Press-releases

2014

High Value-added Investments, Third Stage

JSC "Riga Electric Machine Building Works"  (AS "Rīgas elektromašīnbūves rūpnīca", JSC "RER") continues acquisition and installation of equipment within the framework of the third stage “High value-added investments” project. The project “Induction motors introduction to the production process” is implemented in collaboration with “Investment and Development Agency of Latvia” in virtue of Agreement № L-APV-14-0058.


Projekts “Jaunu asinhronās vilces dzinēju ieviešana ražošanā”

Finansējuma saņēmējs: akciju sabiedrība
“RĪGAS ELEKTROMAŠĪNBŪVES RŪPNĪCA”

Līgums Nr.L-APV-14-0058 noslēgts ar Latvijas Investīciju un attīstības aģentūru 2014.gada 19.martā

ERAF līdzfinansējums 1 280 584,62 EUR



About The Situation In Ukraine

The situation in Ukraine definitely will affect the results of our operations in long term. As for now the Company has stocks, raw material to continue operations according to the current plan. We have sale and purchase contracts denominated in euro and USD. But in a few months if the situation in Ukraine escalates the Company may face some challenges regarding, e.g. regularity of supply, increasing debtors days. Our forecast and estimations regarding the situation in Ukraine will follow once additional information is available. 

 

JSC “Riga Electric Machine Building Works”

The Board  

About Approval Of EU Funds Project

JSC “Riga Electric Machine Building Works” (JSC “RER”) informs that regarding to the information sent previously, “Investment and Development Agency of Latvia” has approved the Project “The launch of production of new asynchronous traction motors” of JSC “RER” on the 3rd March, 2014, within the support program „High value-added investments”.

Total Project investment: ~2.85 million EUR.

Total ERDF co-financing – 1 280 584 EUR

The aim of the Project is to purchase new technologic machines for expanding product range based on innovations developed by employees and to launch the production of new asynchronous traction motors for electric passenger coaches and improving asynchronous traction motors for metro coaches. The implementation of the Project will secure higher quality of products, diversify product range, strengthening the competitiveness of the company and to raise the value of products and it could cause new export markets in future.

As a result of the Project will be modernization and expansion of production including development of new products.

 

JSC “Riga Electric Machine Building Works”

The Board  

JSC "Riga Electric Machine Building Works" Council Has Re-elected The Board

JSC "Riga Electric Machine Building Works" Council has re-elected the Board of Directors for the next 3 years on January 28, 2014 (minutes of the Council meeting Nr.01/2014).

All relevant papers will be submitted to the Register of Enterprises.


Composition of the Board 

Chairman of the board

  • Nikolajs Erohovs (Mikalai Yerokhau)

Members of the board

  • Aleksandrs Popadins
  • Aleksandrs Suvorkins
  • Maksims Savenkovs (Maxim Savenkov)
  • Olga Petersone

2013

Measures Of Support

We inform that on December 17, the Cabinet of Ministers provided support for JSC “Riga Electric Machine Building Works (hereinafter referred to as “RER”) investment project “Introduction of New Asynchronous Traction Motors into Manufacture”. In the investment project frames JSC “Riga Electric Machine Building Works” arranges to make investments at the amount of 3, 8 million Ls for manufacture equipment modernization, to extended the range of production manufactured, by means of introduction of new asynchronous traction electric motors intended for electric trains into manufactures well to improve current asynchronous traction electric motors for metro cars. After the investment project implementation JSC “RER” shall have the rights to apply income tax allowance on enterprises (ITAE) at the amount of 540 000 Ls. It is arranged to unify the support granted as the ITAE allowance with co-financing of the European Regional Fund of Development (ERDF) in the frames of the support program “High Added Value Investments” administered by the State Agency “Latvian Agency of Investments and Development”. (Currently the project is submitted for evaluation. It is arranged to obtain the resolution for granting the support in the beginning of March, 2014).The requested ERDF financing is 0, 9 million Ls.

