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Category: Baltics

  • MIL-OSI: SUTNTIB AB Tewox publishes its factsheet for the first quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    Vilnius, Lithuania, April 30, 2025 (GLOBE NEWSWIRE) —

    SUTNTIB AB Tewox (the Company) publishes its factsheet, providing information about Company’s financial indicators and key events as at 31 March 2025.

    2025 Q1 KEY EVENTS

    • The 10 mEUR Tewox bond emission was fully redeemed, with the final repayment of 7.5 mEUR made in January.
    • The third tranche of 11 mEUR was issued, marking the completion of the 35 mEUR bond program offered under public prospectus.
    • A construction permit was received for a grocery store in Vilnius.
    • The 35 mEUR Tewox bond issuance was listed on the Nasdaq Baltic Bond List on March 3.
    • The acquisition of two Lidl grocery stores, each approximately 2,000 sqm in size and located in Jurbarkas and Panevėžys, was successfully closed. Luminor bank provided a 6.7 mEUR loan for the acquisition.
    • A land plot in Klaipėda district with a construction permit and long-term lease agreement with a grocery store operator was acquired.

    Contact person for further information:

    Paulius Nevinskas

    Manager of the Investment Company

    paulius.nevinskas@lordslb.lt

    https://lordslb.lt/tewox_bonds/

    Attachment

    • TEWOX Investor report 2025Q1

    The MIL Network –

    May 1, 2025
  • MIL-OSI Europe: OLAF and Polish authorities uncover major VAT import fraud scheme

    Source: European Anti-Fraud Offfice

    Press release no. 10/2025
    PDF version 

    This press release is also available in Polish.  

    Close cooperation between the European Anti-Fraud Office (OLAF) and Polish national authorities has led to the uncovering of a sophisticated VAT fraud scheme involving goods imported from China into the European Union. Acting on intelligence and information provided by OLAF, Polish authorities carried out a criminal investigation, resulting in the arrest of four individuals and searches at 50 locations across the country.

    Working closely with customs and fiscal authorities in Poland, Germany, Czechia, Lithuania, and Latvia, OLAF identified a complex network exploiting the so-called “customs procedure 42″—a mechanism that allows for deferred VAT payments on goods imported into one Member State and transported to another.

    The suspected fraudsters transported goods arriving from China via railway border crossings into Germany under a customs transit procedure, suspending customs duties and VAT. Once in Germany, the goods were declared under procedure 42, only to be transported back to Poland and stored in warehouses near Wólka Kosowska, a major commercial hub.

    Operating through transport companies, logistics providers, and dozens of shell companies, the perpetrators falsely documented exports to other EU countries, mainly Lithuania. In reality, the goods remained in Poland or were illicitly distributed across the EU, including to Germany, Spain, France, and Italy—allowing for systematic evasion of VAT and the generation of significant illicit profits.

    The fraudulent activities were orchestrated by an organised group, operating behind a network of shell companies registered under the names of Lithuanian, Ukrainian, and Russian nationals.

    Following OLAF’s referral, the Regional Prosecutor’s Office in Kraków launched a criminal investigation. On 8 April 2025, Polish authorities—including officers from the Internal Security Agency (ABW), the National Revenue Administration (KAS), the Central Bureau of Investigation (CBŚP), and the Central Cybercrime Bureau (CBZC)—carried out an extensive enforcement operation.

    In addition to the four individuals that were arrested, authorities seized telephones, computers, data carriers, financial and accounting documentation, and almost 300 company stamps. Property was also temporarily seized. 

    The detainees have been charged with participation in an organised criminal group, money laundering, and falsification of legal documents. At the request of the prosecutor’s office, the District Court for Kraków-Śródmieście ordered their temporary detention for three months.

    OLAF Director-General Ville Itälä said: “This case is a clear example of how cross-border cooperation and intelligence-sharing are crucial in protecting the EU’s financial interests. Through close cooperation with national authorities, we can uncover even the most complex fraud schemes. We remain fully committed to supporting Member States in the fight against fraud and ensuring that those who seek to exploit our systems are caught and held fully accountable.”

    You can read more in the press release from the Regional Prosecutor’s Office in Kraków 

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    https://anti-fraud.ec.europa.eu
    LinkedIn: European Anti-Fraud Office (OLAF)
    Bluesky: euantifraud.bsky.social

    If you’re a journalist and you wish to receive our press releases in your inbox, pleaseleave us your contact data.

    MIL OSI Europe News –

    May 1, 2025
  • MIL-OSI: INVL Technology Interim information for 3 months of 2025

    Source: GlobeNewswire (MIL-OSI)

    Equity of INVL Technology and the Company’s net asset value as of 31 March 2025 was EUR 51.36 million or EUR 4.2767 per share (31 December 2024 these figures were EUR 51.43 million and EUR 4.2896 respectively). 

    Investments of the Company into managed companies amounted to EUR 54.16 million at the end of March 2025 and EUR 45.35 million at the end of March 2024.

    The net loss of the Company for 3 months of 2025 amounted to EUR 0.079 million; the net profit of the Company for 3 months of 2024 was EUR 0.279 million.

    Additional information:

    The equity and the net asset value of INVL Technology, a company that invests in IT businesses, were EUR 51.36 million at the end of March this year, or EUR 4.2767 per share. The figures decreased by 0.1% and 0.3%, respectively, from the start of the year. 

    The company had an unaudited net loss of EUR 0.079 million in the first quarter of 2025; in the same period last year it had a profit of EUR 0.279 million. 

    “The contracts that the businesses have signed and plan to sign allow us to expect growth this year, even despite negative effects from the change in the US dollar exchange rate,” says Kazimieras Tonkūnas, the Managing Partner of INVL Technology. 

    Performance of INVL Technology’s business holdings 

    INVL Technology’s portfolio companies had aggregated revenues of EUR 12.9 million in January-March 2025, which is 8.1% less than in the same period last year. Their gross profit increased 0.6% in the same period of comparison to EUR 4.3 million, while their aggregated EBITDA decreased 26.4% to EUR 0.8 million. 

    INVL Technology owns and manages the cybersecurity company NRD Cyber Security, the GovTech company NRD Companies, and the Baltic IT company Novian.  

    The consolidated revenue of NRD Cyber Security, which also owns NRD Bangladesh, increased 28.2% year-on-year in the first quarter to EUR 1.97 million. Its gross profit grew 25.2% compared to the same period of 2024 to EUR 1.09 million and its EBITDA rose 26.3% to EUR 0.33 million. 

    NRD Companies had consolidated revenue of EUR 2.73 million in the first quarter of 2025, 5.7% more than in same period last year. Its gross profit of EUR 1.24 million was 0.5% less than in the first quarter of 2024. The EBITDA of the NRD Companies group decreased 36.1% to EUR 0.18 million. Norway-based NRD Companies has the subsidiaries Norway Registers Development in Norway, with a branch in Lithuania, and NRD Systems and Etronika in Lithuania. 

    Novian had consolidated revenue of EUR 5.99 million in January-March this year and a gross profit of EUR 1.43 million – 27.0% and 17.5% less, respectively, than in the first quarter last year. The Novian group’s EBITDA decreased 51.0% in the same period of comparison to EUR 0.26 million. The group consists of Novian in Lithuania with the technology-area businesses Novian Technologies, Zissor in Norway, Novian Eesti in Estonia, Andmevara in Moldova, and Novian Rwanda in Rwanda, and the software services businesses Novian Systems and Novian Pro in Lithuania. 

    In mid-March last year, the company announced that it had signed an agreement with the Zurich branch of M&A intermediation service provider Corum Group’s Luxembourg-based unit Corum Group International, to advise and serve as M&A intermediary on the sale of the company’s portfolio of businesses. 

    INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company which must exit its investments no later than mid-July 2026 and distribute the money to shareholders. 

    The person authorized to provide additional information:
    Kazimieras Tonkūnas
    INVL Technology Managing Partner
    E-mail k.tonkunas@invltechnology.lt

    Attachment

    • Factsheet of INVL Technology_2025 Q1

    The MIL Network –

    May 1, 2025
  • MIL-OSI: Decisions adopted in the Ordinary General Meeting of Shareholders of AB Amber Grid

    Source: GlobeNewswire (MIL-OSI)

    AB Amber Grid, legal entity code: 303090867. Address: Laisvės ave. 10, LT-04215 Vilnius, Lithuania.
    The following decisions were adopted in the Ordinary General Meeting of Shareholders of AB Amber Grid on 30 April 2025:

    1) To read the independent auditor’s report on the AB „Amber Grid“ 2024 set of financial statements and the AB „Amber Grid“ 2024 Consolidated Management Report

    No decision of the General Meeting of Shareholders is required. The Board has submitted Amber Grid’s consolidated management report to the Shareholders’ Meeting for information (attached).

    2) On the approval of the AB „Amber Grid“ 2024 consolidated and separate financial statements

    To approve the 2024 set of financial statements of AB „Amber Grid“

    3) On the approval of the distribution of AB „Amber Grid“ profits for 2024

    To approve the distribution of AB „Amber Grid”’s profit for 2024 (attached)

    4) On the approval of the information on the remuneration for 2024 of AB „Amber Grid“

    To approve the information on remuneration for 2024 provided by AB „Amber Grid“ as part of the Consolidated Management Report for 2024 (attached)

    Attachments:
    1. Profit allocation of Amber Grid AB of 2024.
    2. Consolidated and separate financial statements of Amber Grid AB for 2024 December 31, consolidated annual report, confirmation of responsible persons, independent auditor’s report.

    More information:
    Laura Šebekienė, Head of Communications of Amber Grid,
    +370 699 61 246, l.sebekiene@ambergrid.lt

    Attachments

    • Amber Grid_VAS_2024 pelno paskirstymaas_2025-04-02_ENG
    • abambergrid-2024-12-31-en_signed

    The MIL Network –

    May 1, 2025
  • MIL-OSI: UAB„Orkela“ Publishes Audited Financial Statements for the Year, Ended 31 December 2024.

    Source: GlobeNewswire (MIL-OSI)

    UAB „Orkela“ (hereinafter – the Company) publishes audited financial statements for the year. Ended 31 December 2024.

    The main activity of the Company is real estate development and construction. The Company

    owns a land plot and a building complex located on Vasario 16-osios st. 1, Vilnius.

    Key events in 2024

    • During 2024, the Company issued 15,156 units of secured non-convertible bonds, each with a nominal value of EUR 1,000.As of 31 December 2024, the Company issued 38,658 units of secured non-convertible bonds.
    • During 2024, the Company leased 4,333 sq m of administrative space in an object under development located on Vasario16-osios st. 1, Vilnius.

    Key events after the end of the financial year

    • As of 31 December 2024, the bonds were due to be redeemed in January 2025. The Company, having received the approval of the bondholders, extended the term until 19 July 2025.
    • Q I 2025 The Company leased an additional 922 sq m of space, thus increasing the occupancy of the object to 92%.
    • On 10 April 2025, the State Territorial Planning and Construction Inspectorate under the Ministry of Environment approved the completion of the construction of the administrative part of the project.

    The decision of the sole shareholder

    According to the Law on Companies of Republic of Lithuania, the annual financial statements prepared by the management must be approved by the General Shareholders’ meeting. The shareholders of the Company have the right to approve or not to approve the financial statements and to demand the preparation of new annual financial statements.

    On 30 April 2025 the Company’s shareholder made a decision regarding the approval of the Company’s financial statements for the year 2024 and the distribution of profit (loss) as indicated below:

    Article Sum, EUR
    Retained earnings (losses) – at the beginning of the financial year (10,921,587)
    Comprehensive income for the reporting period – net profit (loss) of the reporting year 1 412 324
    Profit transfer to the legal reserve –
    Payment of dividends from undistributed profit –
    Retained earnings (losses) – at the end of financial year (9 509 263)
    Profit distribution:  
    To be paid out as dividends –
    Transfer to the legal reserve –
    Retained earnings (losses) for 2024 and prior financial years (9 509 263)

    More information:

    Director of UAB „Orkela“

    Anastasija Pocienė

    Anastasija.Pociene@lordslb.lt

    +370 671 16 232

    Attachment

    • uaborkela-2024-12-31-en

    The MIL Network –

    April 30, 2025
  • MIL-OSI: On Natural Gas Transmission System Operator’s Revenue Cap of Regulated Activities for 2026

    Source: GlobeNewswire (MIL-OSI)

    AB Amber Grid, legal entity code: 303090867. Address: Laisvės pr. 10, LT-04215 Vilnius, Lithuania.

    On 30 April 2025, the National Energy Regulatory Council (hereinafter referred to as “Council”) adopted a decision on the revenue cap of AB Amber Grid’s regulated activities, providing natural gas transportation via the natural gas transmission network services, effective from 1st of January 2026.

    The revenue cap of regulated activities for year 2026 is set at 82.95 million EUR per year. This is 30.0 % more than the approved revenue cap for year 2025, which is 63.83 million EUR.

    Compared to 2025, due to inflation and implemented investments, the regulated costs of all categories increases by ~10% in 2026. Additionally, the final compensation to the Polish natural gas transmission operator (for the implementation of the Lithuania–Poland interconnection project of common interest) is included, contributing to a further ~3% increase in costs. Another significant reason for the increase (~17%) in the revenue cap is the adjustment for deviations in revenues, costs, and return on investment rate for previous periods.

    The anticipated further price-related decisions:

    • The Board of Amber Grid will approve prices on using natural gas transmission network infrastructure, effective from 1st of January 2026, not exceeding revenue cap.

    • After the decision of the Board of Amber Grid the prices will be presented to the Council for approbation.

    More information:

    Laura Šebekienė, Head of Communications of Amber Grid,

    ph. +370 699 61 246, e-mail: l.sebekiene@ambergrid.lt

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Resolutions of the General Ordinary Shareholders Meeting of INVL Technology

    Source: GlobeNewswire (MIL-OSI)

    The resolutions of the General Ordinary Shareholders Meeting (hereinafter – “the Meeting“) of special closed-ended type private equity investment company INVL Technology (hereinafter – “the Company”) that was held on 30 April 2025:

    1. Presentation of the Company‘s annual management report for 2024.

    1.1. Shareholders of the Company were presented with the annual management report of the Company for 2024 (attached) (there is no voting on this issue of agenda).

    2. Presentation of the independent auditor’s report on the financial statements and annual management report of the Company.

    2.1. Shareholders of the Company were presented with the independent auditor’s report on the financial statements and annual management report of the Company (attached) (there is no voting on this issue of agenda).

    3. Presentation of the Company‘s investment committee‘s recommendation on the draft of the profit (loss) distribution (including the formation of the reserve) and the draft of the information about   remuneration report.

    3.1. Shareholders of the Company were presented with the Company‘s investment committee‘s recommendation on the draft of the profit (loss) distribution (including the formation of the reserve), and the draft of the remuneration report (attached) (there is no voting on this issue of agenda).

    4. Regarding the assent to the remuneration report of the Company, as a part of the annual management report of the Company for the year 2024.

    4.1. To assent to the information about remuneration of the Company, as a part of the annual management report of the Company for the year 2024 (attached).

