The Board of AB INTER RAO Lietuva decided to approve the reorganisation of its subsidiaries, UAB IRL Wind and UAB Vydmantai Wind Park, to increase the efficiency of the subsidiaries. During this process UAB IRL Wind will be merged with UAB Vydmantai Wind Park, transferring to the latter the accumulated experience and knowledge in preparation for further business development.

UAB Vydmantai Wind Park will take over all long-term and short-term assets of UAB IRL Wind as well as its long-term and short-term financial and other liabilities, amounts receivable and payable, rights and obligations arising out of contracts made by UAB IRL Wind or on other basis, except for UAB IRL Wind rights and obligations, which transfer is prohibited subject to the imperative legislation of the Republic of Lithuania or which cannot be transferred to other entity during reorganisation.

In order to continue a long-lived tradition to contribute to the initiatives significant for cultural life of the country, AB INTER RAO Lietuva sponsored the exhibition Lucas Cranach the Elder (1472-1553): Madonna and Child under the Apple Tree. The exhibition opened at Vilnius Picture Gallery on Tuesday is dedicated to Lithuanian Presidency of the Council of the European Union and will be open until 8th September this year.

“By contributing to realization of the exhibition and bringing of the masterpiece by the unique Renaissance genius to Lithuania, we not only contribute to the cultural spread but also to the development of public mind. We hope that opportunity to see Lucas Cranach the Elder’s unique piece brought from Hermitage Museum to the capital of Lithuania will attract many people of our country”, Giedrius Balčiūnas, General Manager of INTER RAO Lietuva, told.

Being a socially responsible company, INTER RAO Lietuva constantly contributes to upbringing of young generation and supports the gifted youths by different methods. Our company invests in a better future of our country by contributing to science and culture.

Read more about the public, social, scientific, cultural and sportive initiatives supported by AB INTER RAO Lietuva on the web site of the company at: http://www.interrao.lt/eng/About-Us/Social-Responsibility/.

For more information please contact:
Jacek Jan Komar
Spokesperson
INTER RAO Lietuva
Phone +370 5 242 11 21
Mobile +370 662 52 287
E-mail j.komar@interrao.lt
www.interrao.lt

Magnus Astrom, a member of the board of UAB Scaent Baltic, one of the largest investment firms in Lithuania controlling energy, financial services and media companies, has been appointed chairperson of the board.

Jonas Garbaravicius, who has managed the firm since its establishment and reached all the targets, will become a partner at CEE Resources & Investments, an investment firm operating in the City of London, UK, the European financial centre. Together with partners, Jonas Garbaravicius will implement the investment development strategy in oil production and trade, electricity, renewable energy sources and resources as well as financial sectors.

Jonas Garbaravicius noted that the decision to expand professionally to major European financial centres and Russian market has been in the making for a number of years.

“I have been thinking about this career move for some time. However, I had an agreement with my colleagues and partners that I will personally see to the completion one of the largest projects implemented by the groups controlled by our company – the listing of Inter Rao Lietuva on the Warsaw Stock Exchange. Today, nearly five months after the trading in stock began, I can firmly say that the project has been completed successfully. Therefore, I believe it is reasonable to hand over the management of a successful and efficient business to my long-term colleague and excellent professional Magnus Astrom from Sweden who is held in high esteem by his peers,” says Jonas Garbaravicius.

Magnus Astrom is the Managing Director of Swedish companies Scaent AB and Inter Green Renewables and Trading AB, has served in the positions of a board member and deputy managing director. In 2001–2004, M. Astrom worked at TXU Nordic Energy Oy, which operates in Sweden and Finland, as sales manager and sales director. M. Astrom is a graduate of the Royal Institute of Technology in Stockholm and studied at Strathclyde University in Scotland.

Magnus Astrom hopes that his vast experience in the energy sector, management and cost optimisation will help and guide his leadership on the board of Scaent Baltic.

“I believe that the experience I gained in the Nordic electricity sector will be very useful in Lithuania in outlining further policies of Scaent Baltic and responding to the changing situation. However, Scaent Baltic has no plans to expand further on the Lithuanian market,“ says Magnus Astrom.

Linas Garbaravicius will be a new member of the board of Scaent Baltic.

About Scaent Baltic

Currently, Scaent Baltic and partners control financial services, energy, publishing and investment companies in Lithuania, Latvia, Estonia and Poland. The Group includes UAB Scaent Baltic Investment, UAB East Europe Investment Group, FMĮ Orion Securities, UAB Orion Asset Management, UAB SC Baltic Media, UAB Intelligent Media, UAB Franchise Media, UAB SC Baltic Realty, UAB Alproka, UAB Genys, SIA Genys, etc. The company has a participating interest of 29% in INTER RAO Lietuva.

For contacts:

Dr. Paulius Vazniokas
Managing Director
UAB Scaent Baltic
Tel.: (+370 5) 242 11 21
E-mail: info@scaent.lt
Website: www.scaent.lt

Genys, the company engaged in design and installation of refrigeration equipment, and its subsidiary SIA Genys reached the turnover of 22.037 million LTL in year 2011 and the year was profitable. The company had earned 14.13 million LTL of income during the same period in year 2010.

“Though the year 2011 brought the challenge of fuel price rise and increase of prices of the technological equipment, we looked for the best solutions and remained competitive and in great request in the market. No doubt that the most considerable achievements of our Company in this year were the following: successfully completed works in Druskininkai indoor skiing facility as well as design and equipment installation for ice-field in Kaunas Žalgiris Arena. We are happy with successfully completed reconstruction of ammonia refrigeration system of AB Modest and continuous cooperation with the largest supermarkets,” says Mindaugas Zabiela, Director of UAB Genys.

The Company plans investments into technical facilities and training of employees in order to ensure timely and high quality service for the market. Increasing trust in the company SIA Genys by the Latvian customers allows expectation of strenuous activity in this country.

About UAB Genys

UAB Genys provides any services related to refrigeration equipment: Carries out the works of equipment design, installation and maintenance; sells refrigeration equipment. The Company also is engaged in maintenance of fast food restaurants kitchen equipment and air drying equipment for telecommunication sector. The Company is a member of Lithuanian National Association of Refrigeration Specialists and Lithuanian Thermotechnical Engineer’s Society. UAB Genys belongs to the trust Scaent Baltic.