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. Last Updated: 07/27/2016

Balzam Sale Announced By Latvians

RIGA, Latvia -- The Latvian Privatization Agency said Wednesday it expected to launch a public offer of 20 percent of drinks maker Latvijas Balzams through privatization vouchers around March 1998.

Balzams is the largest maker of alcoholic drinks in Latvia and has several well-known local brands. The company said last week its 1997 profit was expected to be 2.3 million lats ($3.9 million) on turnover of 30 million lats.

"The public offer could take place around March 1998, as the agency still has to work out the final sell-off guidelines," Viktor Shadinov, legal manager of the agency, said.

The agency has set preliminary sell-off guidelines, with 20 percent of Balzams' 5.79 million share capital to be sold for privatization vouchers and another 25 percent for cash, both at a minimum price of 1.38 lats.

Privatization officials said earlier that the 25 percent cash offer would be made at a later undetermined date.