"Launkalne Sawmill" plans construction of new sawmill
"Launkalne Sawmill" plans to construct a new sawmill and has taken out a syndicated loan of EUR 11.6 million from "Hansabanka" and "Hansapank" for the purpose.
"Launkalne Sawmill" plans to construct a new sawmill and has taken out a syndicated loan of EUR 11.6 million from "Hansabanka" and "Hansapank" for the purpose.
"Hansabanka" took part in the project with financing of EUR 4.5 million, LETA was informed by "Hansabanka's" press secretary Arturs Eglitis.
"Launkalne Sawmill", owned by the Estonian forestry concern "Sylvester Grupp", with support from its owner, plans to invest LVL 10,000 million in the project. Currently, 96 people have been employed at the plant.
"Launkalne Sawmill" which is located in "Krogzemji", Valka District Launkalne County, plans to produce 80,000 cubic meters of lumber and in two years - in 2004 - a maximum capacity will be reached - 188,000 cubic meters. About 400,000 round timber would be necessary for the maximum capacity.
"Hansabanka" expresses satisfaction over the loan since foreign investments in Latvia would be boosted thus reinforcing national economy and new job openings, the bank's board member Druvis Murmanis admitted.
"Sylvester" owns seven sawmills in Estonia and Latvia overall.
Annual turnover at "Sylvester" is about EUR 160 million. Nordic company "Stora Enso Timber" and "Sylvester" have signed a protocol of intent on the purchase of 66 percent of producer companies' shares of "Sylvester" by "Stora Enso Timber" and 100 percent of wood processing companies' shares.
Dace Karklina LETA
Copyright © LETA
"Hansabanka" took part in the project with financing of EUR 4.5 million, LETA was informed by "Hansabanka's" press secretary Arturs Eglitis.
"Launkalne Sawmill", owned by the Estonian forestry concern "Sylvester Grupp", with support from its owner, plans to invest LVL 10,000 million in the project. Currently, 96 people have been employed at the plant.
"Launkalne Sawmill" which is located in "Krogzemji", Valka District Launkalne County, plans to produce 80,000 cubic meters of lumber and in two years - in 2004 - a maximum capacity will be reached - 188,000 cubic meters. About 400,000 round timber would be necessary for the maximum capacity.
"Hansabanka" expresses satisfaction over the loan since foreign investments in Latvia would be boosted thus reinforcing national economy and new job openings, the bank's board member Druvis Murmanis admitted.
"Sylvester" owns seven sawmills in Estonia and Latvia overall.
Annual turnover at "Sylvester" is about EUR 160 million. Nordic company "Stora Enso Timber" and "Sylvester" have signed a protocol of intent on the purchase of 66 percent of producer companies' shares of "Sylvester" by "Stora Enso Timber" and 100 percent of wood processing companies' shares.
Dace Karklina LETA
Copyright © LETA