    5. Approval of the stand-alone financial statements for 2024 of the Company.

    5.1. To approve the stand-alone financial statements for 2024 of the Company.

    6. Deciding on profit distribution of the Company.

    6.1. To distribute the profit of the Company as follows:

    Article (thousand EUR)
    Retained earnings (loss) at the beginning of the financial year of the reporting period 21,673
    Net profit (loss) for the financial year 8,089
    Profit (loss) not recognized in the income statement of the reporting financial year –
    Shareholders’ contributions to cover loss –
    Distributable profit (loss) at the end of the financial year of the reporting period        29,762
    Transfers from reserves –
    Distributable profit (loss) in total 29,762
    Profit distribution:  
    – Profit transfers to the legal reserves –
    -Profit transfers to the reserves for own shares acquisition* –
    – Profit transfers to other reserves –
    – Profit to be paid as dividends –
    – Profit to be paid as annual payments (bonus) and for other purposes –
    Retained earnings (loss) at the end of the financial year 29,762

    7. Presentation of the Company‘s Management Company‘s statement on the share purchase price.

    7.1. Shareholders of the Company were presented with the Company‘s Management Company‘s statement on the share purchase price (attached) (there is no voting on this issue of agenda).

    8. Regarding the purchase of own shares of the Company.

    8.1. To authorise the Management Company to use the formed reserve (or the part of it) for the purchase of its own shares and after evaluation of the economic viability to purchase shares in INVL Technology by the rules mentioned below:

    1. The goal for the purchase of own shares – to meet obligations arising from share option programs, or other allocations of shares, to employees of subsidiary companies and/or to reduce the authorized capital of the Company by cancelling the shares purchased by the Company;
    2. The maximum number of shares to be acquired could not exceed 1/10 of the authorised capital INVL Technology.
    3. The period during which INVL Technology may purchase its own shares is 18 months from the day of this resolution.
    4. The maximum and minimal shares acquisition price of INVL Technology:  the maximum one-share acquisition price – is the last announced net asset value per share, and the minimal one-share acquisition price – is EUR 0.29.
    5. the conditions of the selling of the purchased shares and minimal selling price – the purchased shares are not planned to be sold and therefore the minimum selling price and the selling procedure for the shares are not determined. Own shares purchased by INVL Technology can be granted (given the right to purchase them) to the employees of the subsidiary companies by the decision of the Management Company, in accordance with the Rules on granting the shares. The shares acquired by the Company may be cancelled by decision of the General Meeting of Shareholders.
    6. the Management Company is delegated on the basis of this resolution, the Law on Companies of the Republic of Lithuania and other legal acts, to make specific decisions regarding the purchase of the Company’s own shares, to organize procedure of purchase of own shares, determine the method and procedure for purchase of own shares (including the right to buy back shares in accordance with the provisions of Article 5, paragraph 1 of the European Parliament and Council Regulation (EU) No. 596/2014 on market abuse), timing as well as the amount of shares and shares’ price, and to complete all other actions related with purchase procedure of own shares.

    8.2. To initiate the reduction of the Company’s authorized capital by canceling the shares purchased by the Company, only if the amount of own shares purchased will exceed the amount of shares required to grant shares to the employees of the Company’s subsidiaries, by 100,000 units or more of the Company’s shares.

    8.3.To establish that after adopting this resolution the resolution of the General Meeting of Shareholders of 30 April 2024 regarding acquisition of the Company’s own shares shall expire.

    9. Presentation of the Report of the Audit Committee of the Company

    9.1. In accordance with the rules of procedure of the Audit Committee of the Company (approved on 28 April 2023 by decision of the General Meeting of Shareholders), the shareholders are hereby briefed on the activity report of the Audit Committee of the Company (attached) (there is no voting on this issue of agenda).

    10. Regarding the election of the Audit Committee members of the Company.

    10.1. Given that in 2025, the term of office of the members of the Audit Committee of the Company expires, to elect three members: Dangutė Pranckėnienė, Andrius Lenickas and Tomas Bubinas to the Audit Committee of the Company for new 4 (four) years term of office.

    11. Regarding the determination of the remuneration of the Audit Committee members of the Company.

    11.1. To set the hourly remuneration for each member of the Audit Committee of the Company at EUR 200 per hour (before taxes) for the service on the Audit Committee of the Company. The remuneration is paid for actual hours spent while performing the activities of the Audit Committee member.

    12. Regarding the approval of new version of Regulations of Audit Committee of the Company

    12.1. Considering the changes in the Law of the Republic of Lithuania on the Audit of Financial Statements and Other Assurance Services regarding the obligations of the Audit Committee as well as the election of three Audit Committee members for the new term of office, the Regulations of the Audit Committee are updated accordingly. It is proposed to the shareholders of the Company to approve the new version of the Regulations of Audit Committee.

    Additional information:

    The shareholders of INVL Technology, a company investing in IT businesses, approved the company’s operating results for 2024, procedures for the acquisition of own shares, and a new Audit Committee composition. 

    INVL Technology had an audited net profit of EUR 8.09 million in 2024, 56.6% more than in 2023. The company’s equity and net asset value were EUR 51.43 million at the end of December 2024, which is 18.2% more than a year earlier. The value per share of its equity and NAV was EUR 4.2896 and grew 19%. 

    A meeting of the company’s shareholders on 30 April authorized the acquisition of up to 10% of the company’s authorized capital. It set a time limit for such acquisitions of 18 months from the date of the shareholders’ decision.  

    The maximum purchase price per share would be INVL Technology’s last published net asset value per share, while the minimum would be EUR 0.29. Since the acquired shares will not be sold, no minimum selling price or sale procedure are stipulated.  

    The aim of acquiring shares is to fulfil obligations related to stock option programmes and other share allocations to employees of subsidiaries, and/or to reduce the company’s authorized capital, annulling acquired own shares.  

    Given that in 2025 the term of office of the members of INVL Technology’s Audit Committee expires, Dangutė Pranckėnienė, Andrius Lenickas and Tomas Bubinas were elected as members for a new four-year term of office. 

    INVL Technology owns the cybersecurity company NRD Cyber Security, the GovTech and FinTech company NRD Companies, and the Baltic IT company Novian. 

    In mid-March last year, the company announced that it had signed an agreement with the Zurich branch of M&A intermediation service provider Corum Group’s Luxembourg-based unit Corum Group International, to advise and serve as M&A intermediary on the sale of the company’s portfolio of businesses. 

    INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company which must exit its investments no later than mid-July 2026 and distribute the money to shareholders. 

    The person authorized to provide additional information:
    Kazimieras Tonkūnas
    INVL Technology Managing Partner
    E-mail k.tonkunas@invltechnology.lt

    Attachments

    The MIL Network –

    April 30, 2025
  • MIL-OSI Asia-Pac: 2024 diplomacy review: building a new Taiwan of democracy, peace, and prosperity through integrated diplomacy

    Source: Republic of China Taiwan

    December 30, 2024  
    No. 471  

    In 2024, the global landscape underwent rapid changes; geopolitical turmoil continued unabated; democracy and authoritarianism remained starkly divided; the Russia-Ukraine war deadlocked; and instability prevailed in the Middle East, the South China Sea, the Korean Peninsula, and even in the first island chain. All of these events highlighted the increasingly formidable challenges that the world faces from the axis of upheaval. 
     
    Meanwhile, the Republic of China (Taiwan) successfully completed its eighth presidential election on January 13, another milestone in its democratic advancement. The situation across the Taiwan Strait continued to elicit a high level of international concern, while the Indo-Pacific became pivotal to global strategy. All of these developments were closely intertwined with Taiwan’s national security and interests.
     
    Diplomats at the Ministry of Foreign Affairs (MOFA) and its overseas missions showed resilience and self-confidence. They did their utmost to safeguard Taiwan’s sovereignty, dignity, and interests, as well as the Taiwanese people’s rights and interests. Building on the excellent foundation laid by steadfast diplomacy over the past eight years, MOFA implemented integrated diplomacy, which aims at realizing values-based diplomacy and transforming Taiwan into a thriving global economic powerhouse as envisioned by President Lai Ching-te. Based on the three pillars of democracy, peace, and prosperity, MOFA fostered cooperation and deepened partnerships. MOFA pursued mutual benefits and coprosperity with diplomatic allies and like-minded nations, demonstrating that Taiwan was a pivotal force for stability and prosperity in the Indo-Pacific and underscoring its value as a global model of freedom and democracy. 
     
    Democratic Taiwan neither yielded nor provoked, remaining calm and confident. It worked with the global democratic community to respond to threats posed by authoritarian regimes. Taiwan stood firm and resilient against authoritarian expansionism, actively provided international humanitarian assistance during times of crisis, and leveraged its strengths to share prosperity with diplomatic allies and like-minded countries. For its contributions, Taiwan gained worldwide acclaim and recognition from all sectors. 
     
    With the support of Taiwan’s people, MOFA and its overseas missions spared no effort to promote head-of-state diplomacy. In December, President Lai led a delegation to Pacific diplomatic allies the Marshall Islands, Tuvalu, and Palau under the theme “Smart and Sustainable Development for a Prosperous Austronesian Region.” He achieved the three main objectives of smart sustainability, sustainable democracy, and sustainable diplomatic ties while also making successful US transit stops in Hawaii and Guam. The tour was immensely productive and successfully consolidated international support for Taiwan. It both deepened Taiwan’s friendships with allies and launched a new era of values-based diplomacy. 
     
    In October, Minister of Foreign Affairs Lin Chia-lung, serving as special presidential envoy, attended celebrations marking the 45th anniversary of the independence of Saint Vincent and the Grenadines. He also visited Guatemala, Saint Lucia, Belize, and Saint Christopher and Nevis, where he witnessed the achievements of values-based diplomacy and economic and trade diplomacy. In addition, he deepened partnerships on the foundations already laid for bilateral cooperation. In November, Minister Lin visited Belgium, where the European Parliament is headquartered, as well as Lithuania and Poland, further enhancing democratic alliances and cooperation as well as economic and trade linkages between Taiwan and Europe. 
     
    International friendship and support for Taiwan reached new heights this year. Following the successful completion of Taiwan’s presidential and legislative elections in January, more than 1,600 prominent political figures from over 100 countries offered congratulations. Taiwan’s significant success in diplomacy was substantively reflected through its solid formal alliances, rock-solid partnership with the United States, growing ties with Europe, and steadfast friendship with Japan. Diplomatic allies and like-minded nations spoke in support of Taiwan’s international participation and reaffirmed the global consensus on maintaining peace and stability across the Taiwan Strait. They lauded Taiwan as a force for good that safeguarded democratic values, provided humanitarian assistance, and made concrete contributions. 
     
    Meanwhile, Taiwan has continued to deploy soft power, pursue public diplomacy, and seek international support. It has integrated resources across ministries, agencies, and departments to bolster its overall diplomatic strength. Furthermore, it has sought to have other countries implement consular measures addressing visas and digital governance to afford greater convenience to Taiwan’s people while also promoting closer people-to-people exchanges with other nations. 
     
    MOFA has devoted a maximum effort to the planning and implementation of the Diplomatic Allies Prosperity Project to deepen substantive relations with allies and like-minded countries. MOFA has formulated eight flagship projects concerning the Five Trusted Industry Sectors, covering semiconductor supply chain resilience, reliable networks and digital governance, new energy and carbon credit cooperation, smart demonstration parks overseas, smart medicine and healthcare, smart agriculture, sovereign AI, and sustainable tourism. Taiwan has brought its industrial strengths to play while integrating the resources of all ministries and agencies. Through the export of smart solutions, Taiwan has stimulated the prosperous development of allies and bolstered democratic supply chains. This has consolidated diplomatic ties and is helping allies enjoy greater prosperity. 
     
    Taiwan is greeting a new world and the world is greeting a new Taiwan. Not only is this MOFA’s mission in its diplomatic work, it is also the stellar outcome of coordinated efforts by the Taiwanese people and related agencies. MOFA has helped to promote the Executive Yuan’s economic diplomacy task force and has a strategic team conducting research and administrative work for the task force. This task force facilitates the efficient integration of resources from across ministries, enabling every citizen to be a diplomat and every ministry to serve as a foreign ministry. 
     
    MOFA will continue to improve the efficiency and quality of its public-facing services so that they have a tangible and positive impact on people’s lives. It will work diligently for the dignity, rights, interests, continuity, and development of the nation and people. MOFA will utilize Taiwan’s strengths as it connects to the world and work steadily to promote technology diplomacy, human rights diplomacy, cultural diplomacy, urban diplomacy, parliamentary diplomacy, medical and public health diplomacy, environmental diplomacy, sports diplomacy, indigenous diplomacy, religious diplomacy, and gender equality diplomacy. MOFA will help the international community better understand the important role that Taiwan plays. It will live up to the expectations of all sectors as concerns diplomatic efforts.
     
    In 2025, the world will usher in a new chapter in geopolitics. With confidence, resilience, and a professional and flexible approach, MOFA will maintain its footing in the new environment. It will leverage Taiwan’s strengths; overcome challenges; and amplify the values of democracy, peace, and prosperity. By integrating diplomatic momentum from all sectors, MOFA will continue to contribute to the international community and realize President Lai’s policy of values-based diplomacy and vision of Taiwan as a thriving global economic powerhouse. MOFA will demonstrate that Taiwan can help and that Taiwan can lead so that Taiwan continues to serve as a beacon shining far and wide across the globe. (E)

    MIL OSI Asia Pacific News –

    April 30, 2025
  • MIL-OSI Asia-Pac: Foreign Minister Lin hosts welcome banquet for former Lithuanian Foreign Minister Landsbergis

    Source: Republic of China Taiwan

    Foreign Minister Lin hosts welcome banquet for former Lithuanian Foreign Minister Landsbergis

    Date:2025-01-14
    Data Source:Department of European Affairs

    January 14, 2025  
    No. 012  

    Minister of Foreign Affairs Lin Chia-lung on January 14 hosted a welcome luncheon for former Lithuanian Minister of Foreign Affairs Gabrielius Landsbergis and his wife. During the event, the two sides exchanged views on how democracies can counter authoritarian nations, furthering bilateral collaboration on drone development, and exploring other areas of cooperation. 
     
    Minister Lin thanked Mr. Landsbergis for his staunch support of Taiwan and for his proactive efforts to bolster bilateral relations between Taiwan and Lithuania during his tenure as foreign minister, adding that this was an excellent model of democratic solidarity. He stated that he had led 20 drone-related Taiwanese companies to the Drone Industry Business Forum in Lithuania last November, demonstrating Taiwan’s determination to build democratic supply chains together with Lithuania and substantively implementing integrated diplomacy. 
     
    Minister Lin also noted that authoritarian expansionism posed a significant challenge to the democratic community. Pointing to the recent incidents of underwater cable sabotage in the Baltic Sea and the waters around Taiwan, he underscored the urgent need for democracies to collaborate and adopt joint strategic responses and prevention measures.
     
    Mr. Landsbergis said that Taiwan and Lithuania had done their utmost to protect freedom and democracy since transitioning away from authoritarian rule in the 1980s. Observing that the two nations had long faced geopolitical security threats from authoritarian countries, he stressed that it was important for democratic partners to work in concert and that the peoples of Taiwan and Lithuania had forged a friendship based on mutual understanding and appreciation. With the two countries having achieved considerable success in various joint projects, he expressed the hope that bilateral cooperation would continue to deepen.
     
