Drinks group mulls Lido restaurant chain investment

Luxembourg-registered Amber Beverage Group is considering acquisition of a 49 percent stake in Latvia's Lido restaurant chain, the LETA newswire learned from Amber Beverage Group June 11.

Even though Amber Beverage Group Holding will not have a controlling stake in Lido, the parties plan to agree that Amber Beverage Group Holding will have the rights to appoint two members to the company's supervisory board.

Also, Amber Beverage Group Holding might have veto rights on strategic decisions.

Lido board chairwoman Rita Auzina told LETA that Lido shareholder Gunars Kirsons does not plan to sell a controlling stake in the company. At the same time, Lido is the largest catering company in Latvia, and now and then investors have voiced interest in investing in its shares. Several investors who have voiced interest.

As reported, in 2018 Lido posted EUR 41.883 million in sales, up 8.5 percent from a year ago, while the company's profit shrank 7.3 times to EUR 241,365.

Lido was registered in 1991, and has a share capital of EUR 1.292 million. The company's beneficial owners are Gunars Kirsons and Russian national Vladimir Shestakov who owns VSh Holding.

Amber Beverage Group is a leading producer, distributor, logistics provider and retailer of beverages. It operates internationally from its head office in Luxembourg and through its production and distribution companies in Russia, Mexico, the UK, Austria, Australia and the Baltics, its historical home. Latvijas Balzams distillery also is a part of Amber Beverage Group.

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