MAXIMA has sold EUROCOM
12 September 2009
MAXIMA LT, UAB has sold mobile communication company "Eurocom"; the purchase-sale transaction was executed yesterday, August 11th. The new owner of "Eurocom" is UAB "Telco Consulting Group" (TCG), Lithuanian capital company rendering telecommunication business consultancy and management services.
"We are a retail chain and we are striving to concentrate and optimise our activities, paying most attention to the trading process instead of focusing on auxiliary activities, therefore we suppose that the decision to sell our mobile communication company is a well-weighted, logical and motivated step", said Mr. Gintaras Jasinskas, the General Director for MAXIMA LT, UAB.
According to Mr. Jasinskas, the practice of concentration of the company's activities in the hard times will help MAXIMA to secure optimum development of the trading process and better control over all links of the trading process. "We will focus on the issues that are most important for us now", Mr. Jasinskas said.
Negotiations on the purchase of "Eurocom" were taking place with a few telecommunication companies. Mobile communication company "Eurocom" was sold to the investor that had offered the best terms & conditions – UAB "Telco Consulting Group" (TCG). It took over both management of the company and its obligations against the company's clients, partners and employees. "Continuity of operations and fulfilment of the existing obligations was one of the key conditions of the "Eurocom" transaction", says Mr. Jasinskas.
Aiming at securing continuity of the company's work and cooperation with its strategic partners, Mr. Gediminas Jovaiša will continue holding the position of the company's Director, to which he was appointed in 2007.
The structure and the course of activities of "Eurocom" are not going to be changed; it's just that the company's shares have been transferred from the hands of one owner to the other. "Eurocom" will continue its operations and fulfilment of obligations against its clients and partners", said Mr. Gediminas Jovaiša, the Director for UAB "Eurocom". According to him, one of the main goals set by the new shareholder for the company is to remain competitive and increase profitability of the company.
Virtual communication operator "Eurocom" started its activities in May 2001. At the beginning of 2003, having demonopolised Lithuanian telecommunication market, "Eurocom" started rendering fixed-line communication services, and in July 2003 – also mobile communication services. The company has been working profitably. According to the officially announced financial statements of "Eurocom", in 2008 the company's EBIT amounted to LTL 1.61 million.
Since 2001, MAXIMA LT, UAB was the largest and the only shareholder of UAB "Eurocom". At the time being, MAXIMA LT, UAB owns "Eurocom Plius", UAB that renders "teleMAXIMA" communication services and UAB "Eurocom SIP" that renders fixed-line communication services.
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