    During his tenure as foreign minister, Mr. Landsbergis arranged for Lithuania to donate COVID-19 vaccines to Taiwan, making it the first European country to do so. He further showed a firm commitment to safeguarding the values of democracy and freedom and backed the establishment of a Taiwanese representative office in Lithuania including the name Taiwan. A staunch friend of Taiwan, he spared no effort to strengthen relations between the two countries. During his visit, Mr. Landsbergis will deliver a speech at an event organized by the Prospect Foundation and will engage with Taiwanese students at National Taiwan University. (E)

    MIL OSI Asia Pacific News –

    April 30, 2025
  • MIL-OSI: Resolutions of the shareholders’ meeting of Invalda INVL held on 30/04/2025

    Source: GlobeNewswire (MIL-OSI)

    The resolutions of the General Shareholders Meeting of the public joint stock company Invalda INVL held on 30 April 2025:

    1. Presentation of the public joint stock company Invalda INVL consolidated annual management report for 2024.
    Shareholders of the public joint stock company Invalda INVL were presented with the Consolidated Annual Management Report of the Company for 2024 (attached). There is no voting on this issue of agenda.

    2. Presentation of the independent auditor’s report on the financial statements and consolidated annual management report of the public joint stock company Invalda INVL.
    Shareholders of the public joint stock company Invalda INVL were presented with the independent auditor’s report on the financial statements and consolidated annual management report of the Company (attached). There is no voting on this issue of agenda.

    3. Approval of the consolidated and stand-alone financial statements for 2024 of the public joint stock company Invalda INVL.
    To approve the consolidated and stand-alone financial statements for 2024 of the public joint stock company Invalda INVL (attached).

    4. Resolution regarding profit distribution of the public joint stock company Invalda INVL.
    To approve the profit distribution of the joint-stock company Invalda INVL in accordance with the draft profit distribution proposed by the Board (attached).

    5. Decision on approval of the Remuneration Report of the public joint stock company Invalda INVL.
    To approve the Remuneration Report of the public joint stock company Invalda INVL for 2024 (included into the Consolidated Annual Report as Annex 4).

    6. Resolution regarding purchase of own shares of the public joint-stock company Invalda INVL.
    Until the day of the General Shareholders meeting the reserve for the purchase of own shares which is equal to EUR 9,100 thousand is not used.
    To use the reserve (a part of it) for the purchase of own shares and to purchase shares of Invalda INVL under these conditions:
    1) The goal for the purchase of own shares is to reduce the share capital of Invalda INVL by cancelling own shares acquired by the company and/or to fulfil the obligations related to the share option schemes (options) if it is decided to choose this method of granting shares.
    2) The maximum number of shares to be acquired – the nominal value of own shares may not exceed 1/10 of the share capital.
    3) The period during which the company may purchase its own shares – 18 months from the day of this resolution.
    4) The maximum and minimal one share acquisition price: the maximum one share acquisition price – value of consolidated equity per one share calculated according to the last publicly announced data of the consolidated equity of Invalda INVL before the decision of the Board is taken; minimum one share acquisition price is EUR 1.
    5) The conditions of the selling of the purchased shares and minimal sale price: Purchased own shares (including the shares acquired before the adoption of this decision) may be cancelled by the decision of the General Shareholders Meeting or by the decision of the Board granted the right to acquire the shares for the employees upon conditions of the Rules for Granting Equity Incentives. The acquired shares will not be sold and therefore no minimum selling price and no procedure for the sale of the shares are set.
    The Board of Invalda INVL is hereby mandated to:
    (i) To initiate a reduction of the Company’s share capital within the time limits specified by law if the nominal value of the own shares acquired and held exceeds 1/10 of the share capital.
    (ii) Subject to the conditions set out in this decision and the requirements of the Law on Companies of the Republic of Lithuania, take decisions regarding purchase of own shares of Invalda INVL, organise the purchase of own shares, determine the method, procedure and timing of the purchase of the shares, the number of shares and the price of the shares, and carry out any other actions relating to the purchase of own shares.
    As of the date of this resolution, the resolution of the Annual General Meeting of 30 April 2024 regarding the acquisition of own shares will expire.

    7. Resolution regarding the exercise of stock options granted to Invalda INVL Group employees in 2022.
    Pursuant to the decision of the General Meetings of Shareholders of 30 April 2022, on the basis of which stock option agreements on the acquisition of shares of Invalda INVL in 2025 were concluded with the employees of Invalda INVL and companies in which more than 50% of the shares are owned by Invalda INVL, to establish that the right of the employees to acquire the said shares is exercised by transferring to the employees own shares acquired by the company.
    To establish that, for the exercise of the stock options granted in 2022, the transfer price and the maximum number of own shares of the Company to be transferred shall be:
    A) If the shareholders’ meeting of 30 April 2025 does not approve the proposed distribution of profit and no dividends are allocated, up to a maximum of 40,862 units shall be transferred to the employees at a price per share of EUR 0.90, i.e. the purchase price of EUR 1 (one) set by the shareholders’ meeting of 30 April 2022 shall be reduced by the amount of the dividends paid prior to the signing of the share purchase agreement.
    B) If the shareholders’ meeting of 30 April 2025 approves the proposed distribution of profit and a dividend of EUR 1.25 per share is allocated, taking into account that the amount of dividends per share allocated from the date of conclusion of the option agreement to the date of signing the share purchase agreement exceeds the fixed acquisition price of EUR 1 (one), the shares shall be granted to the employees free of charge and the amount of the granted shares shall be converted in accordance with the following formula in order to preserve the economic rationale of the agreement for concluding the share purchase agreement: (0.35 (difference resulting from the payment of dividends since the conclusion of the option agreement) * number of shares allotted in 2022)/(EUR 18.80 (the higher of the closing price at the end of 2024 between the share market price and the NAV per share) – EUR 1.25 (dividends allocated)). The calculated number of shares is rounded according to mathematical rules. The number of shares to be transferred to the employees is recalculated in this way to 41,678 units.

    8. Resolution regarding the number of ordinary registered shares of Invalda INVL for which employees shall be offered stock options contracts during the year 2025 and regarding the price of the shares.
    It is offered for the employees of Invalda INVL and of the companies, in which Invalda INVL owns 50% or more  shares, during the year 2025 to sign stock options contracts, on the basis of which, according to the procedures and terms established in stock options contracts, in year 2028 employees will be able to exercise the right to acquire up to 100,000 ordinary registered shares of Invalda INVL of EUR 0.29 nominal value.
    To provide that the shares will be granted free of charge. If the company has declared dividends or paid out free funds per share prior to the grant of the shares, the number of shares to be granted will be recalculated in accordance with the following formula in order to preserve the economic logic of the share purchase agreement: (dividends granted per share at the General Shareholders Meetings in 2026, 2027 and 2028 and/or free funds disbursed per share in the period 2025 – 2028 prior to the grant of the shares) * number of shares allotted in 2025)/(the higher of the price at the end of 2027 between the share market price and the NAV per share – dividends declared at the General Shareholders Meeting in 2028 and/or free funds disbursed per share in the period 2028 prior to the grant of shares). If the shares are granted before the record date for the 2028 dividend, such dividends per share shall not be included in the conversion formula. The number of shares recalculated in accordance with this formula shall be deemed to be approved by the shareholders in accordance with the Rules for Granting Equity Incentives. If in 2028 newly issued shares are granted, the issue price per share will be equal to the nominal value of the share and it will be paid in full by Invalda INVL from the company’s reserve for granting shares.

    The person authorized to provide additional information is:
    Darius Sulnis, CEO of Invalda INVL
    Darius.Sulnis@invl.com

    Attachments

    The MIL Network –

    April 30, 2025
  • MIL-OSI Russia: Symbol of the Unconquered Spirit: 80 Years Since the Raising of the Victory Banner over the Reichstag

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    On April 30, 1945, several banners and flags of various units of the Red Army were installed over the Reichstag building in Berlin. But the Banner of Victory is considered to be a specially made cloth of the 150th Rifle Order of Kutuzov, 2nd degree, Idritskaya Division of the 79th Rifle Corps of the 3rd Shock Army of the 1st Belorussian Front. In accordance with Russian law, this banner is a symbol of Victory in the Great Patriotic War and a state relic.

    The Reichstag had also long had a more symbolic meaning in 1945. After the National Socialist German Workers’ Party came to power in Germany in 1933 and the building was set on fire, government meetings were no longer held there, and the plenary hall was not even repaired. In 1941, the windows were walled up, the basements became a bomb shelter, and anti-aircraft guns were installed in the corner towers. Nevertheless, for the Germans, the building remained one of the symbols of statehood. And the Soviet troops needed the final goal of their victorious campaign in the form of a real object. With the approval of Joseph Stalin, the Reichstag building was chosen as such a goal.

    Given the circumstances, the Reichstag was defended by elite SS units, not only Germans, but also Swedes, Norwegians, and Latvians. And the building was stormed by the most experienced Red Army guards. Due to the ferocity of the battles and the contradictory reports, it is difficult to reliably determine who was the first to raise the flag over the Reichstag. In addition to the nine flags specially made for this purpose, many went into battle with homemade flags. According to various sources, there were from 20 to 40 of them. Recently, it has been accepted that on the afternoon of April 30, the fighters of the 150th Rifle Division, Lieutenant Rakhimzhan Koshkarbayev and Private Grigory Bulatov, were in the lead. Later, two more flags were raised. Noticing this, the Germans began shelling the building and, having broken the glass dome, managed to destroy all three flags.

    Late in the evening of April 30 (already May 1 Moscow time), Junior Lieutenant Meliton Kantaria and Private Mikhail Egorov from the same 150th Rifle Division managed to install the banner on the eastern facade of the building, where it could not be reached by enemy artillery. It was this flag that became the Victory Banner. On May 2, after the capitulation of the Berlin garrison, the same soldiers were ordered to move the banner to the dome of the Reichstag. A few days later, for the sake of safety, the banner was removed, and on June 20 it was transported by plane to Moscow, where it was transferred for permanent storage to the Central Museum of the Armed Forces.

    Thus, both the actual and symbolic victory over Germany was achieved at the very beginning of May. All that remained was to confirm it legally.

    #Scientific regiment

    Subscribe to the TG channel “Our GUU” Date of publication: 04/30/2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

    April 30, 2025
  • MIL-OSI: EfTEN Real Estate Fund AS unaudited results for 1st quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    In the first quarter of 2025, EfTEN Real Estate Fund AS invested a significant part of the capital raised in the previous quarter, primarily in the elderly care home segment. In February, the Fund’s 100% subsidiary EfTEN Hiiu OÜ signed a binding agreement to acquire the property at Hiiu 42 in Tallinn, with the aim to developing a general care home in cooperation with Südamekodud AS. The acquisition price of the property was €4 million, with up to an additional €2.5 million for the reconstruction of the building. The expected return on the investment is 8% per annum. At the end of March, the real rights contract was concluded and the transaction finalized. As part of the transaction, EfTEN Hiiu OÜ signed a long-term (10+10 years) lease agreement with Hiiu Südamekodu OÜ. Part of the property continues to be used by the North Estonia Medical Centre Foundation. The building will be partially reconstructed into the “Nõmme Südamekodu” general care home, with future capacity for up to 170 clients.

    In January 2025, the Fund’s subsidiary EfTEN Ermi OÜ commenced construction of the second phase of Tartu Südamekodu, which will add 60 beds and a solar park to the existing care home. The total project cost is approximately €1.3 million, with construction expected to be completed by July 2025. The expected return on this investment is 8.1% per annum.

    Upon completion of these projects, EfTEN Real Estate Fund AS will own four elderly care homes with a combined capacity of nearly 800 beds.

    On 31 March 2025, the Fund’s subsidiary EfTEN Seljaku OÜ terminated the lease agreement with AS Hortes (in bankruptcy) concerning the Laagri Hortes properties. A new lease agreement has been signed with Rikets Aianduskeskus OÜ, which will commence operations on the premises as of 1 April 2025.

    In April 2025, the ICONFIT logistics building owned by the fund’s subsidiary EfTEN Paemurru OÜ was completed. The fund began earning rental income from the property starting from April 15.

    Financial Overview

    The consolidated sales revenue of EfTEN Real Estate Fund AS for Q1 2025 amounted to €7.858 million (Q1 2024: €7.961 million), and the consolidated net rental income (NOI) totaled €7.211 million (Q1 2024: €7.343 million). The net rental income margin remained stable at 92% (2024: 92%), indicating that costs directly related to property management (including land tax, insurance, maintenance and improvement expenses) and marketing accounted for 8% (2024: 8%) of revenue.

    The Fund’s consolidated net profit for Q1 2025 was €4.167 million (Q1 2024: €3.808 million). A key contributor to the profit growth was the decrease in interest expenses due to the decline in EURIBOR—interest costs fell by €432 thousand, or 19%, compared to Q1 2024.

    Real Estate Portfolio

    As of 31 March 2025, the Group held 37 (31 December 2024: 36) investment properties with a total fair value of €380.160 million (31 December 2024: €373.815 million) and an acquisition cost of €376.906 million (31 December 2024: €370.561 million). In addition to properties held by subsidiaries, the Group owns a 50% stake in the joint venture operating the Palace Hotel in Tallinn, with a fair value of €8.632 million as of 31 March 2025 (31 December 2024: €8.630 million).

    In Q1 2025, the Group made new and follow-on investments totalling €6.345 million.

    In March 2025, EfTEN Hiiu OÜ acquired the property at Hiiu 42, Tallinn, for €4 million. The North Estonia Medical Centre Foundation continues to use part of the property under an existing lease. A long-term (10+10 years) lease was signed with Hiiu Südamekodu OÜ, a subsidiary of Südamekodud AS, which will develop the premises into the “Nõmme Südamekodu” general care home with capacity for up to 170 clients.

    Construction of the C-building at Valkla Care Home continued in Q1 2025, with a total investment of €343 thousand. Construction of the second phase of Ermi Care Home in Tartu began, with works totalling €192 thousand during the quarter. In addition, construction at the Paemurru Logistics Centre progressed, with Q1 investment totalling €1.515 million.

    In Q1 2025, the Group earned €7.673 million in rental income, remaining on par with the previous year.

    As of 31 March 2025, the vacancy rate of the Group’s real estate portfolio was 4.4% (31 December 2024: 2.6%). The highest vacancy was in the office segment at 17.7%, where filling vacant spaces has taken longer than previously.

    Financing

    In Q1 2025, the Fund’s subsidiary EfTEN Riga Airport SIA extended its loan agreement with the bank. Over the next 12 months, six of the Group’s subsidiaries have loan agreements maturing, with a total outstanding balance of €20.38 million as of 31 March 2025. These maturing loans have LTVs between 29% and 48%. Given the stable rental cash flows of the properties, the Group’s management does not foresee obstacles in refinancing these loans.

