The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Lasco gets flotation away at last

Latvia

The Latvian Shipping Company (Lasco), has finally fulfilled its long-held desire to privatize. After five years and four attempts at privatization, the government has sold 51% of its shares for Lats35.7 million ($59.3 million), putting the share price at Lats0.35. Lasco listed on the Riga stock exchange on July 1 and started trading at Lats0.30.

       

Lasco's initial attempt to sell foundered as it looked for strategic investors that would provide new management, marketing skills and additional investment. Lauri Lind, head of equity trading at Hansabank in Estonia, says: "They came to the conclusion that there were no strategic investors willing to pay the price they wanted so they decided to do an IPO instead." Lasco declined to comment but Talis Linkaits, head of administration at the Latvian Privatization Company, says: "Unfortunately, the sales price set by the government was higher than investors were willing to pay."

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree