News

20.07.2006

Eimskip acquires a further 20% share in the Lithuanian shipping line Kursiu Linija

Avion Group’s subsidiary company Eimskip, is pleased to announce the acquisition of an additional 20% equity stake in Kursiu Linija. Kursiu Linija is the only Lithuanian short sea container shipping line providing ’door to door‘ freight delivery services in the Baltic States, Poland, Russia, United Kingdom and Northern Europe. Eimskip previously acquired a 50% equity interest in Kursiu Linija in May 2006; by acquiring a controlling 70% interest, the company will be consolidated into the financial statements of Avion and Eimskip.  Kursiu Linija will form part of the financial statements of Eimskip with effect from 1 August 2006 being the commencement of the fourth quarter in Eimskip’s financial year ending 31 October.  The purchase price for the 70% equity stake was 5 million EUR.  The purchase will be financed by Eimskip’s equity. Eimskip also has a call option on the remaining 30% of the equity after the next four years.