Valmeira Glass - Hoping To Buy State Stake

The Latvian firm Valmeira Glassfibre said recently that its management would propose buying at least part of the company's 1m state-owned shares. The proposal was expected to be made during a joint meeting between the company's board and council on 19 September. "One thing is sure, the company will buy shares, but the question of how and much is expected to be decided during the board and council meeting," said Imants Saulitis, Valmeria's finance manager. "The controlling stake owner, Germany's Glasseiden GmbH Oschatz, might also be interested in keeping its ownership proportion," he added. The capitalisaiton of Valmeira's debts to the state led to the creation of 1m shares, whose value has been set at 1.50 lats.