The joint stock company Latvijas kuģniecība (Latvian Shipping Company - LASCO) has announced that it will do everything possible to submit its 2009 annual report by July 31 of this year, as is required in the law on annual reports in Latvia.  Sadly, the annual report will not be made available to participants in stock exchange operations by April 30, as is required in the rules of the Finance and Capital Markets Commission.  The commission has been made aware of the circumstances as to why the company will be unable to satisfy those requirements.

The delay has to do with Ventspils Nafta as the controlling company of the Latvian Shipping Company.  Ventspils Nafta has presented different views as to mutual transactions in which the Latvian Shipping Company has been involved and the way in which these transactions are reflected in the company’s documents.  It may also be necessary to receive confirmations from Ventspils Nafta with respect to the preparation of the Dependency report. The Latvian Shipping Company is working actively to agree with Ventspils Nafta  management on the transactions in which the two companies have been involved, thus pursuing not only the interests of Ventspils Nafta shareholders, but also the interests of Latvian Shipping Company shareholders, including the state.

For more details:

Marita Ozoliņa-Tumanovska

Manager of PR & Advertising Department

Telephone +371-67020120, 29287169

marita.ozolina@lscgroup.lv