Transaction between AB „Grigeo” and „INVL Baltic Sea Growth Fund” was terminated

Due to the changes in investment strategy of AB „Grigeo” Group of Companies, one of the largest group of companies operating in the paper and wood sector in the Baltic States, on 30 September, 2019 the transaction with UAB „BSGF Salvus”, the subsidiary of „INVL Baltic Sea Growth Fund” on investments in the cardboard and packaging business managed by AB „Grigeo” was terminated. The transaction was terminated by the initiative of AB „Grigeo”. The Investment and shareholders' agreement signed...

Vilnius, 30/09/2019 (informazione.it - comunicati stampa - agricoltura)

Due to the changes in investment strategy of AB „Grigeo” Group of Companies, one of the largest group of companies operating in the paper and wood sector in the Baltic States, on 30 September, 2019 the transaction with UAB „BSGF Salvus”, the subsidiary of „INVL Baltic Sea Growth Fund” on investments in the cardboard and packaging business managed by AB „Grigeo” was terminated. The transaction was terminated by the initiative of AB „Grigeo”.

The Investment and shareholders' agreement signed on 10 June, 2019 provided that UAB „BSGF Salvus”, the subsidiary of „INVL Baltic Sea Growth Fund”, will invest in stages up to EUR 30 million in UAB „Grigeo investicijų valdymas”, a 100 percent owned subsidiary of AB „Grigeo”, and acquire up to 49.99 per cent of its shares. UAB „Grigeo investicijų valdymas” comprises the cardboard business companies: AB „Grigeo Klaipėda”, UAB „Grigeo Recycling”, UAB „Grigeo Packaging” SIA „Grigeo Recycling”, operating in Latvia and AT „Mena Pak”, operating in Ukraine.

AB „Grigeo” will pay EUR 1 million for the termination of the agreement.

During the six months of 2019, Group of Companies consisting of AB „Grigeo”, UAB „Grigeo Packaging“, UAB „Grigeo Baltwood“, AB „Grigeo Klaipėda“, AT „Mena Pak“, UAB „Grigeo Recycling“ and SIA „Grigeo Recycling” earned EUR 6.1 million profit before taxes and EUR 11.8 million EBITDA.

Gintautas Pangonis,
President of AB „Grigeo”
+370 5 243 5801