OMHEX to increase stake in Lithuania stock exchange

OMHEX to increase stake in Lithuania stock exchange

OMHEX, the company formed from the merger of OM and Helsinki Stock Exchanges, is to acquire a further 54.5% of the National Stock Exchange of Lithuania (NSEL) and 32% of the country's central securities depository (CSDL).

Earlier this month, OMHEX filed an application with the Lithuanian Securities Commission for permission to obtain 34% of the shares in NSEL. The shares were available as the result of the privatisation of the Exchange and the central securities depository.

Lithuania's State Property Fund has started negotiations with OMHEX for the new share purchase agreement. Upon completion of the new contract - which is expected during Q2 2004 - OMHEX will own approximately 85% of NSEL. Following this, the company says it plans to launch a mandatory offer for the remaining minority shareholders of the exchange.

Gert Tiivas, president of Baltic operations, OMHEX, says: "We are hoping to move ahead quickly with integrating the NSEL and CSDL and delivering benefits to the Lithuanian securities market participants."

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