. This step is a continuation of further
co-operation that has begun in Lithuania and was discussed previously
before sale of JSC "Balta" shares.
" We have done the same thing in Lithuania, we have invited both
institutions to make an investment in JSC "Balta", were "Codan" has
majority interest. EBRD as well as IO Fund has extensive experience in
development of entrepreneurship in Central and Eastern Europe. We have
worked with those institutions in joint shareholdings for more than a
year in Lithuanian insurance company "Lietuvos Draudimas". This
co-operation has had a positive effect and has proved that variety of
knowledge improves profit and this will have a positive effect on JSC
"Balta" as well" said Paul Mortensen, CEO of "Codan".
"Codan" emphasised lasting impact that EBRD and IO Fund will have on
Latvian market especially in financial sector.
Purchase of shares will take place following authorisation of local
Supervisory Bodies. This is expected in very near future and will
provide completion of this deal.