ABLV Private Equity Fund 2010, KS, has sold its shares of AS Grindeks

Riga, Latvia, July 17, 2015, 16:37 / Investments

ABLV Private Equity Fund 2010, KS, has sold 2 172 437 public issue shares of joint stock company Grindeks to AmberStone Group, AS. These shares constitute 22.66% of the company’s share capital.

According to the plan, ABLV Private Equity Fund 2010, KS, is going to terminate its operations this year, whereas acquisition of shares by AmberStone Group, AS, is a recognition of future development prospects and export potential of joint stock company Grindeks.

ABLV Private Equity Fund 2010, KS is a mutual fund established by ABLV Bank, AS, in 2010 to make investments in leading and promising Latvian companies.

During the period of the fund’s operations since 2010, several investment projects have been carried out successfully, and provisional average annual return on the invested capital is supposed to reach approximately 20%.

ABLV Bank, AS, is the largest independent private bank in Latvia. The bank’s major shareholders — Oļegs Fiļs, Ernests Bernis and Nika Berne – directly and indirectly hold 86.25% of the bank's voting share capital. ABLV Group includes ABLV Bank, AS; ABLV Bank Luxembourg, S.A.; ABLV Capital Markets, IBAS; ABLV Asset Management, IPAS; Pillar Holding Company, KS; ABLV Consulting Services, AS; ABLV Corporate Services, SIA; New Hanza City, SIA, and other companies. ABLV Group has representative offices in Moscow, St. Petersburg, Vladivostok, Kiev, Odessa, Minsk, Almaty, Baku, Tashkent, Hong Kong, and Limassol.

AmberStone Group, AS is a holding company established in 2013 that manages its affiliate companies operating in various areas. Its main long-term financial objective is to increase the value of the holding company, as well as to ensure sustainable operations of its affiliate companies. There are 103 shareholders in AmberStone Group, and the largest one is ABLV Bank, AS, which holds 24.64% of the company’s shares. The holding company owns 70% of Vaiņode Agro Holding, SIA, 60% of Orto klīnika, SIA, and 100% of ASG 1, SIA.

Ilmārs Jargans

Head of Public Relations Department
Tel.: +371 6777 5296
e-mail: ilmars.jargans@ablv.com