Holding company Magnat Group SIA, a company operating in the Freeport of Riga Port Milgrāvis, BE Riga Nordic Terminal a SIA Port Magnat development from the bank Citadel will receive a loan of 2.5 million euros.
It will be used for the construction of new lightweight warehouses, the renovation of existing infrastructure, the improvement of used berths, the renewal of the existing loading fleet, as well as investments in information technology systems.
“We work only with cargo transportation in the European Union, therefore we also see an increase in cargo turnover. Taking into account the needs of independent long-term partners, we make targeted investments in development and infrastructure. Over the past five years, Magnat Group has invested more than 10 million euros in infrastructure improvement, incl. construction of new warehouses, and the financing provided by Citadele will help not to stop investing in the company. By the summer, we plan to start the construction of two warehouses – each with an area of 4400 m2, which will be intended for bulk cargo. We will be able to store grain and wood pellets in them, ”Aleksandrs Osipkovs, Chairman of the Board of SIA Magnat Group, shares his immediate plans for the development of the company.
The company plans that the new warehouses will be able to significantly increase the volume of transshipped cargo. “Upon completion of the construction of the new warehouses, the company will have the opportunity to attract new customers in bulk handling and meet the demand of existing customers,” says A. Osipkovs.
“The latest data of the Ministry of Transport show that the largest share of the total volume of cargo transshipped in Latvian ports is made up of bulk cargo. In order to maintain Latvia’s leading position in the Baltics in terms of transshipped cargo, it is important to intensively promote the sustainability and development of ports and, by investing wisely, increase the capacity and export capacity of companies operating in the port. The construction of new, modern warehouses directly promotes these processes and will provide an opportunity to increase the amount of stored cargo in the future, ”points out Vaidas Žagūnis, Citadels Head of Corporate Client Management in the Baltics, Member of the Board.
Magnat Group is a holding company engaged in the management and development of port terminals in the territory of the Freeport of Riga. The main activity of the terminals is stevedoring services and storage and loading of various cargoes in the port of Riga. The four main cargo flows of Magnat Group companies are grain, wood pellets, sawn timber and scrap metal.
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