 

JSC “Riga Electric Machine Building Works”

The Board

13.12.2013 Information Of The Board

In December 2013, JSC “Riga Electric Machine Building Works” has signed a contract with „Transporta mašīnbūves kompetences centrs” LLC for realization of individul reasearches. Within the framework of the Competence Centre, new systems of asynchronous drive engines with the power of 400 kW and 180 kW as well as air conditioning systems will be developed. Total planned budget of researches is LVL 2,3 million with the respective grant from ERDF in the amount of LVL 585 thousand.

The Board 

Danske Bank Grants A Loan To JSC “Riga Electric Machine Building Works”

Danske Bank Latvia has signed the agreement with JSC “Riga Electric Machine Building Works” (AS „Rīgas elektromašīnbūves rūpnīca”) about financing in the amount of 2 million Euro intended for implementation of the project “Introduction of new asynchronous traction engines in production”. Until now, Danske Bank has provided funding for implementation of various projects for the total amount of 10 million Euro to the company.

Chairman of the Board of JSC „Riga Electric Machine Building Works” Nikolajs Erohovs says: „In 2014 our company will develop and launch in production five electrical traction devices that are complicated from the technical point of view and intended for railway, underground and road transport. We are also looking forward to receiving both the state aid and support from programs of various European structural funds. Implementation of the projects will allow the company to upgrade and expand it production range. We expect a 31 % increase in turnover in the result of implementation of these projects as early as in 2014. Currently we export 95% of our production”.

Head of Danske Bank in Latvia Raivis Kakānis is pleased with the achievements by Riga Electric Machine Building Works: “During our cooperation the company has experienced a considerable increase of the stock value. This is the first year when the company is included in the TOP 101 list of the most valuable Latvian companies. We are glad at our customers’ success, moreover, when we can see also our role in securing it. Besides, these achievements are natural – Riga Electric Machine Building Works is among the rare companies where production has been not only maintained since the soviet times, but there have been targeted improvements and development. The current operational level of the company allows it to compete with the large foreign corporations of this industry. I am sure that Riga Electric Machine Building Works have very good future perspective and this is based on economic, skilful and long-sighted management of the company.”

About JSC Riga Electric Machine Buildig Works”

The Joint Stock Company "Rīgas elektromašīnbūves rūpnīca" (Riga Electric Machine Building Works) is a well-known company in Latvia with huge experience in design and production of electrical traction devices for electrical trains, passenger cars and electrical loading machines.

About Danske Bank Latvia


Danske Bank is the Danske Bank Group’s unit in Latvia. Danske Bank Group is the largest bank in Denmark and one of the Northern Europe’s leading financial institutions. The Group is widely represented in 15 countries and it serves more than 5 million retail customers and a significant number of institutional organizations. Since 15 November 2012, the Group’s banking activities are gathered under the Danske Bank brand name, highlighting the uniform customer experience in all of the Group’s markets.

Danske Bank Group has received the following ratings:
Long-term: Baa1 (Moody’s); A- (S&P); A (Fitch);
Short-term: P-2(Moody’s); A-2 (S&P); F1 (Fitch).

For further information:
Ieva Zauere
Head of Communications
Danske Bank A/S Latvia Branch
Phone.: +371 2 948 5726
E-mail: ieva.zauere@danskebank.lv

28.11.2013 Investment Project

We inform that by 02.12.2013 JSC Riga Electric Machine Building Works (hereinafter referred to as RER) intends to submit the project application with the purpose to apply for co-financing at the support program “High Added Value Investments” administered by the State Agency “Latvian Agency of Investments and Development” according to MC Regulations No. 817 “Regulations for second and further orders of project application selection of Supplement 2.1.2.4 activity “High Added Value Investments” of activity program “Entrepreneurship and Investments” of October 19, 2011.

The project target is purchasing  of new technology equipment to introduce into manufacture new asynchronous traction electric motors intended for electric trains in order to extend production range of the enterprise on the basis of the enterprise scientific capabilities as well as to improve current motors of asynchronous traction for metro cars The implementation of the project results in the opportunity that allows JSC RER improving the quality of production manufactured, diversifying  the production assortment, strengthening competitive capacities of the enterprise as well increasing the value of the finished production goods. Therefore, that provides new opportunities in development of new export markets.

