The Latvian Competition Council has allowed the multinational alcohol producer Amber Beverage Group to acquire decisive influence in the Latvian iconic restaurant chain and food producer JSC Lido.
The competition watchdog has not found significant harm to competition arising from the deal in the area of the production of alcoholic beverages, therefore the deal has been allowed.
Lido operates bars, restaurants, provides catering services and produces foodstuffs, including beer. The firm’s latest annual financial data are the financial results of the year 2018, when Lido had revenues of 41.9 million euros and a profit of 241 thousand euros.
Amber Beverage Group is a Luxembourg-based multinational consortium operating alcohol production and distribution and is owned by the Russian billionaire Yuri Shefler. In Latvia, Amber Beverage Group is the owner of the spirits producer Latvijas Balzams. (BNN/Business World Magazine)