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Achema Group Receives Approval for its Acquisitions of Baltijos TV

The Achema Group, one of Lithuania's largest conglomerates with holdings in approximately 30 companies, recently received approval for its recent acquisitions of Baltijos TV a further 50% stake in Casino Planet, giving it full control of both companies.

The Lithuanian Competition Council said the deals would not significantly change market concentration levels. Casino Planet, which operates two casinos, earned 1.7 million litas (490,000 euros) from gamblers in the first six months of 2004 - half the amount it earned during the same period a year ago.

The company generated 7.1 million litas in revenues and distributed 5.4 million litas in winnings. Baltijos TV owns Lithuania's fourth largest channel TV4.

The Achema Group's current media assets include the Lietuvos Zinios daily and two radio stations, RC2 and Radiocentras. Established in 2001, the Achema Group, which is 51%-owned by Bronislovas Lubys, reported to be one of the richest men in the Baltics, reported net earnings of 56 million litas in 2003, a 76% increase year-on-year.

(NewsBase 06.ix.04)

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