    As of 31 March 2025, the Group’s weighted average interest rate on loans was 4.37% (31 December 2024: 4.89%) and the loan-to-value (LTV) ratio stood at 40% (31 December 2024: 40%). All loan agreements of the subsidiaries are based on floating interest rates. The Fund’s interest coverage ratio (ICR) was 3.4 as of 31 March 2025 (31 March 2024: 2.9).

    Share Information

    As of 31 March 2025, the registered share capital of EfTEN Real Estate Fund AS was €114.403 million (unchanged from 31 December 2024), consisting of 11,440,340 shares with a nominal value of €10 each.

    The net asset value (NAV) per share as of 31 March 2025 was €20.74 (31 December 2024: €20.37), representing an increase of 1.8% over the first three months of 2025.

    CONSOLIDATED STATEMEMT OF COMPREHENSIVE INCOME 

      I quarter
      2025 2024
    € thousands    
    Sales revenue 7,858 7,961
    Cost of services sold -506 -418
    Gross profit 7,352 7,543
         
    Marketing costs -141 -200
    General and administrative expenses -1,006 -939
    Other operating income and expense -37 42
    Operating profit 6,168 6,446
         
    Profit/-loss from joint ventures -58 -50
    Interest income 83 101
    Other finance income and expense -1,803 -2,235
    Profit before income tax 4,390 4,262
         
    Income tax expense -223 -454
    Net profit of the financial year 4,167 3,808
    Total comprehensive income for the period 4,167 3,808
    Earnings per share    
    – basic 0.36 0.35
    – diluted 0.36 0.35

    CONSOLIDATED STATEMENT OF FINANCIAL POSITION

      31.03.2025 31.12.2024
    € thousands    
    ASSETS    
    Cash and cash equivalents 19,038 18,415
    Short-term deposits 0 2,092
    Receivables and accrued income 1,645 2,055
    Prepaid expenses 128 138
    Total current assets 20,811 22,700
         
    Long-term receivables 140 154
    Shares in joint ventures 1,902 1,960
    Investment property 380,160 373,815
    Property, plant and equipment 121 134
    Total non-current assets 382,323 376,063
    TOTAL ASSETS 403,134 398,763
         
    LIABILITIES AND EQUITY    
    Borrowings 25,858 30,300
    Liabilities and prepayments 3,056 3,245
    Total current liabilities 28,914 33,545
         
    Borrowings 123,813 119,120
    Other long-term liabilities 1,923 1,928
    Deferred income tax liability 11,244 11,097
    Total non-current liabilities 136,980 132,145
    TOTAL LIABILITIES 165,894 165,690
         
    Share capital 114,403 114,403
    Share premium 90,306 90,306
    Statutory reserve capital 2,799 2,799
    Retained earnings 29,732 25,565
    TOTAL EQUITY 237,240 233,073
    TOTAL LIABILITIES AND EQUITY 403,134 398,763

    Marilin Hein
    CFO
    Phone +372 6559 515
    E-mail: marilin.hein@eften.ee

    Attachment

    • EREF_3kuud_vahearuanne_2025_eng

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Valstybės investicinis kapitalas UAB audited Annual information for the year 2024

    Source: GlobeNewswire (MIL-OSI)

    Valstybės investicinis kapitalas UAB submits Financial Statements for the year 2024, prepared according to the International Financial Reporting Standards as adopted by the European Union, together with the Independent Auditor’s Report hereto, as well as the Management Report.

    The Company’s net profit for the year 2024 is EUR 8 135 864 and the Company’s retained earnings for the year 2024 are EUR 6 811 856.
    A decision on the distribution of the company’s profits will be taken by 15 May this year, when the Government of the Republic of Lithuania will decide on the reduction of the dividends paid by UAB Valstybės investicinis kapitalas for the shares owned by the State.

    The rights of the general shareholders’ meeting are exercised, and all shares of UAB “Valstybės investicinis kapitalas” are managed by the Ministry of Finance.

    Enclosed:

    Financial Statements of Valstybės investicinis kapitalas UAB for the year 2024, prepared according to the International Financial Reporting Standards as adopted by the European Union, provided together with the Independent Auditor’s Report hereto, as well as the Management Report of Valstybės investicinis kapitalas UAB.

    Contact person:
    Vaidas Daktariunas
    Valstybės investicinis kapitalas UAB, Chief Executive Officer
    Phone: +370 618 29216
    E-mail: vaidas.daktariunas@vika.lt

    Attachments

    • uabvik-2024-12-31-en
    • VIK FS MR 2024

    The MIL Network –

    April 30, 2025
  • MIL-OSI: BTCC Exchange Pioneers Bitcoin Donations at Successful Legends Golf Day Charity Event Hosted by Red Eagle Foundation

    Source: GlobeNewswire (MIL-OSI)

    A Media Snippet accompanying this announcement is available by clicking on this link.

    VILNIUS, Lithuania, April 29, 2025 (GLOBE NEWSWIRE) — BTCC, the world’s longest-serving crypto exchange, has redefined charitable giving at the Red Eagle Foundation’s Legends Golf Day by enabling, for the first time in the foundation’s history, Bitcoin donations that bypassed traditional financial constraints while raising substantial funds for disadvantaged children.

    The event, held on April 24, 2025 at The Shire London, marked a historic milestone as BTCC enabled the first-ever Bitcoin donation option for the Red Eagle Foundation, revolutionizing how attendees could contribute to charitable causes. Participants could easily donate Bitcoin through QR codes available throughout the venue, transcending traditional banking limitations.

    The event featured an impressive lineup of ten Tottenham Hotspur legends, including Glenn Hoddle, Teddy Sheringham, Ossie Ardiles, Pat Jennings, Paul Miller, Michael Hazard, John Pratt, David Howells, John Lacey, and Mark Falco. Professional golfer Lucy Robson challenged participants as the “Beat the Pro”, and Team Barrington James took home the championship.

    A highlight included Glenn Hoddle sharing stories from his illustrious career and offering insights on the current Tottenham Hotspur team in a Q&A session hosted by former Chelsea player and sports television pundit Scott Minto.

    “BTCC brings a whole new donation method to traditional charity events, allowing more people in need to benefit from the power of cryptocurrency,” said Aaryn, Head of Branding at BTCC Exchange.

    “As pioneers in the cryptocurrency space, we believe it’s our responsibility to use innovative technology to create positive social impact. We’re happy to provide continuous support to our partner Red Eagle Foundation and look forward to launching more CSR initiatives as our exchange grows,” Aaryn added.

    The successful introduction of cryptocurrency donations represents just the beginning of BTCC’s expanded commitment to social responsibility. The exchange plans to leverage blockchain technology to address various social challenges while continuing to support organizations like the Red Eagle Foundation that make a meaningful difference in society.

    As a token of appreciation for its loyal community, BTCC will also be launching a giveaway featuring a signed shirt by Glenn Hoddle. Supporters are encouraged to stay tuned for more details on the exchange’s X (Twitter).

    About BTCC Exchange

    Founded in 2011, BTCC is one of the most established cryptocurrency exchanges, providing secure and reliable crypto trading services. The exchange continues to innovate its services for its 7.04 million traders worldwide while maintaining a strong commitment to community service and corporate social responsibility.

    Official website: https://www.btcc.com/en-US

    X: https://x.com/BTCCexchange

    Media Contact: press@btcc.com

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Changes in the Management Board of Coop Kindlustusmaakler AS

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of Coop Kindlustusmaakler AS, a subsidiary of Coop Pank AS, decided today, 29 April 2025, to appoint Marko Privoi as a new member of the Management Board of Coop Kindlustusmaakler AS. Privoi’s term of office will commence on 12 May 2025 and will last for three years.

    Marko Privoi has been working in the insurance sector since 1997. For the past 19 years, he has held various positions at the Estonian branch of ADB Gjensidige, and prior to that, he worked for 8 years at ERGO Insurance SE. Marko Privoi graduated from TTK University of Applied Sciences in 1988.

    Marko Privoi does not hold any shares or bonds of Coop Pank.

    Raivo Piibor will continue as a member of the Management Board of Coop Kindlustusmaakler AS.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank serves 213,000 daily banking customers. Coop Pank leverages the synergy between retail and banking sectors, bringing everyday banking services closer to home. The bank’s strategic owner is the domestic retail chain Coop Eesti, which operates a network of 320 stores.

    Additional information:
    Katre Tatrik
    Head of Communications
    Phone: +372 5151 859
    E-mail: katre.tatrik@cooppank.ee

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Moody’s left LHV Group’s ratings unchanged

    Source: GlobeNewswire (MIL-OSI)

    The rating agency Moody’s Investors Service affirmed AS LHV Pank’s and AS LHV Group’s raitings, leaving LHV Pank’s long-term deposit rating to A3 level (with positive outlook) and LHV Group’s long-term issuer rating to Baa3 (with a positiive outlook). These ratings indicate LHV’s strong financial position and capitalization as well as express the expectation of further strengthening of solidity.

    Moody’s has assigned AS LHV Group long-term issuer ratings:

    • Long-term issuer rating Baa3
    • Senior unsecured rating Baa3
    • Outlook of the ratings is positive

    Moody’s affirmed the raitings assigned to AS LHV Pank:

    • Long- and short-term counterparty risk assessment of A3(cr)/Prime-2(cr)
    • Long- and short-term counterparty risk rating of A3/Prime-2
    • Long-term bank deposit rating A3
    • Short-term bank deposit rating Prime-2
    • The long-term deposit rating carries a positive outlook

    Additional information: www.moodys.com

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Administrative Agreement Concluded with the Bank of Lithuania

    Source: GlobeNewswire (MIL-OSI)

    UAB Urbo Bankas („Bank“), company code 112027077, address: Konstitucijos pr.18B, Vilnius.

    The Bank of Lithuania (BL) conducted a targeted scheduled inspection to assess the Bank’s compliance with anti-money laundering and counter-terrorist financing (AML/CTF) prevention requirements. The inspection revealed violations and deficiencies.

    The Bank acknowledged the identified violations, submitted a remediation plan, and committed to addressing all legal violations and operational shortcomings identified during the inspection. The Bank also informs that a significant portion of the deficiencies identified by BL have already been remedied, and actions to strengthen AML/CTF prevention procedures are ongoing.

    In view of this, the BL accepted the Bank’s proposal to enter into an administrative agreement and imposed the following measures:

    • A warning was issued for deficiencies in internal control procedures related to the roles and responsibilities of the Bank’s departments, conflict of interest management, and informing management about relevant AML/CTF risks;
    • A fine of EUR 290,000 was imposed for violations and deficiencies related to determining the purpose and intended nature of business relationships with clients, the nature of clients’ activities, enhanced due diligence, and procedures and measures for monitoring business relationships and transactions.

    It is emphasized that the Bank has not identified any cases where the deficiencies noted by BL had an impact on its clients or where the Bank was used for AML/CTF purposes.

    More information: Mr. Igor Kovalčuk, Member of the Board, Director of Legal and Compliance Service, Deputy Head of Administration. Phone: + 370 686 34122, email: igor.kovalcuk@urbo.lt

    The MIL Network –

    April 30, 2025
  • MIL-OSI Global: Co-working spaces aren’t just about convenience – they bring a whole range of benefits for employees and communities

    Source: The Conversation – UK – By Mariachiara Barzotto, Senior Lecturer in Management Strategy and Organisation, University of Bath

    Master1305/Shutterstock

    When you think of co-working spaces – where workers from different industries come together to share a convenient workplace – you might picture a group of young freelancers hunched over laptops. But today’s co-working spaces have evolved into something more powerful – particularly in a world still reshuffling office work practices in the wake of the COVID pandemic.

    As workplaces adapt to new ways of operating, from hybrid to “digital nomadism”, co-working spaces can do more than simply offer flexibility. They can support workers’ wellbeing and work–life balance by enhancing a sense of community, building trust and new friendships, and encouraging continuous learning.

    Research I undertook with colleagues shows these spaces may also play a role in addressing societal challenges. They can provide support for workers with family or caring responsibilities and enhance digital connectivity in under-served areas by offering faster, stable internet access. They can also encourage knowledge-sharing around new technology – while reducing the need for long commutes, which brings environmental benefits.

    Other research shows that co-working staff tend to report higher levels of job satisfaction and wellbeing, particularly compared with those working at home. There are various reasons for this.

    The ability to choose how and where to work, to exchange knowledge with others on-site, and to avoid long commutes all contribute to better mental health, happiness and wellbeing.

    Productivity can also be boosted by, for example, the social support and interactions encouraged by open architecture and flexible workstations, as well as by a workplace that is much closer to home.

    Some co-working spaces have gone a step further, integrating childcare, wellness programmes and even care for older dependants. One example is COWORCare, a European initiative linking co-working spaces with family support such as kindergartens and elderly-care services. This helps parents (especially mothers) participate more fully in the labour market.

    Workers often need to update their skills to stay competitive. While informal learning happens in traditional offices too, co-working spaces can offer advantages by connecting professionals, entrepreneurs and freelancers across industries. This encourages knowledge-sharing between sectors.

    Many also host training sessions, workshops and networking events, making it easier to develop skills than when working from home or in more homogeneous office settings.

    Some of these spaces also create opportunities, both formal and informal, for young people to learn from more skilled and experienced workers. They can also help youngsters who are not in education, employment or training (NEET) into the workforce.

    This all matters because the shift to greener and more digital economies – known as the “twin transition” – is creating both opportunities and risks. Many workers, especially in rural and older populations, could be left behind without access to training or digital infrastructure. Co-working spaces specifically for older people are ideally placed to address this.

    Such spaces can act as “infrastructures of care” by helping workers feel like part of a community. Perhaps one of the most underrated benefits of co-working is how it can combat loneliness and boost morale for staff who might otherwise be working from home or face a long commute to their employer’s office.

    Remote working can be lonely – and people in the early stages of their career can miss out on chances to learn from more experienced workers.
    fizkes/Shutterstock

    During the pandemic, many people realised how much they missed casual chats and social interaction. Co-working can bring that back – even for remote workers. In fact, co-working spaces can create the kind of “light-touch” community that encourages inclusion without being overwhelming.

    Left-behind places

    Co-working isn’t just for buzzing city centres. Some of the most exciting developments are happening in small towns and rural areas.

    Governments across Europe are supporting this shift. Ireland’s Connected Hubs scheme has built a national network of remote-working hubs, aiming to revitalise rural communities and reduce the urban-rural divide.

    These hubs can provide better internet than workers may have at home, and keep talented young people in the region. They can also spark local entrepreneurship, especially when paired with funding and mentoring. For example, the Youth Re-Working Rural project across Norway, Italy, Spain, Greece, Latvia and Slovenia supports youth and creative industries through co-working and digital training.

    But these spaces aren’t a silver bullet. Our research also shows they are most effective when public investment simultaneously targets specific areas.

    This could be extending high-speed broadband to rural areas, improving transport connections and providing vocational and digital skills training. Policies that support back-to-work programmes – for example, mentoring for unemployed people, parents returning after career breaks, or those who have lost jobs reintegrating into the labour market – are crucial, alongside access to affordable housing.

    Co-working spaces can be part of the solution to making work better – not just more convenient and efficient, but more human. They can improve wellbeing, encourage new skills, and bring life back into places that have been left behind after traditional local industries declined.