The total amount of investments comes to about 2 million LVL in the frames of the project.

In accordance with the aforementioned support program provisions RER has commenced the purchasing procedures and on 27.11.2013 has placed information about acquisitions made in the project frames, at homepage of the Purchase Supervision Bureau: www.iub.gov.lv.

As a result of the project implementation, modernization and extension of current activities of the enterprise is provided that involves manufacture of new products.

We inform you about further course of the process.

 

The Board  

26.11.2013 Changes In The Board Of JSC „Riga Electric Machine Building Works”

In November 08, 2013 the Council of JSC „Riga Electric Machine Building Works” elected the new  members of the board (Council protocol Nr.02/2013):

Aleksandrs Popadins Members of the Board Mihails Morozs have been  relieved of their positions on their own initiative.

All relevant papers will be submitted to the Register of Enterprises.


Composition of the Board 

Chairman of the board

  • Nikolajs Erohovs (Mikalai Yerokhau)

Members of the board

  • Aleksandrs Popadins
  • Aleksandrs Suvorkins
  • Maksims Savenkovs (Maxim Savenkov)
  • Olga Petersone


The information about  new members of board:

Aleksandrs Popadins, workplace of the last 3 (three) years - JSC „Riga Electric Machine Building Works”, Director of chief executive.

He has no shares of JSC „Riga Electric Machine Building Works”.

18.07.2013 The Board Of JSC “Riga Electric Machine Building Works” Informs

The Board of JSC “Riga Electric Machine Building Works” informs that on July 17, 2013 it obtained  the resolution  of L.Dardzane the State Notary of the  Latvian Republic Enterprise Register. Therefore, the decision has been taken as follows:

1) enter reorganization – merger into the Commercial Register as merging the commercial company  “LatTransKomplekt” Ltd , unified register No. 40103287324, to the commercial company Joint Stock Company  “Riga Electric Machine Building Works”, unified register No. 40003042006,

2) the registration case of “LatTransKomplekt” Ltd, unified register No. 40103287324:

  • cancel the commercial company from the Enterprise Register;
  • announce its registration certificate as invalid one.

Resolutions Of Annual General Meeting Of Shareholders Of JSC „Riga Electric Machine Building Works” (27.06.2017)

Resolutions of Annual General Meeting

Draft Resolutions Of Meeting Of Shareholders Of JSC „Riga Electric Machine Building Works” (27.06.2013)

Draft resolutions

The Next Assembly Of Shareholders JSC “Riga Electric Machine Building Works”

The next assembly of shareholders of joint-stock company “Riga Electric Machine Building Works”, registration Nr.40003042006, address: Riga, 31 Ganibu dambis, LV-1005, takes place on June, 27th of 2013. 14.00. Riga, 31 Ganibu dambis, in a room Nr.29 (conference room) of an office building.

Prepaid fixed assets - 5799005LVL.

Amount of actions with voting right -  5799005 actions.

 

The agenda:

1. The message of board of joint-stock company on results of activity for 2012.

2. The message of the jury auditor.

3. Consideration and the statement of the annual report of joint-stock company for 2012.

4. Election of the jury auditor for 2013 and the statement of compensation.

Registration of shareholders will take place in day of general meeting – on June, 27th of 2013. from 13.00 to 13.50. in a place of carrying out of assembly.

Shareholders can take part on general meeting of shareholders personally or through representatives. The shareholder is obliged to show the document of the person, the representative (authorized representative) at registration should show the notarilly certified power of attorney and the document of the person.

A proxy instrument form is available at NASDAQ OMX Riga website http://www.nadaqomxbaltic.com.

The date of a record, at that the list of shareholders for participation in the shareholder meeting, is June 18, 2013. Only these persons, who are owners of joint-stock company “Riga Electric Machine Building Works” shares at this date, have a right to participate in the shareholder meeting.

Shareholders representing at least one-twentieth part of JSC capital, have the right, within seven days from the date of distribution of this Adjusted notice, to raise additional items in the Board for inclusion in the shareholders meeting agenda. A shareholder is required to submit draft decisions to the Board on items for inclusion in the agenda of meeting they propose and that are in competence of the shareholders' meeting. Shareholders must submit explanations to the board about the additional items, for inclusion in the agenda they are requesting and on that there is not intended to make decisions.

