The asset management company „GG Holding“, indirectly controlled by the owners of one of the largest Lithuanian food producers „Vičiūnai Group “ Kaunas mayor Visvaldas Matijošaitis and Liudas Skieras, „GG Holding“, has been incorporated into the „Groward Group“, an agri-products trading group managed by GG Holding.

„GG Holding“ lost all its shares in „Groward Group“ as of 30 December and was deregistered the following day, according to the Register Centre.

„(The document confirms that the planned restructuring process has been implemented and that „GG Holding“ has been merged into „Groward Group“, „Vičiūnų grupė“ said in a commentary to BNS. 

The aim is to increase efficiency and optimise costs, but it will not lead to any major changes in the companies' operations and the group does not plan any new changes.

According to the data of the Registry Centre, „Groward Group“ has taken over all the assets, rights and obligations of „GG Holding“ as of January, it continues to be managed by the member of the board of „Vičiūnų grupa“ Dainius Matijošaitis. 

BNS wrote in November that „Vičiūnų grupė“ is simplifying its management by changing the shareholding structure of some companies in order to increase its efficiency.

Since November last year, 100 per cent of shares in the companies „Vičiūnai“ and „Vičiūnai ir ko“ have been owned by the „Vičiūnų grupa“ company.

„Groward Group“ posted a net loss of €2.3 million last year, up 5% on 2022 (€2.2 million), with revenue up 24% to €79.3 million (€63.7 million).

„GG Holding“'s consolidated revenue grew 21% year-on-year to €68 million (€56.1 million), with net profit – up 2.3 times to €3.7 million (€1.6 million).

In Lithuania „Groward Group“ owns 9 companies: „Vievio paukščiai“, Zujų paukštynas, „Agromėsa“, Vilkyčių paukštynas, „VG Alsa“, „VG Agrogrūdai“, „VG Ausieniškės“, „Europe eggs“ and „Baltic egg production“. The Group also owns „Karosta terminals“ in Latvia and the Dutch „Groward Group“, controlled by „GG Holding“ before the restructuring of „GG Holding“.

The beneficiaries of the „Groward Group“ are V. Matijošaitis and L. Skierus (50 per cent of the shares each), according to the Centre of Registers. 

„GG Holding“'s authorised capital amounted to €143.8 million as of 23 December, while that of the „Groward Group“ was €148.3 million.