    Rethinking the future of work in the face of multiple transitions – digital, green and demographic – means also thinking about the kind of spaces that make learning, connection and wellbeing possible.

    Mariachiara Barzotto does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Co-working spaces aren’t just about convenience – they bring a whole range of benefits for employees and communities – https://theconversation.com/co-working-spaces-arent-just-about-convenience-they-bring-a-whole-range-of-benefits-for-employees-and-communities-255281

    MIL OSI – Global Reports –

    April 30, 2025
  • MIL-OSI: SUTNTIB AB Tewox audited consolidated and separate annual financial statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    Vilnius, Lithuania, April 29, 2025 (GLOBE NEWSWIRE) —

    AB Tewox (the Company) publishes its audited annual consolidated and separate financial statements for 2024 together with Company’s and Group’s annual management report for 2024.

    Financial results

    The objective of the Company is to earn a return to shareholders through investments in individual income-generating real estate objects – either under development or already developed – intended for retail or other (commercial and/or residential) purposes in the Baltic Sea Region countries – Lithuania, Latvia, Estonia, Finland, Sweden, Denmark, Poland and Germany. The main financial indicators for the period were:

    • As at 31 December 2024, the Company’s total assets were EUR 75,648 thousand, total equity was EUR 43,448 thousand, and total liabilities were EUR 32,200 thousand.
    • As at 31 December 2024, the Company’s investment assets at fair value through profit or loss were EUR 69,908 thousand, which compared to 31 December 2023, grew by EUR 4,029 thousand (or 6.21 %).
    • From January to December 2024, The Company earned EUR 3.344 thousand in total comprehensive income.

    Key events of 2024:

    • In 2024, the Company, through its managed subsidiaries, acquired investment property with a total acquisition value of approximately EUR 23.9 million:
      • Commercial building, located at 83 Dariaus ir Girėno g., Jurbarkas, Lietuva;
      • Commercial building, located at 2 Chrobrego, Radom, Lenkija;
      • Commercial building, located at 211 Zgierska, Łódź, Lenkija;
      • Land plot, located at 46 Artojų g., Kaunas, Lietuva.
    • In 2024 the Company issued private bonds with nominal value of EUR 9.974 million and redeemed private bonds with a nominal value of EUR 26.570 million.
    • On 13 August 2024, the Group’s prospectus for a public bond offering of EUR 35 million was approved. During 2024, the Company issued bonds with a nominal value of EUR 23.774 million.

    Key events after the end of the financial year:

    • On January 19, 2025, the third tranche of the public bond issuance was completed, during which the Company issued bonds with a total nominal value of EUR 11.226 million.
    • At the end of January 2025, the Company executed an early redemption of bonds in accordance with applicable early redemption terms, redeeming private bonds with a nominal value of EUR 7.474 million.
    • In March 2025, the Company, through its subsidiary, has completed a transaction for the acquisition of two Lidl store buildings in Panevėžys and Jurbarkas, for which it received EUR 6.7 million in financing from a credit institution.

    Shareholder’s meeting

    According to the Law on Companies of Republic of Lithuania, the annual financial statements prepared by the Management are authorised by the General Shareholders’ meeting. The shareholders hold the power not to approve the annual financial statements and the right to request new financial statements to be prepared. 

    The shareholders of the Company will vote on approving the Group’s and Company’s 2024 financial statements at a shareholders’ meeting to be held on 30 April 2025. The meeting will also consider a proposal for the distribution of profits, it is proposed to allocate profits as follows:

    Article Amount, EUR
    Retained earnings (loss) – at the beginning of financial year (4,339,664)
    Change in accounting policy 2,979,859
    Retained earnings (loss) – at the beginning of financial year after the change in accounting policy (1,360,105)
    Comprehensive income (loss) for the reporting period – net profit for the current year 3,344,405
    Interim dividends paid in 2024 (400,000)
    Profit transfer to the legal reserve –
    Retained earnings (loss) – at the end of financial year 1,584,300
    Profit distribution:  
    Profit transfer to the legal reserve (167,220)
    Profit transfer to other reserves –
    Profit to be paid as dividends (1,274,534)
    Retained earnings (loss) at the end of the financial year for 2024 and previous financial periods 142,546

    Additional agenda items of the shareholders’ meeting – the amendment of the Company’s Articles of Association, the establishment of the Audit Committee, the and approval of its guidelines.

    Contact person for further information:

    Paulius Nevinskas

    Manager of the Investment Company

    paulius.nevinskas@lordslb.lt

    https://lordslb.lt/tewox_bonds/

    Attachments

    The MIL Network –

    April 30, 2025
  • MIL-OSI: Šiaulių Bankas Group results for 3M 2025

    Source: GlobeNewswire (MIL-OSI)

    • Profit. Šiaulių Bankas Group earned a net profit of €17.7 million
    • Fee and commission income. Net fee and commission income exceeded €7.5 million, up 17% year-on-year
    • Loan portfolio. The loan portfolio exceeded €3.5 billion, up 15% year-on-year
    • Financing structure. The bank successfully placed €300 million bond issue on the international markets
    • Buybacks. The bank has requested the ECB for authorisation to purchase 4.5 million of own shares
    • Rebranding. Šiaulių Bankas will become Artea as of 5 May 2025.

     

    “We are about to take a historic step by becoming Artea in early May. This is more than just a new name. It is a strategic initiative to strengthen our relationship with private and corporate clients, the public and investors, and to become the first choice bank for customers in Lithuania.

    We are fully focused on this important strategic change from the beginning of the year, which we believe will support long-term business. Our first quarter were in line with our market guidance,” says Vytautas Sinius, Chief Executive Officer of Šiaulių bankas.

    Šiaulių Bankas Group earned unaudited net profit of €17.7 million in the first quarter of 2025, which is 21% less than in the corresponding period of 2024. Operating profit before impairment and income tax amounted to €24.5 million, down 18% compared to an operating profit of €30.0 million in the corresponding period of 2024.

    Net fee and commission income in Q1 2025 grew by 17% y-o-y to over €7.5 million, while net interest income decreased by 13% y-o-y to €34.4 million.

    All loan book segments grew during the quarter, with the total loan portfolio increasing by 2% (€76 million) to €3.5 billion. New credit agreements signed in the first quarter amounted to €0.4 million, 6% more than in the corresponding period of 2024 (€0.37 million).

    The quality of the loan portfolio remains very strong, with loan provisions of €1.9 million in Q1 2025 (€2.2 million in the corresponding period of 2024). The Cost of Risk (CoR) of the loan portfolio was 0.2% in Q1 2025 (0.4% in the corresponding period of 2024).

    The customer deposit portfolio grew by 1% (€45 million) since the beginning of the year and exceeded €3.6 billion at the end of the quarter. Demand deposits grew by 4% (€67 million) during the quarter to over €1.7 billion.

    In the first quarter of this year, the bank’s funding structure was reinforced by €300 million senior preffered bond issue. As planned, the bank redeemed a subordinated bond issue of €20 million after the end of the quarter.

    The group’s cost-to-income ratio at the end of the quarter was 52.6%1 (Q1 2024: 42.1%1) and the return on equity was 12.4% (Q1 2024: 17.6%). The group has accumulated capital and liquidity reserves, which include a contingent reserve for changes in CRR3 regulatory requirements to be implemented by June 30, 2025. Preliminary prudential ratios – the Capital Adequacy Ratio (CAR) stood at 22.8%2, while the Liquidity Coverage Ratio (LCR) stood at 254%2.

    The bank’s strong and sustainable capital base has enabled it not only to pay out a record dividend for 2024 (50% of 2024 net profit, €0.061 per share), but also to achieve a higher return to shareholders through the use of a buybacks of its own shares. The bank plans to continue its own share buybacks under the ECB’s authorisation and intends to buy back up to 2.65 million shares. In the first quarter of 2025 the bank has also submitted an additional request for ECB authorisation to purchase up to 4.5 million own shares

    Income Statement (€`m)

    2025 3M YTD

    2024 3M

    % ∆

     

     

    Net Interest Income

    34.4

    39.6

    -13%

    Net Fee and Commission Income

    7.6

    6.5

    17%

    Other Income

    6.4

    11.4

    –44%

    Total Revenue

    48.3

    57.4

    -16%

     

     

    Salaries and Related Expenses

    -14.0

    -11.3

    24%

    Other Operating Expenses

    -9.9

    -16.1

    –39%

    Total Operating Expenses

    -23.8

    -27.4

    –13%

     

     

    Operating Profit

    24.5

    30.0

    -18%

    Provisions

    -2.2

    -2.2

    1%

    Income Tax Expense

    -4.6

    -5.4

    -14%

     

     

    Net Profit

    17.7

    22.5

    -21%

     

     

    Balance Sheet Metrics (€`m)

    2025.03.31

    2024.12.31

    % ∆

     

     

    Loan Portfolio

    3 511

    3 435

    2%

    Total Assets

    5 286

    4 923

    7%

    Deposits

    3 606

    3 561

    1%

    Equity

    561

    585

    -4%

     

     

    Assets under Management3

    1 957

    1 977

    -1%

    Assets under Custody

    1 964

    1 936

    1%

     

     

    Key indicators

    2025 3M YTD

    2024 3M

    ∆

     

     

    Net Interest Margin (NIM)

    3.0%

    3.9%

    -94bp

    Cost-to-Income Ratio (C/I)1

    52.6%

    42.1%

    +1054bp

    Return on Equity (RoE)

    12.4%

    17.6%

    -521bp

    Cost of Risk (CoR)

    0.2%

    0.4%

    -15bp

    Capital Adequacy Ratio (CAR)2

    22.8%

    21.1%

    +169bps

     

    Overview of Business Segments

    Corporate Client Segment

    The volume of new business finance contracts in Q1 2025 was €0.2 billion, the same as a year before. Since the beginning of the year, the business loan portfolio grew by 2% (€33 million) to almost €1.9 billion. The strong growth is maintained by the high quality of the loan portfolio, with a partial release of provisions on the corporate loan portfolio Q1 2025, with a Cost of Risk (CoR) of -0.21%.

    The bank’s continues to diversify growth across strategic sectors such as manufacturing, retail and renewable energy. The favourable business environment has stimulated investment and created additional opportunities for expansion.

    Private Client Segment

    In Q1 2025, the volume of new mortgage contracts increased by 90% to €76 million compared to the same period last year. Since the beginning of the year, the housing loan portfolio has grown by 5% (€43 million) to almost €1 billion.

    The volume of new consumer finance contracts fell by 9% year-on-year to €49 million in Q1 2025 compared to the same period last year. Since the beginning of the year, the consumer loan portfolio grew by 1% (€5 million) to almost €0.4 billion.

    The bank continues to implement strategically important projects, modernising its core banking platform in line with the plan and rebranding. Šiaulių bankas will becomes Artea as of 5 May.

    Investment Client Segment

    In an environment of decreasing base rates, customers continue to invest and save actively. In Q1 2025, the value of bonds issued on behalf of corporate clients amounted to €64 million. At the end of the quarter, the value of assets under custody amounted to almost €2 billion.

    At the end of Q1 2025, the assets managed by SB Asset Management remained above €1.4 billion. The performance of the managed pension funds continues to rank among the best compared to competitors, both since the beginning of the year and over longer 3- and 5-year periods. Thanks to the applied Index Plus investment strategy—where part of the funds is allocated to private debt, real estate, and other private assets—the funds experience lower volatility during turbulent periods, while maintaining high returns.

    1eliminating the impact of SB Insurance’s client portfolio
    2Preliminary data
    3 includes assets managed by asset management and modernisation funds

    Šiaulių bankas invites shareholders, investors, analysts and all interested parties to a webinar presentation of the financial results for the first quarter of 2025. The webinar will start at 08:30 (EEST) on 29 April 2025. The webinar will be held in English. Please register here.

    If you would like to receive Šiaulių Bankas’ news for investors directly to your inbox, subscribe to our newsletter.

     

    Additional information:

    Tomas Varenbergas

    Head of Investment Management Division

    tomas.varenbergas@sb.lt, +370 610 44447

    Attachments

    • 2025-1Q EN_
    • Siauliu Bankas Q1`25 earnings results presentation

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Dividend Payments ex-date of Coop Pank AS

    Source: GlobeNewswire (MIL-OSI)

    For the year of 2024 Coop Pank AS will pay dividend in the net amount of 7,00 eurocents per share. The list of shareholders entitled to receive dividend will be established as at 02.05.2025 COB in the settlement system. Consequently, the day of change of the rights related to the shares (ex-date) is set to 30.04.2025. From this day onwards, the person acquiring the shares will not have the right to receive dividend for the financial year 2024. Dividend shall be disbursed to the shareholders on 06.05.2025.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 213,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.

    Additional information:
    Paavo Truu
    CFO
    Phone: +372 5160 231
    E-mail: paavo.truu@cooppank.ee

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Aktsiaselts Infortar 2024 audited Annual Report

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of Aktsiaselts Infortar approved the audited annual report for 2024 and will submit it to the Annual General Meeting for approval.

    Major events

    Maritime transport

    In the summer, Infortar invested €110 million in acquiring Tallink Grupp (Tallink) shares, increasing its shareholding in Tallink to 68.5%.

    The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totalled 777,000.

    Energy

    Infortar’s subsidiary, Elenger Grupp (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.

    In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company’s market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.

    Real estate

    Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics centre in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.

    Key figures of financial year

    Key figures 12 months 2024 12 months 2023
    Sales revenue. m€ 1 371.775 1 084.626
    Gross profit. m€ 128.628 149.473
    EBITDA. m€ 145.275 143.283
    EBITDA margin (%) 10.6% 13.2%
    Operating profit. EBIT. m€ 77.024 123.628
    Total profit(-loss). m€1,2 193.670 293.830
    EPS (euros)2 9.36 14.62
    Total equity m€ 1 166.221 820.210
    Total liabilities m€3 1 223.287 441.160
    Net debt m€4 1 055.708 354.045
    Investment loans to EBITDA (ratio)5 3.0x 1.7x

    1.The 2024 financial year total profit includes a one-off revaluation of €94 million, mainly arising from the acquisition of Tallink. The 2023 financial year profit includes a one-off revaluation of €159 million, mainly arising from the acquisition of Gaso.

    2. In the Q4 and 12-month annual results reported on 25 February 2025, the consolidated total profit for the financial year was €173.351 million, and earnings per share (EPS) amounted to €8.46. Adjustments have been made in the audited figures, mainly related to the purchase price allocation of Tallink Grupp, resulting in an increase of €20.319 million in the total profit for the annual year and an increase of earnings per share (EPS) by 0.9 euros.

    3–4. The significant increase in liabilities and net debt is due to the consolidation of Tallink’s loans into Infortar’s financial statements in 2024.

    5. Infortar Group’s investment loans / EBITDA ratio. For 2024 Tallink’s 12-month EBITDA (€265.447 million) has been used for comparability purposes

    Revenue

    2024. financial year, the group´s consolidated sales revenue increased by €287.149 million reaching €1 371.775 million (compared to €1 084.626 million in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.

    EBITDA and Segment Reporting

    Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was €175.181 million (compared to €214.528 million in the 2023 financial year). In segment reporting 100% Tallink results are presented.

    Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.

    Energy Segment: The EBITDA for the energy segment of the 2024 financial year was €77.235 million (compared to €135.999 million in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.

    Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was €13.567 million (compared to €12.39 million in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.

    Total Profit

    The consolidated total profit for the 2024 financial year was €193.67 million (compared to €293.83 million in the 2023 financial year). One-off significant impacts included the effects related to the acquisition of Tallink in 2024 and Latvian gas distribution company Gaso in 2023. The consolidated operating profit for the 2024 financial year was €77.024 million (compared to €123.628 million in 2023).

    Investments

    Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biomethane plant next to the farm for local biomethane production. Infortar invested €110 million in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.

    Infortar subsidiary Elenger signed a €120 million agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.

    Financing

    Loan and lease liabilities amounted to €1 223.287 million in 2024 financial year (compared to €441.16 million in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations.

    Proportionally to the growth in assets, Infortar’s net debt increased by €701.663 million, reaching €1 055.708 million (compared to €354,045 million in 2023 financial year). The net debt to EBITDA ratio was 3.4.

    Dividends

    According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per financial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results.

    Consolidated statement of profit or loss and other comprehensive income

    (in thousands of EUR) 12 months 2024 12 months 2023
    Revenue 1 371 775 1 084 626
    Cost of goods (goods and services) sold -1 243 034 -934 811
    Write-down of receivables -113 -342
    Gross profit 128 628 149 473
    Marketing expenses -21 086 -1 620
    General administrative expenses -50 438 -22 085
    Profit (loss) from biological assets -139 0
    Profit (loss) from the change in the fair value of the investment property -949 -4 074
    Profit (loss) from changes in the fair value of fixed assets -8 691  
    Unsettled gain/loss on derivative financial instruments 26 672 1 969
    Other operating revenue 4 682 2 523
    Other operating expenses -1 655 -2 558
    Operating profit 77 024 123 628
    Profit (loss) from investments accounted for by equity method 22 974 39 639
    Financial income and expenses 13 392 0
    Other financial investments -50 -4
    Interest expense -38 274 -22 573
    Interest income 4 979 2 765
    Profit (loss) from changes in exchange rates 100 -173
    Gain from bargain purchase 93 659 159 158
    Total financial income and expenses 73 806 139 173
    Profit before tax 173 804 302 440
    Corporate income tax 19 866 -8 610
    Profit for the financial year 193 670 293 830
    including:    
    Profit attributable to the owners of the parent company 191 253 293 778
    Profit attributable to non-controlling interest 2 417 52
    Other comprehensive income    
    Items that will not be reclassified to profit or loss    
    Revaluation of post-employment benefit obligations -141 -44
    Items that may be subsequently reclassified to the income statement:    
    Revaluation of risk hedging instruments -45 792 -58 189
    Exchange rate differences attributable to foreign subsidiaries 53 -42
    Total of other comprehensive income -45 880 -58 275
    Total income 147 790 235 555
    including:    
    Comprehensive profit attributable to the owners of the parent company 145 514 235 503
    Comprehensive profit attributable to non-controlling interest 2 417 52
    Ordinary earnings per share (in euros per share) 9,36 14,62
    Diluted earnings per share (in euros per share) 9,12 14,15

    Consolidated statement of financial position

    (in thousands of EUR) 31.12.24 31.12.23
    Current assets    
    Cash and cash equivalents 167 579 87 115
    Short-term derivatives 8 333 28 728
    Settled derivative receivables 676 5 958
    Other prepayments and receivables 155 351 162 575
    Prepaid taxes 3 831 925
    Trade and other receivables 38 517 20 185
    Prepayments for inventories 2 498 3 493
    Inventories 215 914 146 884
    Biological assets 941 0
    Total current assets 593 640 455 863
    Non-current assets    
    Investments to associates 16 603 346 014
    Long-term derivative instruments 3 214 1 125
    Long-term loans and other receivables 35 163 9 072
    Investment property 67 931 176 024
    Property, plant and equipment 1 909 458 446 748
    Intangible assets 38 874 14 366
    Right-of-use assets 47 598 11 300
    Biological assets 2 753 0
    Total non-current assets 2 121 594 1 004 649
    TOTAL ASSETS 2 715 234 1 460 512
         
    (in thousands of EUR) 31.12.24 31.12.23
    Current liabilities    
    Loan liabilities 497 162 184 259
    Rental liabilities 9 020 1 766
    Payables to suppliers 87 941 74 751
    Tax obligations 49 354 32 822
    Buyers’ advances 31 126 3 099
    Settled derivatives 8 728 1 463
    Other current liabilities 63 431 10 851
    Short term derivatives 27 704 3 659
    Total current liabilities 774 466 312 670
    Non-current liabilities    
    Long-term provisions 9 946 8 399
    Deferred taxes 2 816 33 233
    Other long-term liabilities 43 209 30 679
    Long-term derivatives 1 471 186
    Loan-liabilities 676 670 246 410
    Rental liabilities 40 435 8 725
    Total non-current liabilities 774 547 327 632
    TOTAL LIABILITIES 1 549 013 640 302
         
    (in thousands of EUR) 31.12.24 31.12.23
    Equity    
    Share capital 2 117 2 105
    Own shares -72 -95
    Share premium 32 484 29 344
    Reserve capital 212 205
    Option reserve 6 223 3 864
    Hedging reserve* -21 674 24 118
    Unrealised exchange rate differences 45 -39
    Post-employment benefit obligation reserve -185 -44
    Retained earnings from previous periods 890 167 759 918
    Total equity attributable to equity holders of the Parent 909 317 819 376
    Minority interests 256 904 834
    Total equity 1 166 221 820 210
         
    TOTAL LIABILITIES AND EQUITY 2 715 234 1 460 512

    Consolidated statement of cash flows

    Cash flows from operating activities    
    (in thousands of EUR) 12 months
    2024
    12 months
    2023
    Profit for the financial year 193 670 293 830
    Adjustments:    
    Depreciation, amortisation, and impairment of non-current assets 68 251 19 655
    Change in the fair value of the investment property -22 974 -39 639
    Change in the value of derivatives -1 483 54 122
    Other financial income/expenses -112 030 -161 965
    Calculated interest expenses 38 274 22 573
    Profit/loss from non-current assets sold -955 -91
    Income from grants recognised as revenue -643 784
    Corporate income tax expense -19 866 8 610
    Income tax paid -10 551 -267
    Change in receivables and prepayments related to operating activities 52 023 54 540
    Change in inventories -12 831 -61 914
    Change in payables and prepayments relating to operating activities -81 275 -406
    Change in biological assets -322 0
    Total cash flows from operating activities 89 288 189 832
         
    Cash flows from investing activities    
    Purchases of associates 0 -10 314
    Purchases of subsidiaries -111 684 -103 414
    Received dividends 20 862 0
    Given loans 1 918 6 652
    Interest gain 4 953 2 691
    Purchases Investment property -10 352 -18 304
    Purchases of property, plant and equipment -27 835 -18 143
    Proceeds from sale of property 1 561 -252
    Total cash flows used in investing activities -120 577 -141 084
         
    Cash flows used in financing activities 12 months
    2024
    12 months
    2023
    Proceeds from targeted financing 225 0
    Changes in overdraft 12 863 14 348
    Proceeds from borrowings 358 731 287 606
    Repayments of borrowings -151 790 -312 846
    Repayment of finance lease liabilities -11 300 -2 233
    Interest paid -39 153 -22 224
    Dividends paid -60 997 -15 750
    Gain from share emission 3 174 29 464
    Total cash flows used in financing activities 111 753 -21 635
         
    TOTAL NET CASH FLOW 80 464 27 113
    Cash at the beginning of the year 87 115 60 002
    Cash at the end of the period 167 579 87 115
    Net (decrease)/increase in cash 80 464 27 113

    The 2024 Annual Report of Aktsiaselts Infortar is attached to this notice and will be made available on the website Reports | Infortar.

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

    Attachments

    • 2024_majandusaasta aruanne ENG
    • AS Infortar 2024 audit

    The MIL Network –

    April 29, 2025
  • MIL-OSI: Aktsiaselts Infortar Investor Webinar introducing the results of the Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Infortar will organize a webinar for investors on 5 May 2025 at 12:00 (EET) in Estonian and at 14:00 (EET) in English to introduce the first quarter 2025 results. The webinar will be attended by the Chairman of the Board of Infortar Ain Hanschmidt, the Managing Director Martti Talgre and Investor Relations Manager Kadri Laanvee.

    The webinar will be hosted on the Microsoft Teams platform. Please note that to participate, no prior registration is required, and no reminder of the webinar will be sent. You can either participate by joining from your web browser or via Microsoft Teams application. When using a smart device to join the webinar, you first need to download the Microsoft Teams application from either Play Store or App Store.

    Please join the webinar via the following links:

    5 May 2025 at 12:00 (EET) Estonian webinar

    5 May 2025 at 14:00 (EET) English webinar

    Questions can be sent to investor@infortar.ee before the webinar and via Teams Q/A during the event. The webinar will be recorded and will be available online for everyone on the company’s website at https://infortar.ee/en/reports.

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.

    Additional information:
    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor
     

    The MIL Network –

    April 28, 2025
  • MIL-OSI: UAB “Atsinaujinančios energetikos investicijos” aims to extend the Company’s operational term and to adopt a decision regarding the approval of the terms for a planned new bond program with a nominal value of up to €100 million

    Source: GlobeNewswire (MIL-OSI)

    The management company UAB “LORDS LB ASSET MANAGEMENT” (hereinafter referred to as the Management Company) has decided to convene an extraordinary general meeting of shareholders of UAB “Atsinaujinančios energetikos investicijos”, the closed-end investment company intended for informed investors (hereinafter referred to as the Company) on May 16, 2025. At the meeting, it is proposed to make a decision to extend the Company’s operational term by 2 years and to adopt a decision on the approval of a planned new bond program of fixed annual interest rate of 5-10% for a term of up to 2.5 years, provided that market conditions are favorable.

    This announcement does not constitute an invitation to sell or offer securities or investments, nor does it constitute an invitation to purchase securities or investments in any jurisdiction where such offer or invitation would be illegal. No actions have been taken that would allow the offer of securities or to have or distribute this announcement in any jurisdiction where such actions would be required for that purpose. Individuals who receive this announcement must inform themselves of and observe such restrictions.

    Contact person for further information:

    Rūta Abromavičienė, Legal Officer of LORDS LB ASSET MANAGEMENT, UAB

    Jogailos st. 4, 01116 Vilnius, Lithuania

    ruta.abromaviciene@lordslb.lt

    The MIL Network –

    April 28, 2025
  • MIL-OSI Africa: The end of Ebola outbreak in Uganda demonstrates World Health Organization (WHO)’s value in controlling and stopping diseases

    Source: Africa Press Organisation – English (2) – Report:

    KAMPALA, Uganda, April 27, 2025/APO Group/ —

    Uganda has officially declared the end of the Ebola disease outbreak, which was confirmed on 30 January 2025 by Uganda’s Ministry of Health. The outbreak infected 14 people, two of whom were probable (not confirmed by laboratory tests) and caused four deaths (including two probable). 

    Disease outbreaks, such as Ebola, Marburg, and yellow fever, are not new in Uganda. The country has faced multiple outbreaks and, in doing so, has built a resilient health system capable of detecting and containing outbreaks rapidly. With active support from the World Health Organization (WHO) and other partners, this outbreak again demonstrated Uganda’s capacity to deal with such challenges. 

    The latest Ebola disease outbreak occurred in the bustling, highly mobile city of Kampala. In many places, such an announcement could have triggered widespread panic. But, within 72 hours of confirmation, the Ministry of Health, actively supported by the WHO and health partners, activated its response mechanisms. Rapid response teams were deployed on the ground, identifying contacts to the confirmed patient, collecting samples for testing, setting up treatment units, and educating the community about Ebola prevention. 

    Similarly, within 24 hours of notification, the WHO Deputy Director General and Executive Director for Emergencies, Dr Mike Ryan, was in Uganda to guide WHO’s strategic and operational support to the response. 

    “The outbreak occurring in an urban setting is of significant concern to us, given past experiences. In this outbreak, every minute is of the essence, and we must set up rapidly to avert a potential disaster,” said Dr Mike Ryan upon arrival in the country.

    WHO mobilized 129 national and international staff to support the response. They brought a wealth of technical expertise, ensuring that WHO’s input was present at every critical stage.

    The impact of these efforts was quickly evident. On 14 March 2025, the last confirmed patient was discharged, and 534 contacts had been successfully identified and followed up daily. This is no mean achievement given the area in which the outbreak occurred. It is a testament to Uganda’s strengthened capacity to detect and respond to disease outbreaks in line with the International Health Regulations (2005) (IHR), for which WHO is the principal custodian.

    Uganda has now completed the 42-day mandatory countdown without a confirmed Ebola case. During this critical period, WHO worked closely with the Ministry of Health to conduct active case search and mortality surveillance to ensure that no potential chains of transmission went undetected.

    It’s important to acknowledge the groundwork that made this rapid response possible. WHO’s presence on the ground through its regional hubs and prior technical leadership in helping Uganda develop a multisectoral preparedness and response plan were pivotal. These provided clear direction for all responding actors, enabling effective coordination, optimizing resource allocation, and preventing duplication.

    Another key enabler was the swift deployment by WHO of 165 multidisciplinary Rapid Response Team members (RRTs) to hotspot districts. These members strengthened local capacity for alert management, case investigation, and contact tracing, even in remote areas. Backed by WHO’s technical training and tools, the RRTs worked hand in hand with district teams to ensure that no case went undetected. This strong collaboration helped halt the further spread of the disease.

    Special attention was also given to border health. With the international imperative to prevent cross-border transmission, health workers were rapidly reoriented, thermal scanners were deployed, and screening protocols were enforced at 13 key entry points, especially at Entebbe International Airport. 

    The laboratory response was equally robust. Over 1500 samples were collected, transported, and tested, with national labs rising to the challenge. Thanks to WHO’s prior technical support, Uganda had the capacity to manage samples under strict biosafety and quality standards. Laboratory teams at the Uganda Virus Research Institute and Central Public Health Laboratories handled the workload professionally and efficiently, earning praise for their quick turnaround. 

    At the heart of the response was a courageous and well-prepared case management team. Equipped with WHO Ebola supplies designed to protect health workers and support clinical care, they treated patients with professionalism and care. Of the 12 confirmed cases, two patients succumbed, while the rest were successfully treated and reintegrated into their communities. Two probable cases were identified after their death, therefore not managed in the treatment center. 

    WHO-supported 78 Emergency Medical Teams (EMTs) further reinforced case management efforts. These highly trained and well-equipped teams ensured the safe transportation and treatment of patients across affected regions, delivering high-quality care at every step.

    For the second time in an Ebola outbreak caused by the Sudan virus in Uganda,  WHO  deployed anthropologists, risk communication experts, and community engagement teams. These specialists worked directly with communities to address stigma, mistrust, and misinformation, while providing real-time public health information. Their efforts were instrumental in gaining trust and reinforcing safety practices.

