Published: 2020-05-25 16:26:15 CEST
Sakret Holdings
Announcement from First North

Information on COVID-19 influence decrease


In March 2020, restrictions related to the spread of COVID-19 came into force in Latvia and other countries, that significantly change the economic development. Different scenarios are possible for the future development of the economy, and thus there is uncertainty about the future situation in the world. The company's management monitors what is happening and evaluates possible risks. In order to maximize the Company's business operations and budget execution, several measures were implemented after evaluating the potential risks: as far as possible, work is performed remotely, factory and office staff work under the strictest security conditions, attention is paid to raw material supply logistics, process continuity and raw material ordering as well as sales organization. Although customers and suppliers do not represent industries that have been suspended due to COVID-19, they may be suspended due to restrictions imposed in one country or the consequences thereof.

Evaluating all the above risks and the uncertainty of the economic situation, the management of the Sakret Group decided to use the support offered by the Latvian government to improve liquidity during the emergency situation related to the spread of COVID-19. AS Sakret Holdings subsidiary Limited Liability Company "SAKRET", unified registration No. 40003622109 in accordance with the set criteria got the opportunity to provide itself with additional working capital financing of 1 mln. EUR from JSC "Development Financial Institution Altum", unified registration No. 50103744891. The granted additional working capital financing will be available until December 18, 2020, and the limited liability company "SAKRET" will decide on its use, taking into account the development of the situation and the actual circumstances.

         Andris Vanags
         Chairman oft he Council
         +371 67803650