Invalda asks permission to buy up to 100% of Veritas shares

25 Jul '11

2 min read

Invalda, one of the largest investment companies in Lithuania, asks permission of the Competition Council of the Republic of Lithuania to acquire up to 100% of yarn manufacturing company Vernitas.

At the end of 2010 Invalda owned 11.7% of Vernitas shares.

“We think that many years a loss-making company needs changes to improve competitiveness and operational efficiency. We ask for the permission, in order we could increase owned stake up to the controlling under acceptable conditions. This would allow to initiate changes that focus on the restoration of the company's profitability and shareholders' equity increase,” - said Darius Sulnis, the president of Invalda.

In 2010 sales of Vernitas, which is located in Marijampole, reached 41.7 mln. LTL, a loss was 548 thousant LTL. The main activity of Vernitas is textile fiber preparation and spinning, wholesale and retail trade of textile products. Most of Vernitas' manufactured acrylic yarns are sold in the CIS markets.

Invalda AB is one of the major Lithuanian investment companies whose primary objective is to steadily increase the investor equity value. For the purpose of attainment of this objective Invalda actively manages its investments, exercising control or significant influence over target businesses The largest part of Invalda Group activities are performed in Poland and Lithuania.

Invalda AB

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