Harju Elekter acquires UAB Rifas

In the transaction, AS Harju Elekter acquired a holding of 37 percent in their subsidiary UAB Rifas, in addition to the previously acquired 63 percent, and became the sole owner of the company. According to the contract, the price of the transaction will not be made public. After the transaction, Rifas UAB will continue to operate under its own name and brand as a wholly-owned subsidiary of AS Harju Elekter. Acquiring all of the shares of UAB Rifas was a strategic move by the Group, helping to secure their position in Lithuania and on export markets, a press release said. Andres Allikmäe was appointed Chairman and Endel Palla, Tiit Atso (Group’s CFO), Jan Osa (Sales Director of AS Harju Elekter Elektrotehnika) and Aidas Šetikas was appointed Member of the Management Board of Rifas UAB. Aidas Šetikas will also continue as a Managing Director of Rifas UAB.