Utena, Lithuania, 2016-06-13 12:13 CEST (GLOBE NEWSWIRE) -- On 9 June, SBA Concern and investment funds Amber Trust, KJK Fund, Firebird Republic Fund and Firebird Avora Fund concluded a transaction regarding acquisition of shares of AB “Utenos trikotažas”, after which a portfolio AB “Utenos trikotažas” shares owned by SBA Concern increased to 86.76%. The total transaction value amounts to almost 1.3 million euro.
“Towards the end of the funds’ investment period the partners have transferred their shareholdings to SBA. During the decade-long partnership and working hand in hand we have overcome the global financial crisis and made significant changes in the company’s business strategy. We are happy that this cooperation has been successful and useful. Decision of SBA Concern to increase the controlled shareholding is based on the current company performance trends and future development potential,” comments Algirdas Šabūnas, the chairman of the board of AB “Utenos trikotažas” and vice-president of SBA Concern.
Structure of the capital of AB “Utenos trikotažas” after the transaction is as follows: SBA Concern – 86.76%, minor shareholders and other investment funds – 13.24%.
Consolidated sales of AB “Utenos trikotažas” group during the first quarter of 2016 amounted to 5.0 million euro and increased by 14.4% if compared to the same period of 2015. During the first quarter of 2016 AB “Utenos trikotažas” group earned operation profit of 94 thousand euro, meanwhile during the same period of 2015 it suffered operating loss of 50 thousand euro. The growth has resulted from the company’s development strategy which has been launched in 2012 and has been consistently implemented thereon.
SBA Concern is the owner of the largest knitwear manufacturer in the Baltic states – AB “Utenos trikotažas”. SBA Concern is a strategic investor managing one of the largest business groups in Lithuania. It comprises 26 companies operating both in this country and abroad. SBA’s main activity areas are the following: furniture and light industrial production and furniture retail.
For more details on the material event please contact Eimundas Mačiulis, Chief Executive Officer of AB “Utenos trikotažas”, on +370 389 51445.
