JSC "Privatisation agency" (PA) was established on April 22, 1994, to manage privatisation of state-owned property and land. The PA is owned by the Republic of Latvia represented by the Ministry of Economy as 100% shareholder.
The PA is responsible for privatisation of state-owned property in accordance with the framework law on Completion of the Privatisation of State and Municipal Property and Use of Privatisation Vouchers. Since July 1, 2009 the agency has also worked on completion of the privatisation of residential buildings in accordance with the law On Privatisation of State and Local Government Residential Houses. The PA fulfils various other functions, including management of state-owned flats and residential buildings until they are turned over to local governments or owners of flats. In addition to the basic functions the PA is responsible for keeping records of privatisation voucher (certificate) transactions and control function over previously concluded privatisation contracts.
The PA portfolio on December 31, 2014 incorporated 1336 apartments, 248 apartment houses, 46 state-owned real estate objects, 619 land plots, and shares in 7 companies.
The most valuable capital shares assigned for privatisation and held by the PA are limited liability company "Lattelecom" — Latvian state owns 51% of shares, and limited liability company "Latvian Mobile Telephone"— Latvian state directly owns 5% of the shares and indirectly another 34.73% of shares (through the limited liability company "Lattelecom" and the State Joint Stock Company "Latvian State Radio and Television Centre").
The PA owns JSC "Reverta" (84.15% shares) and LLC "Hiponia" (Mortgage Bank’s Real Estate Agency — 100% shares).
Currently main focus of the PA is on completing privatisation and sale of state owned land, capital shares and privatisation of state owned apartments and residential buildings.
State Joint Stock Company "Privatisation agency" (PA) according to the law on Privatisation of State and Municipal Property is responsible for privatisation and sale of state owned land, assets and capital shares. Decision regarding privatisation or sale of state owned property is made by the Cabinet of Ministers except for developed sites where decision is made by the PA. After the Cabinet of Ministers has adopted the decision to privatise the property it is transferred to the PA. State property can be privatised by legal and physical entities, which are eligible for acquiring property in the Republic of Latvia. Payments can be made in EURO or privatisation vouchers (certificates).
VAS "Privatizācijas aģentūra"
Kr.Valdemāra 31, Rīga, LV-1887, Latvia
Mr Guntis Kārkliņš
Head of PR
Tel. +371 67021354; Mob.tel. +371 22019025