RIGA, April 14 (LETA) - On Tuesday, an agreement was signed on the sale of 49.99 percent of shares in Riga International Bus Terminal (Rigas Starptautiska Autoosta), owned by company Rigas Acs, to company Rivaro Holding for EUR 3.82 million, as Riga municipal public transport company Rigas Satiksme public relations officer Baiba Bartasevica-Feldmane informed LETA.

According to information provided by Rivaro Holding, Riga International Bus Terminal will continue operations at its current location, and more than EUR 5 million will be invested in the development of the terminal and improving its competitiveness.

Rivaro Holding is owned by Sergejs and Vasilijs Serdjukovs. Sergejs Serdjukovs already owns 25.41 percent of Riga International Bus Terminal and is a member of the company's board.

Rigas Satiksme CEO Dzineta Innusa points out that the sale of Riga International Bus Terminal is a logical step in implementing Riga City Council's decision to sell its shares in the terminal and focus on the Rigas Satiksme's main business, provision of public transport services.

"The sale process was organized in an open and competitive manner, and we have achieved the most financially advantageous result," said Innusa.

According to Vasilijs Serdjukovs, Riga International Bus Terminal is an important part of Riga's future transport hub - it is closely interconnected with the Rail Baltica railroad, Riga public transport network, Riga Central Market, the historic center of the city.

"Our first task is to ensure stable and continuous operation of the company. Further development should be gradual - improving the quality of infrastructure, convenience for passengers and operators, as well as strengthening the role of the bus terminal as an important urban landmark that residents and visitors of Riga can be proud of," Serdjukovs said in a statement.

The sale was organized by audit and business consulting company KPMG Baltics in cooperation with law firm KPMG Law.

According to Arturs Petrovs, partner at KPMG Baltics, the sale of Riga International Bus Terminal involved a comprehensive investor outreach, contacting 109 potential investors - both strategic and financial investors - in Latvia and Europe. Of these, seven investors signed confidentiality agreements, four made non-binding offers and two made binding offers.

"Rivaro Holding was selected as the buyer as it submitted the most financially and strategically advantageous bid," said Petrovs.

According to the Law on National Security, a change of shareholder in a company of national importance must be cleared by the Cabinet of Ministers. The transaction still requires informing the other shareholders and providing them with the opportunity to exercise their pre-emptive rights.

Another 10.32 percent of Riga International Bus Terminal shares are held by KG Technologies, indirectly owned by Andrejs Visockis, 2.75 percent by bus operator Nordeka, 2.45 percent by Visockis' company V Investment, and 9.08 percent by other private individuals, according to information on the company's website.

Rigas Satiksma is the sole owner of Rigas Acs. After the transaction is finalized, Rigas Acs will be liquidated.