    Despite the absence of a licensed vaccine against the Sudan virus, candidate vaccines are in various phases of clinical trials, recommended by the independent WHO candidate vaccine prioritisation working group. Within four days of the government’s declaration of the outbreak, a randomized clinical trial for vaccine safety and efficacy using the ring vaccination approach was launched. In addition, the administration of Remdesivir treatment under the Monitored Emergency Use of Unregistered and Experimental Interventions (MEURI) protocol was initiated. 

    Ecological studies aimed at identifying the source of infection were initiated and are continuing. These are important because they help to anticipate risks of outbreaks as well as ensure health systems are well prepared and ready to detect outbreaks early and respond effectively.

    Behind the scenes, coordination and partner engagement played crucial roles. WHO was responsible for aligning resources, reducing duplication, and maximizing impact. Through its coordination role, WHO mapped out key stakeholders and facilitated effective resource use at all levels of the response.

    No successful outbreak response is complete without adequate financial backing. So far, WHO has mobilized and utilized US $6.2 million for this response. This support, along with in-kind contributions of essential medicines, supplies, and equipment, has been vital in maintaining the momentum of operations.

    WHO acknowledges and deeply appreciates all partners who contributed through the WHO Contingency Fund for Emergencies (CFE), including: Germany, Norway, Ireland, Canada, France, New Zealand, Kuwait, Portugal, Philippines, Republic of Korea, Switzerland, Estonia, and the WHO Foundation. Thanks to the United Kingdom, the Republic of Ireland, the Netherlands, the European Commission – Health Emergency Preparedness and Response (HERA), International Development Research Centre (IDRC), European Commission – European Civil Protection and Humanitarian Aid Operations (DG ECHO) and the African Public Health Emergency Fund (APHEF) for supporting WHO’s interventions.

    As the situation in Uganda stabilizes, this outbreak highlights three clear lessons: early preparedness saves lives, rapid response is critical, and WHO’s support remains vital, not only for Uganda, but for global health security.

    MIL OSI Africa –

    April 28, 2025
  • MIL-OSI Economics: Europe’s hydrogen initiatives and renewable energy auctions to accelerate region’s energy transition, says GlobalData

    Source: GlobalData

    Europe’s hydrogen initiatives and renewable energy auctions to accelerate region’s energy transition, says GlobalData

    Posted in Power

    Three years into the Russia-Ukraine conflict, Europe has significantly diminished its reliance on Russia. Even though the EU has been importing liquified natural gas (LNG) primarily from the US, Norway, and Qatar since the onset of hostilities, the continent has decreased its overall consumption of fossil fuels, particularly the power sector has progressively become cleaner. The structural modifications to the permitting process for renewable energy projects and hydrogen initiatives are expected to further accelerate the region’s energy transition, says GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Europe Renewable Energy Policy Handbook 2025,” reveals that in response to structural changes in permitting, EU countries acted in a united and prompt manner. Merely weeks following Russia’s incursion into Ukraine, the leaders of the 27 EU member states resolved to expedite the EU’s transition away from reliance on Russian fossil fuels by diversifying energy supplies and sources, curtailing the use of fossil fuels, and accelerating the transition to cleaner energy sources. Subsequently, the European Commission introduced the REPowerEU plan—a strategic framework aimed at enhancing the EU’s energy independence and promoting the adoption of clean energy.

    The EU, with its “Fit for 55” package, is committed to reducing greenhouse gas emissions by at least 55% by 2030, thereby aligning its energy targets with an emphasis on renewable energy. In 2023, the EU, under the revised REPowerEU plan, set a goal for a 42.5% renewable energy share by 2030. Member states are encouraged to contribute through their respective National Energy and Climate Plans (NECPs). The EU is promoting clean energy through auctions and hydrogen energy.

    Sudeshna Sarmah, Power Analyst at GlobalData, comments: “The EU is actively pursuing a variety of strategies to broaden the adoption of renewable technologies. The implementation of the Innovation Fund auction and the Renewable Energy Sources Auction platform is anticipated to garner support for renewable hydrogen projects and serve as a catalyst for renewable power auctions, respectively. These initiatives are expected to foster a favorable environment for investment opportunities within the EU.”

    In the Innovation Fund’s 24th auction, which concluded in February 2025, member countries of the European Economic Area (EEA) were given the opportunity to enhance projects with additional national funding through the Auctions as a Service (AaaS) mechanism. Spain, Lithuania, and Austria chose to participate in the IF24 AaaS, collectively committing over EUR 700 million (approximately $740.3 million) in national funds to support renewable hydrogen production projects within their territories.

    Launched in May 2024, the Renewable Energy Sources (RES) Auctions Platform represents a critical component of the European Commission’s Wind Power Action Plan. This platform consolidates vital information from Member States concerning upcoming renewable energy auctions within the European Union. Its purpose is to provide companies with improved visibility of expected deployment volumes, thus aiding the industry in planning their investments more efficiently.

    Sarmah concludes: “The European Hydrogen Strategy sets an ambitious annual consumption target of 20 million tons of hydrogen by the year 2030. Of this total, approximately 10 million tons are expected to be produced within the European Union. To facilitate the domestic manufacture of such significant volumes of green hydrogen, the development of an infrastructure capable of supporting 40 GW of electrolysis capacity will be essential by the decade’s end, indicating a promising trajectory for the growth of green hydrogen in the region.”

    MIL OSI Economics –

    April 26, 2025
  • MIL-OSI: BTCC Exchange Achieves Remarkable Growth in Q1 2025: Record Trading Volume of $815 Billion, Strengthened User Protection, and More User-Centric Initiatives

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, April 25, 2025 (GLOBE NEWSWIRE) — BTCC, the world’s longest-serving crypto exchange, announced outstanding growth for the first quarter of 2025, with total trading volume reaching $815 billion. The exchange revealed a remarkable surge in trading activity, service expansion, and strengthened commitments to user security.

    71% Surge in Futures Trading Propels Q1 Performance

    In the first quarter of 2025, BTCC achieved remarkable growth with total futures trading volume reaching $720 billion, representing a 71% quarter-over-quarter increase. Spot trading volume grew to $95 billion, up 54% from the previous quarter. The exchange has listed a variety of popular coins, including PI, TRUMP, and AI16Z, to meet the needs of diverse traders seeking innovative and trending cryptocurrencies in the market.

    The user base also showed impressive growth, surpassing the 7 million milestone and reaching 7.04 million registered users by the end of Q1 2025. This achievement reflects the growing trust in BTCC as a reliable platform and its expanding global footprint.

    $15M Risk Reserve Fund Safeguards 280,000 Traders

    BTCC has reinforced its commitment to user asset security by adding $4.3 million to its Risk Reserve Fund in Q1, which brings the cumulative total to over $15 million. This protective measure has already assisted approximately 280,000 users in the first quarter of this year, offering comprehensive coverage for negative balance accounts during extreme market volatility and compensating traders impacted by system failures.

    “In today’s volatile global market, characterized by geopolitical conflicts and macroeconomic uncertainties, crypto assets face unprecedented opportunities and challenges,” said Alex, Head of Operations at BTCC.

    “For our users, this is a time of both challenges and opportunities. We are proud of our Q1 data, which reflects our commitment to protecting users’ funds and building trust. Our mission is to serve as a stable anchor during market fluctuations, actively reducing risks while fostering a community built on trust and reliability.”

    Prioritizing User-Centric Initiatives

    Beyond strengthening user protection, BTCC implemented campaigns and service enhancements during Q1 2025. The exchange distributed 5 million USDT in rewards through targeted campaigns designed for diverse user segments, including new users, longtime users, beginners, and advanced traders.

    The VIP program was also revamped in the first quarter to cater to high-volume traders. Upgrades included more competitive fee structures, the introduction of VIP Status Protection Periods, substantial upgrade rewards, exclusive luxury experiences, and more.

    The exchange further demonstrated its commitment to corporate social responsibility through active participation in various charitable initiatives, such as collaborations with Red Eagle Foundation, reinforcing its dedication to giving back to communities worldwide.

    TOKEN2049 Sponsorship and Proof of Reserves on Horizon

    Looking ahead, BTCC will participate as a gold sponsor at TOKEN2049, one of the industry’s premier events that will take place on April 30 and May 1 in Dubai. Additionally, the exchange plans to announce its Proof of Reserves (PoR) soon, which will further enhance transparency and security for its users.

    To strengthen its market position, BTCC is exploring strategic sponsorship opportunities aimed at increasing brand visibility in key regions. As BTCC enhances its services while prioritizing user protection, the platform is well-equipped to thrive in the next quarter, backed by a strong user base and record trading volumes.

    About BTCC Exchange

    Founded in 2011, BTCC is a leading global cryptocurrency exchange with the vision to make crypto trading reliable and accessible to everyone. With a strong presence in over 100 countries and regions and a user base of over 7.04 million, BTCC continues to deliver innovation, security, and an unmatched user experience in the cryptocurrency world.

    Official website: https://www.btcc.com/en-US

    X: https://x.com/BTCCexchange

    Contact: press@btcc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3d8297f8-6ef6-49ac-a893-c262a0573c71

    The MIL Network –

    April 26, 2025
  • MIL-OSI: Notice of Issuance of LHV Group’s New Tier 1 Subordinated Bonds and Early Redemption of existing AT1 Subordinated Bonds (including the record date and redemption date)

    Source: GlobeNewswire (MIL-OSI)

    Yesterday, on 24.04.2025 AS LHV Group carried out an issue of Tier 1 subordinated unsecured bonds on international markets in the total volume of 50,000,000 euros (hereinafter: Bonds). The value date of the issued Bonds is 30.04.2025.

    The Bonds will be in bearer form and in denominations of EUR 200,000 and integral multiples of EUR 1,000 in excess thereof up to and including EUR 399,000. The Bonds are without defined maturity date (perpetual), and with first call date on 30.04.2030. The Bonds carry coupon rate 9.5% per annum and will be issued at 100% of nominal.

    LHV Group will apply to the regulator to include them in additional Tier 1 capital. European investment funds and other qualifying investors participated in the subscription of the issue, whereas British investors subscribed for almost half of the issue and the share of Baltic investors was around 38% of the total volume.

    At the same, LHV Group announces its decision to prematurely redeem the subordinated bonds issued on 26.05.2020, registered with ISIN code EE3300001668 (hereinafter: AT1 Bonds). The early redemption of the AT1 Bonds will be carried out in accordance with the terms and conditions of the AT1 Bonds, which permit full or partial early redemption after 26.05.2025, provided that investors are notified at least 30 days in advance and with the prior consent of the financial supervisory authority. The European Central Bank has granted its consent for the early redemption of the AT1 Bonds on 14.03.2025.

    All 150 AT1 Bonds, each with a nominal value of 100,000 euros, totalling 15,000,000 euros, will be redeemed early. Bondholders will receive the nominal value of the respective bonds along with accrued and unpaid interest up to the redemption date. The amount payable to the investor for one bond shall be EUR 102,375. The redemption date of the AT1 Bonds is 26.05.2025, and the list of bondholders will be recorded on 25.05.2025, at the end of the working day of the Nasdaq CSD settlement system.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    The MIL Network –

    April 26, 2025
  • MIL-OSI United Kingdom: Minister for European Union Relations’ Lecture at the Conference on Baltic Studies in Europe

    Source: United Kingdom – Executive Government & Departments

    Speech

    Minister for European Union Relations’ Lecture at the Conference on Baltic Studies in Europe

    A lecture delivered by the Minister for European Union Relations, The Rt Hon Nick Thomas-Symonds, at the Conference on Baltic Studies in Europe, University of Cambridge

    Introduction

    It’s a pleasure to be here with you all. Before I begin, I would like to thank the Association for the Advancement of Baltic Studies for hosting this important conference.

    I would also like to thank my friend Charles Clarke, not only for the invitation to speak here today.

    [political content removed]

    As part of that career, his time as Home Secretary, he had to deal daily with the implications of a complex and dangerous world, encapsulated by the heinous 7/7 attacks.

    While the nature of the threats our country faces have evolved since then – we know that the threats to our security, our economy and way of life are as pronounced now as they have been at any time in post war history.

    And these challenges do not just face the UK – or any one of our allies – alone; we face them, together. Therefore, it is crucial to ask how we can leverage our longstanding international relationships – and build upon them – to face these challenges together.

    The United Kingdom and the Baltic States enjoy an alliance built on shared values, on open trade, on a strategic, robust approach to defence.

    We respect one another, and it is through this respect that we work alongside each other – whether directly or through international organisations – to the benefit of our societies.

    Our citizens not only celebrate freedoms, but also realise that they are hard won and must be defended.

    I believe that – through the UK’s mission to go beyond the status quo with the European Union and grow our strategic alliance with our biggest trading partner – we could build on our relationship even further, to make us more prosperous, safer and better defended.

    I should clarify that – in the spirit of this broad alliance – while I will mainly be talking about Estonia, Latvia and Lithuania, I will also be touching on the Baltic Sea States, the other countries that share the same icy waters, including Sweden, Poland and Finland, which I understand follows the remit of this centre.

    Relationship with the Baltics

    Just over a month ago, the Times journalist Oliver Moody gave a talk at this university – at the Centre for Geopolitics – about his book ‘Baltic: The Future of Europe’.

    He spoke about the remarkable journey that the Baltic Sea States have taken over the last century: not just armed conflict, but the push and pull between independence, occupation and independence again.

    Reflecting on where we are now, he said: “This is the most coherent that north-eastern Europe has ever been. You have the Nordic and Baltic States working on a more equal footing than ever before, you have Poland starting to look north, and Germany is getting more involved”. He capped his remarks off by saying that this teamwork would have delighted the former Prime Minister of Estonia – Jaan Tonisson – who campaigned for a Scandinavian Superstate in 1917. Moody said that this cooperation is nothing short of “Jaan Tonisson’s dream, on steroids”.

    That claim is probably for the experts in this room to take a view on, but what is clear is the sheer depth of the shared objectives, opportunities and challenges.

    When you consider the history of these countries, this state of play is all the more remarkable. After all, to study the 20th Century developments of the Baltic States is to study world history. I am proud to say that, in many ways, the United Kingdom has been a positive part of that history, especially with Latvia, Lithuania and Estonia.

    When the British public were rejoicing throughout the UK on Armistice Day in 1918, the Royal Navy had no time to rest, as they started their campaign in the Baltic. They were playing their part to establish an independent Estonia and Latvia, providing weapons, ammunition and much-needed support, where over 100 naval servicemen bravely lost their lives for Baltic independence. In May 2022, the UK and Lithuania agreed a Joint Declaration to mark 100 years of bilateral relations, but it also looked towards the future. It outlined an agreement to boost defence and security collaboration, build closer trade ties, and promote people-to-people links.

    We already start from a strong place, as the UK is a home to many Baltic people – well over 350,000 of them.

    We host Latvia’s largest diaspora, as well as Lithuania’s and Estonian’s largest European diaspora. Our trading relationship is positive, which accounts for over £6bn in goods and services – up from last year. Who would have thought, from just over thirty years of Estonian independence, that there would be an Estonian bank running offices in London, Manchester and Leeds, or an Estonian defence company setting up a production facility for air defence missiles in Wales.

