AS ELKO GRUPA plans to extend the initial public offering


2011 - 06 - 17

AS ELKO GRUPA and its shareholders plan to extend the initial public offering of up to 2,334,457 shares of AS ELKO GRUPA in the second half of 2011 or in the first half of 2012. The offering will be made to the public in Latvia, Lithuania and Estonia and to institutional investors in and outside Latvia. Following allocation of the shares, applications will be made for listing of the shares on the stock exchanges of at least two EU Member States, including NASDAQ OMX Riga. The initial public offering is subject to final approval by the general meeting of shareholders of AS ELKO GRUPA and by the selling shareholders.

The Commission of the Finances and Capital Markets has granted a permission to extend the public offering and has registered the prospectus.

COBALT acted as issuer’s counsel and represented it before the Commission of the Finances and Capital Markets in receiving permission to extend the public offering and registration of the prospectus.

In 2010 the consolidated turnover of AS ELKO GRUPA was USD 787 million and the profit was USD 10 million. AS ELKO GRUPA was founded in 1993 and is engaged in wholesale distribution of IT products and consumer electronics in the Baltics, Central Europe, Eastern Europe and CIS. The company employs more than 300 employees.