The shares are being sold by the Šertvytis family, co-owners of the companies.
“We have decided with the shareholders that the stakes should be concentrated,” Tubutis told BNS. He confirmed that he would buy the shares in both companies from Regita Šertvytienė after Mindaugas Šertvytis, owner of 50 percent stake in Kemi Service, had passed away.
According to the data made available by the Center of Registers, Tubutis currently owns 50 percent of shares in Kemi Service and 50 percent in Lithuania’s AD Baltic. On 22 July 2010, the remaining shares in Kemi Services were held by Mindaugas Šertvytis while the rest in AD Baltic, by Regita Šertvytienė.
Tubutis’ application for concentration clearance was received on 29 November, the Competition Council said in a press release.
Kemi Service saw its net earnings nearly double last year, to 277,000 litas (EUR 80,289), from 139,000 litas a year before. Its sales revenues soared by 2.4 times, to 8.341 million litas.
AD Baltic posted 4.101 million litas in consolidated profit for 2011, up 26 percent from 3.186 million litas in 2010. The group’s revenues increased by 21.6 percent to 131.442 million litas.