Shareholders can familiarize with projects of decisions of cases in point of joint-stock assembly, and also present offers on the questions of joint-stock assembly included in the agenda, to working hours from 10.00 to 15.00. at the lawyer to the address of Riga, 31 Ganibu dambis since June, 10th of 2013.

Board of joint-stock company “Riga Electric Machine Building Works”

 

Attachments:

Form of power of attorney

About The Extraordinary Shareholders Meeting On March 19, 2013

Joint-stock company “Riga Electric Machine Building Works» management board informs that the extraordinary shareholders meeting on March 19, 2013 lacked quorum. The Articles of Association stipulate that at least three quarters of the Company’s shares capital have to be represented in the shareholders meeting for it to have a quorum.

Thus, the shareholder meeting was not held.

If a decision to convoke a new shareholders meeting is taken, a separate announcement will be published.

Draft Resolutions Of Extraordinary Shareholders Meeting Of JSC „Riga Electric Machine Building Works”

Draft resolutions of extraordinary Shareholders meeting of JSC „Riga Electric Machine Building Works”

The Next Assembly Of Extraordinary Shareholders JSC “Riga Electric Machine Building Works”

The next assembly of extraordinary shareholders of joint-stock company „Riga Electric Machine Building Works », registration Nr.40003042006, address: Riga, 31 Ganibu dambis, LV-1005, takes place on March, 19th of 2013. 14.00. Riga, 31 Ganibu dambis, in a room Nr.29 (conference room) of an office building.

Prepaid fixed assets – 5799005 LVL

Amount of actions with voting right -  5799005 actions

The agenda:

1. On delisting  of JSC “Riga Electric Machine Building Works” shares from the regulated market.

Registration of shareholders will take place in day of general meeting – on March, 19th of 2013. from 13.00 to 13.50. in a place of carrying out of assembly.

Shareholders can take part on general meeting of shareholders personally or through representatives. The shareholder is obliged to show the document of the person, the representative (authorized representative) at registration should show the notarilly certified power of attorney and the document of the person.

A proxy instrument form is available at NASDAQ OMX Riga website http://www.nadaqomxbaltic.com.

The date of a record, at that the list of shareholders for participation in the shareholder meeting, is March, 11, 2013. Only these persons, who are owners of joint-stock company „Riga Electric Machine Building Works” shares at this date, have a right to participate in the shareholder meeting.

Shareholders representing at least one-twentieth part of JSC capital, have the right, within seven days from the date of distribution of this Adjusted notice, to raise additional items in the Board for inclusion in the shareholders meeting agenda. A shareholder is required to submit draft decisions to the Board on items for inclusion in the agenda of meeting they propose and that are in competence of the shareholders' meeting. Shareholders must submit explanations to the board about the additional items, for inclusion in the agenda they are requesting and on that there is not intended to make decisions.

Shareholders can familiarize with projects of decisions of cases in point of joint-stock assembly, and also present offers on the questions of joint-stock assembly included in the agenda, to working hours from 10.00 to 15.00. at the lawyer to the address of Riga, 31 Ganibu dambis since March, 01th of 2013.

Board of joint-stock company „Riga Electric Machine Building Works”


Attachments:

Form of power of attorney

2012

Resolutions Of Extraordinary Shareholders Meetings

Resolutions

Draft Resolutions Of Extraordinary Meeting Of Shareholders Meetings Of JSC „Riga Electric Machine Building Works”

Draft resolutions of extraordinary Meeting of Shareholders meetings of JSC „Riga Electric Machine Building Works”

The Next Assembly Of Extraordinary Shareholders

The next assembly of extraordinary shareholders of joint-stock company “Riga Electric Machine Building Works », registration Nr.40003042006, address: Riga, 31 Ganibu dambis, LV-1005, takes place on December, 14th of 2012. 14.00. Riga, 31 Ganibu dambis, in a room Nr.29 (conference room) of an office building.

