Panevezio Statybos Trestas

M&A Activity • Jul 27, 2017

Disclosure 353965

Panevezio Statybos Trestas - Notification on material event

Cessation of PST Nordic AB Activities

Panevezio statybos trestas AB (PST) informs about the decision taken by the management to cease activities of the subsidiary company PST Nordic AB for the reason that the result of the company activities proves to be negative.

The main area of activities of PST Nordic AB – construction of various types of buildings and structures in Stockholm Region, Sweden. Lately, negative profitability of AB PST Nordic conditioned by managerial mistakes and customer actions has become evident. The company is forced to retreat from the Swedish market, to specifics of which it has failed to adapt.

“To carry out activities in the companies of PST Group efficiently, we decided to wind PST Nordic AB up. We understand that this task is difficult and will require time as well as costs. However, I am of the opinion that decision we are made to take is the best for the Group”, notes Dalius Gesevicius, Managing Director of Panevezio statybos trestas AB.

PST holds 100 per cents of the shares of this company. At the earliest date the proceedings related to the activity cessation will be initiated. Cessation of PST Nordic AB activities will not have major effect on the results of Panevezio statybos trestas AB Group.

More information:

Dalius Gesevicius

Managing Director

Tel.: (+370 45) 505 503