Latvian Bourse to Auction Defunct Krajbanka Clients’ Securities
Latvia’s stock exchange will offer to sell shares, bonds and fund holdings from client accounts at the bankrupt Latvijas Krajbanka AS in an auction tomorrow.
Proceeds from the sale of 39 different securities with a total indicative value of 649,747 lats ($1.2 million) will be held by notaries for the account owners, who failed to claim them from the defunct lender before a Nov. 30 deadline, the Nasdaq OMX Riga exchange said on its website today.
Shares of natural-gas utility Latvijas Gaze (GZE1R), distillery AS Latvijas Balzams (BAL1R) and oil terminal operator AS Ventspils Nafta (VNF1R) make up about two-thirds of the value of tomorrow’s offering, according to a list on Krajbanka’s website. Also for sale are shares of 28 other Latvian companies and two Lithuanian companies, holdings in four investment funds, Argentinian government bonds and corporate bonds from Bulgaria.
Investors may submit bids for the securities between 10 a.m. and 2 p.m. in Riga, the exchange said. Order matching is planned at 4 p.m.
Latvia took over Krajbanka in November 2011 after Lithuanian regulators seized its parent Bankas Snoras AB on claims assets had disappeared. KPMG Baltics, Krajbanka’s bankruptcy administrator, is also seeking to sell real estate belonging to the bank in 14 auctions detailed on the lender’s website.
To contact the reporter on this story: Bryan Bradley in Vilnius at email@example.com
To contact the editor responsible for this story: Balazs Penz at firstname.lastname@example.org