Prepaid fixed assets - 5799005LVL

Amount of actions with voting right -  5799005 actions

 

The agenda:

1. The reorganisation of the subsidiary company.

2. The decision on the increase of the share capital in the subsidiary company.

Registration of shareholders will take place in day of general meeting – on December, 14th of 2012. from 13.00 to 13.50. in a place of carrying out of assembly.

Shareholders can take part on general meeting of shareholders personally or through representatives. The shareholder is obliged to show the document of the person, the representative (authorized representative) at registration should show the notarilly certified power of attorney and the document of the person.

A proxy instrument form is available at NASDAQ OMX Riga website http://www.nadaqomxbaltic.com. The date of a record, at that the list of shareholders for participation in the shareholder meeting, is December, 06, 2012. Only these persons, who are owners of joint-stock company “Riga Electric Machine Building Works” shares at this date, have a right to participate in the shareholder meeting.

Shareholders representing at least one-twentieth part of JSC capital, have the right, within seven days from the date of distribution of this Adjusted notice, to raise additional items in the Board for inclusion in the shareholders meeting agenda. A shareholder is required to submit draft decisions to the Board on items for inclusion in the agenda of meeting they propose and that are in competence of the shareholders' meeting. Shareholders must submit explanations to the board about the additional items, for inclusion in the agenda they are requesting and on that there is not intended to make decisions.

Shareholders can familiarize with projects of decisions of cases in point of joint-stock assembly, and also present offers on the questions of joint-stock assembly included in the agenda, to working hours from 10.00 to 15.00. at the lawyer to the address of Riga, 31 Ganibu dambis since November, 27th of 2012.

Board of joint-stock company “Riga Electric Machine Building Works”


Attachments:

Form of power of attorney

JSC „Riga Electric Machine Building Works” Informs

Information about „LatTransKomplekt”

Resolutions Of Annual General Meeting Of Shareholders Of JSC „Riga Electric Machine Building Works”

Resolutions of Annual General Meeting of Shareholders of JSC „Riga Electric Machine Building Works”

Changes In The Board Of JSC „Riga Electric Machine Building Works”

In June 20, 2012 the Council of JSC „Riga Electric Machine Building Works” elected the new members of the board (Council protocol Nr.02/2012):

Maksims Savenkovs (Maxim Savenkov) un Olga Pētersone. Members of the Board Fjedors Dudkins (Fedor Dudkin) un Rita Kargina (Rita Kargina) have been relieved of their positions on their own initiative.

All relevant papers will be submitted to the Register of Enterprises.


Composition of the Board 

Chairman of the board:

  • Nikolajs Erohovs (Mikalai Yerokhau)

 Members of the board:

  • Mihails Morozs
  • Aleksandrs Suvorkins
  • Maksims Savenkovs (Maxim Savenkov)
  • Olga Petersone


The information about  new members of board:

Maksims Savenkovs (Maxim Savenkov), born in 1981, positions held: general director of “UMS” Ltd., Russian Federation , from 2008 till June 2011; deputy general director of PJSC “Tehkom”, Russian Federation , from 2011 till January 2012; deputy general director of “Pokrovka Finans” Ltd., Russian Federation, from February 2012. up to now.

 He has no shares of JSC „Riga Electric Machine Building Works”

 
Olga Petersone, born in 1959, positions held: the council of JSC „Latvian Shipping Company”, from 2008. up to now; financial and economical director of  JSC “ Riga Electric Machine Building Works”, from January 2012. up to now.

She has no shares of JSC „Riga Electric Machine Building Works”

JSC „Riga Electric Machine Building Works” The Shareholders Announcements

The shareholders announcements

JSC „Riga Electric Machine Building Works” Will Be Visited By Official Delegation Of Embassy Of Russion Federation

With this the management of the JSC “Riga Electric Machine Building Works” (hereinafter – JSC “RER”) informs that on June 08, 2012, in 11.00 a.m. will be visited by official delegation of Embassy of Russian Federation in had with the ambassador of Russian Federation in Latvia Mr. Alexander Veshnyakov.

During the visit delegation plans to have meeting with the management of factory, to get acquainted with JSC “RER” production manufacturing process.

After closing of visit a press-conference will be organized.