The group, which has until now rendered services to business customers in the neighboring country, plans to enter Latvia’s apartment building administration market this year, City Service said in its interim report.
“The group’s subsidiary [Riga City Service] will seek to start administering apartment buildings, as well as to acquire strategic companies and add new customers in the commercial segment in the second half of this year,” the report reads.
This year, Riga City Service has been consolidating its positions in the public sector’s building maintenance segment and looked for new customers in the commercial building maintenance segment.
Earlier this year, City Service signed a contract with Latvia’s state energy company Latvenergy on the maintenance of the facilities of its subsidiary, Latvijas Elektriskie Tikli.
In addition, City Service is maintaining all 52 stores of Iki grocery chain in Latvia.
As of late June, Riga City Service provided maintenance services to buildings with a total area of 681,000 square meters and to territories with a total area of 2.8 million square meters.
As of late June, Icor held 63.92 percent of shares in City Service, which is quoted on the blue-chip Main List of the NASDAQ OMX Vilnius Stock Exchange. Other major shareholders included Sweden’s East Capital Asset Management with 10.02 percent and London’s Genesis Asset Managers with 5.2 percent.
