Latvia Post becomes owner of Latvijas Elektroniskais Pasts ltd
SJSC Latvia Post in the environment of competition has agreed with Suomen Posti Oyj on purchase of 48.75% of Latvijas Elektroniskais Pasts ltd. shares with aim to strengthen positions in market. Signing this agreement Latvia Post will become owner of 100% of Latvijas Elektroniskais Pasts shares.
Latvijas Elektroniskais Pasts ltd. which offers print of variable information, packaging services and packing into polietilen is largest provider in such type of services. Largest clients of enterprise are Lattelekom, Latvijas Gâze, Latvijas Mobilais Telefons, Hansabanka.
“Latvia Post along with modernization and new long term strategy implementation is searching for opportunities to introduce new products and strengthen competitiveness. Latvia Post it envisages as successful investment in development of flourishing industry and in strengthening enterprise positions. As Latvia Post main field of business is closely connected with Latvijas Elektroniskais Pasts services, it is supposed to more integrate this enterprise in elaboration of new products. So we will conduct not only delivery of item but also preparation. Our activities will gain new scale, but clients – modern and suitable services” consider SJSC director general Gints Ðkodovs. So far Latvia Post has owned 51.25% shares of subsidiary Latvijas Elektroniskais Pasts ltd., and Finnish enterprise Suomen Posti Oyl has owned rest of the shares. Amount of transaction will not be disclosed as agreed.
“Most of clients associated Latvijas Elektroniskais Pasts to the Latvia Post even before this deal, therefore full take over of enterprise is logical solution. Latvijas Elektroniskais Pasts will gain additional impulse for development taking into account scale of activities and modernization purposes of Latvia Post,” explains member of the board of Latvijas Elektroniskais Pasts ltd. Valdis Jirgens.
According to Latvia Post development plan for 2004.-2008 enterprise supposed to invest LVL 44 million in modernization, improving technical basis and developing assortment of new services.
Total turnover for Latvijas Elektroniskais Pasts in 2003 grew to LVL 972.2 thousand, and profit LVL 63.3 thousand (before taxes). Last year unaudited turnover was LVL 987.8 thousand and profit LVL 134.1 thousand (before taxes).
