Latvian company SIA “Banga Ltd” that has held a stable position in the Latvian fish canning industry for many years, in cooperation with Signet Bank AS, successfully debuted on the bond market with a secured bond issue of EUR 2.5 million. The bonds were offered to investors in a private placement. The issuer plans to include the bonds on the Nasdaq First North alternative market within 12 months.
Over the past ten years, SIA “Banga Ltd” has purposefully invested in the overall development, adjustment and improvement of the production processes in accordance with the requirements of the directives of the Council of Europe, as well as in making production activities more sustainable and environmentally friendly, for example, by installing the largest fleet of solar panels in Kurzeme for self-consumption.
The company plans to use the funds raised through the bond issue to implement the investment project that will allow SIA “Banga Ltd” to continue producing high-value-added products, double its production capacity and help grow its profitability.
“The wide raw material base, diverse packaging materials and use of technologies in combination with consistently high production quality and professional production and management team are our assets that have been appreciated by our customers, suppliers and cooperation partners for years. We are pleased that investors have shown great interest in our first bond issue – this confirms the trust in our products and the fish processing industry as a whole. Participation of “Banga Ltd” in the capital market will ensure the implementation of the company’s development plans,”
said Ingus Veckāgans, Member of the Board of “Banga Ltd”.
“Fish processing industry is an important sector of the Latvian economy; therefore, it is good to see that local companies have been able to modernize, diversify their sales markets and strengthen their market positions on a global scale. We are very pleased with the successful development of SIA “Banga Ltd” in recent years and their courage to choose fund raising on capital market as the next step in the company’s development. Both private and institutional investors from Latvia participated in the issue, and demand for bonds reached EUR 3.5 million, significantly exceeding the issue size. This is a clear sign of investor confidence in well-managed local manufacturing companies,”
Kristiāna Janvare, Head of Investment Division at “Signet Bank”.
SIA “Banga Ltd” is a Latvian fish production company founded in 1947 and located in Talsi region, Roja. The company produces various types of canned fish – mussels, salmon, mackerel, sprats, herring and other products, and sells them in more than 30 countries in Europe, America, Asia and other markets.
The bank was founded in 1992 as Latvijas Biznesa banka. Since 2013, it has focused its strategy on servicing entrepreneurs and their businesses, with an emphasis on high-quality capital management and structuring of investment projects. Signet Bank’s shareholders are nine Latvian and international private investors.
Additional information for the media:
Signet Bank Public Relations Consultant