Utenos Trikotažas Sells Controlling Stake in Mrija
Utenos Trikotažas, part of the SBA Group, has engaged in a significant transaction with the sale of a controlling interest in its subsidiary, Mrija, which specializes in sewing services. This noteworthy decision was finalized recently, marking a pivotal moment for the company as it strategically positions itself for future growth.
Details of the Transaction
The sale involved 98.87 percent of Utenos Trikotažas' total shareholding in Mrija, effectively transferring major ownership to new partners. This move was executed in line with a court-approved restructuring initiative aimed at optimizing the company's operations.
New Ownership Structure
The acquisition was made by two entities: the Ukrainian firm Translum and Hungary's Neoplast Hungary KFT. Both companies are expected to bring new strategies and resources to Mrija, potentially enhancing production capabilities.
Future Plans for Mrija
Looking ahead, Utenos Trikotažas intends to liquidate the remaining shares in Mrija. However, details about any further announcements regarding this future transaction remain undisclosed. The goal is to simplify the company's asset management while continuing a collaborative relationship with Mrija.
Financial Aspects of the Sale
The transaction has a declared value of EUR 700,000 before tax deductions, which will be primarily directed towards alleviating the company’s liabilities and settling obligations to creditors. This financial maneuver is part of an overall strategy to stabilize and enhance the organization’s fiscal health.
Statements from Leadership
Vytautas Vaškys, the Chairman of the Board, emphasized the ongoing partnership potential, stating, "Even after this sale, Mrija will continue to be an integral partner in our supply chain. We plan to keep placing orders with them and will manufacture portions of our products in Ukraine." This sentiment reflects a commitment to maintaining business continuity despite changes in ownership structure.
Current Production Capacity
Presently, Mrija contributes approximately 10 to 15 percent of Utenos Trikotažas' total sewing needs. This relationship is crucial for the company, balancing its production demand while diversifying its supplier base.
Contact Information
For additional insights and queries, Tadas Baužys, the Finance Manager, is available for contact at +370 672 44712. His insights can provide clarity on the restructuring progress and the anticipated impacts of this recent sale.
Frequently Asked Questions
What was sold in the recent transaction by Utenos Trikotažas?
Utenos Trikotažas sold 98.87 percent of its controlling stake in the subsidiary Mrija, which provides sewing services.
Who acquired Mrija?
The Ukrainian company Translum and the Hungarian company Neoplast Hungary KFT acquired the shares of Mrija.
What is the value of the transaction?
The total value of the transaction amounts to EUR 700,000 before taxes.
How will the proceeds be used?
All proceeds from the transaction will be used to reduce Utenos Trikotažas' liabilities as part of their restructuring plan.
Will Utenos Trikotažas maintain a relationship with Mrija?
Yes, Utenos Trikotažas plans to continue placing orders with Mrija and will produce some of its products in Ukraine.
