OREANDA-NEWS. January 17, 2011. City Service has successfully acquired a group of private companies in the city of Stavropol, Russia. The companies were acquired for 68.5 million RUB (5.6 million LTL), they manage approximately 2 million square meters of residential buildings. The consolidated sales of the acquired group amount to 262 million RUB (not including VAT), (21.4 million LTL) a year, excluding resale of heat and water.

City Service selects the most promising companies from potential acquisitions available and we are delighted that our know-how is appreciated. In 2010, an in-depth analysis of major towns within central Russia has been performed . We are consistently developing our business within this region.  We are highly interested in Moscow, as there are some indications of public utility services liberalization, stated Ћilvinas Lapinskas, General Director of AB City Service.

After this acquisition area of facilities under City Service group management reached 19.5 million sq. meters.

This is the first project created by the joint workgroup consisting of representatives from City Service and Sberbank, the largest bank in Russia.

Stavropol is a rapidly developing city. The city now has about 370,000 inhabitants. Various industries exist in Stavropol, for example, machinery and metalwork (there is a division of Kamaz in the city), electronics, chemical, oil and gas, and food.

The reform of communal services market in Russia that opened the market for private companies engaged in the management of apartment buildings began in 2005. The total area of residential buildings in Russia amounts to more than 3 billion sq. m.
City Service group operates in Lithuania, Latvia, Russia and Ukraine with 19.5 million sq. m. of facilities under its management. The shares of City Service are listed on the Main List of NASDAQ OMX Vilnius stock exchange.