Snoras sells part of stake in Stumbras
15 October 2003
The Snoras bank has recently sold a 39% stake, part of a total stake of 56%, in the troubled Lithuanian leather producer Siauliai Stumbras, according to the LETA news agency. The name of the buyer of the stake has not yet been announced. Snoras retains a 17% stake in Stumbras, as well as mortgaged assets in the company. These assets were mortgaged for loans issued by the bank. As of June this year, Siauliai Stumbras had debts worth US$11.9 million, which compare with annual sales worth around US$18.3 million.
