Grigiskes Jumps 3.5% on Paper Maker’s 2013 Plans: Vilnius Mover
Grigiskes AB (GRG1L), the Lithuanian maker of paper products, rose to a 10-month high after the company said it projected group sales would grow 14 percent this year.
The shares jumped 3.5 percent in Vilnius to 0.591 euro, the highest since Mar. 2, 2012, valuing the company at 35 million euros ($47 million). Volume of 32,919 shares was the equivalent of 712 percent of the three-month average, according to data compiled by Bloomberg.
The Vilnius-based company, which produces toilet paper, paper towels and corrugated packaging for sale mainly in the Baltic states, Poland and Scandinavia, said today that it forecast 2013 sales of 330 million litai ($128 million). Pretax group net income would rise 3 percent, compared with 2012 to 13.4 million litai, it said on its website.
After 30 million litai of investments to expand capacity last year, the company will invest a similar amount this year in factories in Vilnius and Klaipeda, it said.
A fund managed by Stockholm-based East Capital owned 2.1 percent of Grigiskes as of June 30, according to data compiled by Bloomberg. Rosemount Holdings LLC, registered in Salem, Oregon, owned 9.4 percent as of Oct. 5.
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