Ventbunkers surprised about Augulis’ decision to decline the company’s investment offer for airBaltic

One of the largest companies in Latvia – Ventbunkers – is surprised about Transport Minister Uldis Augulis’ statements to the media regarding the fact that Ventbunkers is not considered as a viable potential investor for airBaltic.

Ventbunkers notes that the company’s freedom to have a look at the airline’s financial state had previously been delayed due to unexplained reasons. This made it more difficult for the company to develop a detailed investment offer. In spite of the fact that an information non-disclosure agreement was signed between Air Baltic Corporation and Ventbunkers in January 2016, the company has yet to receive access to the airline’s legal documents for and in-depth assessment, as reported by Ventbunkers.

«The Transport Minister’s statements in regards to turning down Ventbunkers as a potential investor for airBaltic was an unfortunate surprise for us in spite of our investment offer and that we have been taking part in cooperation talks with airBaltic and Transport Ministry representatives for several months. This does explain why there have been delays in relation to providing all the necessary information to Ventbunkers,» – comments Ventbunkers Chairperson Eva Ciniņa.

«I believe such an attitude is unprofessional in a situation when the airline is in dire need of investment , especially considering that the attracted German investor is so hard to get in touch with. We do not understand the minister’s public announcement, which came without prior consideration of all options. This is especially shocking considering that there are still some matters that require addressing in the airline, and that the money promised by the German investor has yet to be received. With that, one would ask who will take responsibility when Latvia’s national airline does not receive the necessary funding in time and be put in a critical situation because of that,» – Ciniņa adds.

One of the largest companies in Latvia – Ventbunkers – has expressed readiness to invest in the country’s national airBaltic airline. Ventbunkers has asked Air Baltic Corporation’s CEO Martin Gauss and Transport Ministry to discuss this investment option.

«Ventbukers, as one of the largest companies in Latvia with stable financial footing, is interested in discussing investment opportunities with airBaltic. Ventbunkers’ economic indexes for the past year demonstrate successful results. We are now prepared to go further. I believe it is important to support local companies to give them the opportunity to grow, develop and create new jobs in Latvia. With that and in spite of the already launched investor attraction process, we as prepared to provide the airline with all the necessary support and discuss investment opportunities for airBaltic’s development,» – comments Eva Ciniņa, Chairperson of the Board of Ventbunkers.

Ventbunkers’ audited results for 2014 show that even in spite of the tense situation in Latvia’s transit industry, the company has managed to maintain stable positions on the market. The company’s successes are also reflected in financial indexes. In 2014, Ventbunkers’ company turnover reached EUR 54 million. The company’s clean revenue was nearly EUR 17 million, which is one of the largest in Ventbunkers’ history. 

BNN

Comment