Energy commodities trader and convenience store network AS VIRŠI-A (hereinafter - Virši) has submitted a notification to the Competition Council regarding a planned transaction under which Virši intends to acquire long-term lease rights to four additional service stations owned by Naftimpeks, which have so far operated under the Astarte brand.
The notification submitted to the Competition Council includes stations located in Preili, Cesvaine, Koknese and Viški. Subject to approval by the Competition Council, it is planned that these service stations will gradually commence operations under the Virši brand through the implementation of long-term lease rights. A full range of Virši services will be introduced at these stations, including fuel retail and additional services for customer convenience.
The Company has already completed the integration of 17 service stations owned by Naftimpeks into its network. As a result of the transition, former Astarte stations in Eleja, Tervete, Branksturi, Tukums, Dobele, Aizpute, Roja, Iecava, Baldone, Livani, Plavinas, Akniste, Viesite, Kegums, Tireli and two stations in Jelgava have joined the Virši network. Following the takeover of these stations, the Virši network currently comprises 101 service stations across Latvia. Reconstruction and visual identity adaptation works are ongoing at the stations so that by the end of the year they fully adopt the Virši brand identity and operate in accordance with the Company's standards.
"Subject to approval by the Competition Council, the Virši network will comprise a total of 105 service stations, providing a strong foundation for further strengthening the Company's market share. We also plan to implement this process in a thoughtful and gradual manner, investing in the modernisation of the stations, infrastructure improvements and service quality, while maintaining a responsible approach towards existing employees and recognising their contribution to the development of the stations to date," says Janis Viba, Chairman of the Board of Virši.
The planned transaction is a continuation of the existing cooperation with Naftimpeks, and its implementation is subject to the assessment and decision of the Competition Council.
AS VIRŠI-A is a rapidly growing local energy commodities trader and convenience store network with more than 30 years of experience. Currently, the AS VIRŠI-A network comprises 101 service stations employing more than 1000 people across all regions of Latvia.
Since 11 November 2021, the shares of AS VIRŠI-A have been admitted to trading on Nasdaq Riga First North Alternative Market.
The certified adviser for AS VIRŠI-A is Signet Bank AS.
Contact information:
AS VIRŠI-A
Undine Priekule
E-mail: undine.priekule@virsi.lv
Telephone: +371 26141219
Certified adviser:
Signet Bank AS
Kristiana Janvare
E-mail: Kristiana.Janvare@signetbank.com
Telephone: +371 29 165 625
