OREANDA-NEWS. September 03, 2009. The Council of Competition permitted UAB "SNORO Media Investicijos" - the company of AB Bank SNORAS group - to redeem a new share emission of "Lietuvos rytas" company managing the media group, reported the press-centre of SNORAS.

"In the case of this concentration, the dominant position will not be created or strengthened, as well as the competition in the appropriate markets will not be restricted a lot", reported the Council of Competition.

"The planned investment of "SNORO Media Investicijos" is prospective; with the help of it we hope to strengthen the financial position of "Lietuvos rytas" and to create new possibilities for the activity expansion of this company as well as for the value added growth, while not reorganizing the structure of the group and not influencing its management," states Naglis Stancikas, the chairman of UAB "SNORO Media Investicijos" Board and the First Vice President of AB Bank SNORAS.

"SNORO Media Investicijos" intends to pay LTL 57.5 for the "Lietuvos rytas" share of LTL 34 nominal value. The bank's secondary company "SNORO Media Investicijos" is going to acquire the total of 347 776 newly issued shares of "Lietuvos rytas". The total price of all shares acquired during this transaction is LTL 20 million. These funds will be used for developing the activity of UAB "Lietuvos rytas".

UAB "SNORO Media Investicijos" Board made the decision to invest in the newly issued shares of UAB "Lietuvos rytas" and to acquire 34 percent of the company's authorised capital on 22 June 2009.