    I greatly admire the spirit, the fortitude and the determination of the Baltic States; they have known what it is to lose their freedom, their independence and – as a result – are embracing its benefits. The Baltic tech sector – for example – has one of the strongest and most innovative ecosystems within Europe, a fact elegantly demonstrated at this year’s Oscars, when a wholly digitally designed film from Latvia won the Best Animated Feature, against long-established studios like the US’s Pixar and the UK’s Aardman Animations.  

    Many Baltic firms are key investors in the UK, and have excelled in areas where others have stumbled, because they have had a clear focus on innovation and progress.

    Indeed, I have deeply appreciated my time with the Baltic Sea States. Last year, in Opposition, I visited Estonia – to meet with various leaders who are working tirelessly to defend their homeland. I was struck not only by the scale of the Russian threat their face – especially in areas like cyber-warfare – but also by their determination to rise to that challenge.

    Also, during a visit to Stockholm, I went to the SAAB Headquarters – who recently announced that they will be supplying the Latvian Government with a short-range ground-based air defence system. We spoke openly about the importance of cross-Europe defence, and they were very grateful for the UK’s renewed focus on European defence, and the Prime Minister’s leadership.

    Ukraine

    This historic collaboration – these well-defined relationships – only adds to our collective strength when we consider countering the complex situation, facing the world reshaped by the Russian invasion of Ukraine.

    Of course, to many of the Baltic Sea States, Russian aggression is nothing new. Indeed, Estonia, Latvia and Lithuania are ardent supporters of the Ukrainian fighters seeking to overcome this illegal Russian invasion. And they have shown this support in many ways – including as key hosts for Ukrainian refugees. According to the U.S. think tank The Wilson Centre, Estonia has hosted approximately 40,000 Ukrainian refugees, Latvia has around 50,000, and Lithuania has issued more than 50,000 visas.  A record of support that the UK also shares, and I am proud of the role my own constituency is playing in hosting Ukrainian families.

    In stepping up to defend the freedoms the UK and Baltic nations enjoy we recognise the hard-won sovereignty and dignity which the Baltic States have worked so hard to secure.

    I know from my own personal experience from meeting those defence officials – many with frontline experience on their border with Russia and Ukraine – that the threat they feel is not theoretical, it is existential. The defence of the Baltic Sea is – unquestionably – as important now as ever. That is why NATO takes this issue so seriously, launching the ‘Baltic Sentry’ mission to increase surveillance of ships crossing those cold waters.

    The UK also takes the security of the Nordic and Baltic states incredibly seriously. It’s why we were so supportive of NATO expansion for Latvia, Lithuania and Estonia – and others – in 2004. As the then UK Prime Minister – and Charles’s former boss – Tony Blair, said these invitations meant “a significant contribution to European security, and secures the place of the new Allies in the Euro-Atlantic community”.

    It’s also why we formed – with our Baltic counterparts and Nordic countries – the Joint Expeditionary Force, set up in 2018. To ensure our commitment to European security and international stability remains strong.

    It was only in November last year that we demonstrated the effectiveness of this Force with ‘Exercise Joint Protector’. More than 300 personnel were deployed to Liepāja in Latvia, and worked with staff in the UK. This – and the many other exercises the Force has undertaken – shows just how ready we and our partners are to respond to crises in the Baltic and Nordic regions.

    Keir visited British troops serving with NATO in December 2023 in Estonia.  There is an incredibly powerful image of him on that trip – standing with our brave troops.  Showing how committed he is to supporting the vital work they do, working with NATO allies to keep this continent safe.

    [Political content removed]

    The UK and Euro-Atlantic Security

    Here in the UK, we have been unequivocal about the need to bolster security across the European continent. We must look at how we safeguard each other – through our alliances; NATO, the Joint Expeditionary Force and through direct country-to-country connections too.

    We need to work better together on key issues facing our continent’s security. I mean everything – from how we improve our defence capabilities to ensuring we have the technological edge in conflict, how we finance these improvements, to how we bolster our industrial capacity across the continent. The Prime Minister will make this point on the world stage at the Joint Expeditionary Force Summit in Oslo next month, and NATO’s Hague Summit in June.

    Much of this work is underway. You may have seen His Royal Highness the Prince of Wales visit British troops in Estonia last month, who – under Operation Cabrit – are providing a deterrent to Russian aggression, bolstering NATO’s presence in Europe.

    At the centre of this is our absolute commitment to securing a just and lasting peace in Ukraine. The Prime Minister has been clear that for this plan to succeed, it must have strong US backing – and he is working closely with President Trump on this. I know other leaders – including those in the Baltics – have joined the chorus demanding that Ukraine’s voice must be at the heart of any talks.

    The importance of this cannot be overstated. Indeed, it was a point the Prime Minister made absolutely clear at the ‘Leading the Future’ Summit hosted here in the UK. There, he convened the ‘Coalition of the Willing’, building on our efforts to put pressure on Putin, keep military aid flowing to Ukraine and strengthen sanctions on the Russian war machine. This was followed by the announcement from the Defence Secretary of an additional £450m to Ukraine, which will fund hundreds of thousands of new drones, anti-tanks mines and supplies to make necessary repairs to military vehicles.

    This work is of vital importance. When Europe is under threat, then the Europeans have to – and are – stepping up on defence and security.

    We are living through a generational moment in the history of our continent. This is a point I made at a recent Baltic Breakfast event where I welcomed the further expansion of NATO to include Finland and Sweden. With both these countries, we are building on our defence and security relationship – whether it’s the strategic partnership we share with Sweden or the Memorandum of Understanding between the UK and Finland on civil nuclear, strengthening our energy security.

    The UK knows we have a responsibility to help secure the continent and that, even though we have left the EU, we would never turn our back on our allies in Europe. That’s why we have committed to reaching 2.5% of GDP on defence spending by 2027, with an ambition to achieve 3% in the next parliament. In practice, that means spending over £13 billion more on defence every year from 2027. This is the biggest sustained increase in defence spending since the Cold War, and it will safeguard our collective security and fund the capabilities, technology and industrial capacity needed to keep the UK and our allies safe for generations to come.

    It has been good to see other European nations doing the same, especially across the Baltic States. Lithuania continues to set the standard within NATO. Your desire to increase defence spending to 5% or even 6% GDP is admirable. Latvia now spends 3.45% of its GDP on defence, and is investing heavily in areas, such as air and coastal defence. And Estonia is aspiring to increase defence spending to 5% of its GDP.

    Given the political context, it is of vital importance for European countries to take on responsibility for their own security. As one of Europe’s leading NATO powers, it is essential that the UK and the EU work together to strengthen European security. We have substantial shared interests and objectives and, crucially, we both have the means and influence to effect change on a global stage.

    But we cannot shy away from the reality of the situation we find ourselves in. Europe faces war on the continent, as well as an urgent need to ramp up our collective defence capabilities, and we have already seen a step-change in European cooperation.

    At the same time the UK and EU are facing global economic challenges. These are shared problems which require a collective response, with mutual interests.

    And I believe a firm alliance between the UK and the EU is undeniably a part of that – and mutually beneficial. We need to put an end to ideology and build a new strengthened partnership with Europe.

    Now, Charles, I promise not to make a point of mentioning you throughout my lecture, but I wanted to touch on something from the recent past.

    After he left Government, Charles became the Visiting Professor at the University of East Anglia for their School of Political, Social and International Studies, where – during a series of lectures – he posited the idea of the ‘Too Difficult Box’, the place where important political decisions get put when things got too complicated to solve.

    As he explained in a lecture eleven years ago at the University of South Wales – just south of my constituency of Torfaen – plenty of short-term challenges face politicians when they are trying to solve the long-term problems this country faces, which means decisions get delayed, politicians don’t feel empowered or convinced enough to act, the ‘Too Difficult Box’ fills up.

    I think everyone in this room can recognise at least one important national decision that has been left to grow dust in the ‘Too Difficult Box’.

    Which is why this Government has chosen to behave differently towards our national interests. Indeed, it is precisely the difficulty of our challenges which urges us to act. The ‘Plan for Change’ recognises the complex world we live in and redefines the way that Central Government responds to the problems of the day, to work across-Departments to tackle some of the most challenging problems we face – whether it’s breaking down the barriers to opportunity, making the UK a clean energy superpower, or building an NHS that is fit for the future.

    At the heart of all of this work are what we call our ‘Strong Foundations’, which are economic stability, secure borders and national security. To me, these priorities are inseparable; you cannot have one without the other two.

    I also believe that our relationship with the European Union has an important role in these foundations, we must find pragmatic solutions that work in the national interest.

    The kind of pragmatic approach that Charles promoted with the ‘Too Difficult Box’ is exactly the kind of approach we must take when redefining our relationship with the EU, as we move towards a strengthened partnership with our biggest trading partner.

    So far, by my count, we have seen over seventy different direct engagements between UK Ministers and their EU counterparts.

    This work was exemplified by the meeting the Prime Minister had with the President of the European Commission last October, a meeting where both agreed to put our relationship on a more solid, stable footing. They agreed to work together on some of the most pressing global challenges including economic headwinds, geopolitical competition, irregular migration, climate change and energy prices. In December, the Chancellor attended a meeting of the EU finance ministers – the first time a British Chancellor has been invited to the Eurogroup since Brexit. And I have been having regular meetings with my counterpart Maroš Šefčovič to maintain forward momentum on our shared agendas.

    However, I want to be clear: we fully respect the choice made by the British public to leave the European Union, that was clear in our manifesto.  As were the clear red lines we set out, around the Customs Union, the Single Market and Freedom of Movement.   

    We are also demonstrating our role as good faith actors through the implementation of the Trade and Co-operation Agreement and the Windsor Framework.

    But I also believe that this global moment requires us to go further. It is an opportunity to build our partnership – where our continental security is paramount, where our collective safety is guaranteed, where our respective economies flourish together. It is in our mutual self interest. 

    The Three Pillars

    I mentioned that the defining structure of our future relationship with the European Union has three important pillars – prosperity, safety and security.

    On prosperity, we must boost growth and living standards, by creating export and investment opportunities for UK business and reducing barriers to trade with our biggest trading partners.

    Already we have started work on this. We have said that we will seek to negotiate a Sanitary and Phytosanitary agreement – which is one of the clear barriers to trade across the continent, and it was particularly pleasing to see a number of UK businesses writing in last weekend’s Financial Times supporting this plan.

    Let me turn to safety. Now, of all audiences, I don’t need to explain the importance of a strong and secure border, but we must do all we can to strengthen our continental collective ability to tackle organised crime and criminality, working together on irregular migration. We see – every day – the threats across our continent from criminals with no respect for international borders.  From terrorism, to vile people smuggling gangs and drug smugglers – the threat to our communities is real. If we want to protect our respective borders and keep our citizens safe, then we need to work together.

    Already, we have made important progress on this work. Within the first few weeks of coming into power, the Prime Minister stated that border security would be at the very heart of our plans to reset our relationship with the European Union. We have committed to deepening our partnerships with Europol and its European Migrant Smuggling Centre. But I believe that we can go further in this work. We need to find ways to better coordinate law enforcement. We must do all we can to strengthen the tools available to aid our collective ability to tackle organised crime, which will only lead to more secure borders.

    We recognise that the Baltic states have faced a unique challenge when it comes to irregular migration, Russian led instrumentalisation of migration is an appalling use of human beings for political gain.

    I saw the nature of this myself on a recent visit to the Polish / Belarussian border. We absolutely condemn states instrumentalising human beings and putting them in danger, and support efforts to combat this issue at the EU’s external border. Whilst the UK may face different migration challenges, there are clear commonalities – underlining the imperative of working together on the shared priority of securing our borders.

    Which brings me on to the final point, security. I have made clear throughout this lecture that we must respond to the collective security challenge that we all face. An ambitious UK-EU security and defence relationship must be a part of this.

    All of us in the UK Government appreciate the steps that the EU is taking on this, and we welcome their recent Defence White Paper, which recognises the UK as an “essential European ally”. But we should also recognise the importance of the Baltic Sea States within that Paper.

    As Oliver Moody pointed out in his talk, the significance and the symbolism of that paper cannot be overlooked. He said: “It was presented by an Estonian high representative, a Lithuanian defence commissioner, with a great deal of input from a Latvian economics commissioner, a Polish budget commissioner, a Finnish vice-president of the commission for technological sovereignty and security, all in tandem under the leadership of a German president of the European Commission […] this would have been completely unimaginable in the 1990s.”

    He’s right to point out the importance of this unity, both in the Baltic region and across our continent. 

    We have made it clear to our EU partners that we are ready to negotiate a Security & Defence Partnership with the EU. We believe it should build on the EU’s existing partnership agreements with other third countries, while recognising the unique nature of our security relationship. It will complement NATO and our NATO First approach, while boosting our bilateral cooperation with European partners.

    But we want to go further, trying to create new ways to ramp up our defence industrial capacity, financing and capability development.

    UK-EU Summit

    All of these points I have mentioned will no doubt be crucial discussion points when the UK welcomes European Union leaders to the first UK-EU Leaders’ Summit on 19th May.

    The Prime Minister will host the President of the European Council, António Costa, and the President of the European Commission, Ursula von der Leyen.

    The Summit will provide an opportunity to make further progress on our shared priorities and we shall set out further details in due course. What I can tell you now is that this will be the first of regular UK-EU summits, which we committed to when the Prime Minister met the President of the European Commission in October last year. We expect these to take place annually, in addition to regular engagements at Ministerial level, recognising that new agreements will take time to agree.

    Conclusion

    Ladies and gentlemen, it is clear to me that the future of Europe – whether that’s innovative businesses or the most resilient of responses to Russian aggression – has a home in the Baltic.

    The UK wants to be an important part of that future, and we are working hard – right across the Government – to change our relationship with the EU for the mutual benefit of all European states.

    We are living through a time of generational challenge to our very way of life.  I know that in the face of this, an alliance – across our continent, in pursuit of freedom – will be vital.

    So, I thank all of you here for your interest in this vital area, I thank Charles for the invitation to address this group – and I look forward to working with many of you to deliver a secure and prosperous future for our people.

    Updates to this page

    Published 25 April 2025

    MIL OSI United Kingdom –

    April 25, 2025
  • MIL-OSI: LHV Group’s Terms for Own Shares Acquisition

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of AS LHV Group, based on the authorisation granted by the General Meeting of shareholders held on 26 March 2025, approved the following terms for the acquisition of LHV Group’s own shares:

    • The maximum volume of acquisition is up to 3.3 million shares within one year;
    • The acquisition price per share must not exceed: (i) the average market price over the last 30 trading days by more than 50%, and (ii) the closing price on the previous trading day on Nasdaq Tallinn;
    • The authorised agent for the transactions is AS LHV Pank, acting independently and on a market-based basis;
    • All transactions, including shareholder-initiated block trades, will be executed on the regulated market Nasdaq Tallinn;
    • The acquisition may commence on the date of this announcement;
    • Summary data (daily volume and weighted average price) will be disclosed no later than on the seventh trading day after the transaction, and be made available to the Estonian Financial Supervision and Resolution Authority, via the Nasdaq Tallinn system, and on LHV Group’s investor website.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    The MIL Network –

    April 25, 2025
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