According to the information mentioned in an interview with the ELKO Group president, Egons Mednis and published in the newspaper “Neatkarīgā Rīta Avīze”, October 6, 2008 (referred by the news agency BNS in its publication from October 6), about the development of the ELKO Group during the next five years, we inform that Egons Mednis assumes the possibility that in future the ELKO Group can be merged with another company or overtake another trade chain as well mentioning that researches are being made “about extension possibilities in regions where we are successfully working now”.

 

He said that the main part of the turnover of the group comes from Russia — more than 60%. 10% of the turnover of the ELKO Group comes from the Ukraine, but 10% - from the Baltic States. “They are objective numbers for the estimation of market volume. According to the volume of the market, Russia is one of the top three countries in Europe, competing with England, Germany and France. At the same time Russia is proportionally the most rapidly growing market, at 15% per year and in some segments even 20%,” according to the ELKO Group CEO.

 

The ELKO Group was founded in 1993. The company is the largest company in Latvia - last year its turnover was more than one billion US dollars. The main activity direction of the company is wholesale trade in the Baltic countries, Central Europe and the CIS. The company is representing about 70 manufacturers and sells their production to more than 6300 retailers, local manufacturers of computer techniques and system integrators. The owners of the ELKO Group are several individuals and the “East Capital” and “Amber Trust” investment funds.