Pieno Zvaigzdes, AB Approves Conclusion of the Loan Agreement with the Related Party
April 16, 2020 at 02:00 pm EDT
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Pieno Zvaigzdes, AB announced that on 16th April 2020 the opinion of the Audit Committee of the Company was received regarding the intended conclusion of the transaction between the Company and its related party (general manager of the Company Aleksandr Smagin; hereinafter, the -Related Party-) - the loan agreement according to which the loan, provided to the Related Party, equal to EUR 500,000 until 1st July 2024. On 16th April 2020 the Board of the Company approved conclusion of the Loan Agreement with the Related Party. Loan maturity term until 1st July 2024, the annual interest rate under the Loan Agreement - 5.83% (according Bank of Lithuania published interest rates of -Loans granted to euro area households for other purposes - interest rates on new business-).
Pieno Zvaigzdes AB (Pieno Zvaigzdes JSC) is a Lithuania-based company involved in the production and sale of dairy products. Its product portfolio covers more than 500 different products, including milk, fermented milk and cheese, butter, cream, curd, yogurts, milk-based deserts, cottage and enzyme cheese, sour cream, ice cream and other milk products. The Company also produces low-fat milk powder and whey powder. The Company has four branches located in Mazeikiai, Pasvalys, Kaunas and Panevezys. The Company distributes its products through retail stores and distributors. Pieno Zvaigzdes AB sells its products domestically, the Russian Federation and the European Union countries. It holds such trademarks as: Bios, Baltija, Gamtos, Biola, MU, Kastinys and Smilga, among others. As of December 31, 2012, the Companyâs major corporate shareholder was Skandinaviska Enskilda Banken AB with a stake of 13.69%.
AB PIENO ZVAIGZDES 
