12 November 1998: Lithuania“s state property fund, which oversees the privatization process, said 2.235 billion litas had been raised through privatization in the first 10 months of the year.
The fu…
12 November 1998: Lithuania“s state property fund, which oversees the privatization process, said 2.235 billion litas had been raised through privatization in the first 10 months of the year. The fund said in a statement that state-owned stakes in 248 companies were sold over the period. The bulk of the total proceeds, 2.04 billion litas, were raised from the sale of a 60% stake in Lithuanian Telecom to a holding company of Finnish Sonera and Swedish Telia. The statement added that the largest privatization deal concluded in October was the sale of a 99.13% stake of glassmaker Panevezhio Stiklas to Polish Warta (see GlassOnline report of 5 November 1998). According to the deal, the Polish glassmaker should pay 1 million litas for the state-owned stake and add another 24 million litas in investments over the next five years.