Jan. 2 (Bloomberg) -- AB Pieno Zvaigzdes, Lithuania’s biggest dairy company, rose the most in more than three years in intraday trading after it said Russia ended import restrictions on the company’s products.
The shares climbed as much as 14 percent and traded up 9 percent at 2.03 euros at 10:40 a.m. in Vilnius, the highest since Nov. 4, valuing the company at 101 million euros ($138 million). Volume of 3,603 shares in 40 minutes of trading was 41 percent of the three-month daily average, according to data compiled by Bloomberg.
After banning dairy imports from Lithuania on Oct. 7 due to what it called safety concerns, the Russian regulator decided to re-admit Pieno Zvaigzdes products, the company said in a statement on Dec. 31. Sales to Russia account for more than 35 percent of Pieno Zvaigzdes revenue, Finasta investment bank analyst Tadas Povilauskas said in a note in October.
“Pieno Zvaigzdes will resume exports to the Russian Federation as soon as possible,” the company said.
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