RIGA, Dec 9 (LETA) - The Finance and Administrative Affairs Committee of Riga City Council on Thursday approved the proposal to merge four municipal companies - Rigas Nami, Rigas Pilsetbuvnieks, Rigas Centraltirgus and Rigas Serviss - into one company.

Most probably, a board of three members will be appointed to supervise the new municipal enterprises and three managers will be appointed to the company's executive board. 

As reported, the proposal on the merger of the companies was prepared by ZAB PricewaterhouseCoopers Legal in cooperation with PricewaterhouseCoopers financial consultants for EUR 9,500.

The merger is aimed at centralization of property management, increasing capacity of the municipal capital companies, strengthening of corporate management and administrative capacity.

According to Firmas.lv, Rigas Nami has a share capital of more than EUR 110 million. The company last year posted EUR 3.6 million in turnover and loss worth more than EUR 300,000.

Riga Pilsetbuvnieks has a share capital of more than EUR 42 million. Last year the company posted EUR 13.3 million in turnover and EUR 188,497 in profit.

Rigas Centraltirgus has a share capital of EUR 15.2 million. The company's turnover reached EUR 6.4 million last year, while loss amounted to EUR 254,339.

Rigas Serviss has a share capital of EUR 58,928. Last year it reported EUR 4.6 million in turnover and EUR 62,167 in profit.