By acquiring new funding sources, the ELKO Grupa AS receives additional resources for further growth

At the end of the year 2010 the ELKO Grupa AS has concluded a credit line agreement with a new financial partner - OAO Promsvjazbank (Russia). This agreement ensures a funding of USD 20 million for the company’s further growth. 

ELKO Group Finance director Sven Dinsdorf: ‘Referring to the sales ratios of ELKO for the third quarter of 2010, as well as taking into account the current situation, we can conclude that the ELKO Group has managed to substantially exceed the showing of year 2009 as regards both the turnover and profitably. The company’s financial results show that the enterprise management has adequately reacted to the challenges of the current economic environment, thus providing an effective and well-considered enterprise management even in the current difficult economic conditions.
Thereby the ELKO Group has gained an additional confidence among the financial partners as shown by the concluded funding agreement. The company currently collaborates with the DNB NORD Bank (credit line of USD 35 million) in the field of finance. The latest ELKO’s collaboration with OAO Promsvjazbank and the resultant funds obtained serve as a proof of the existing facilities to diversify the sources of funding and to obtain the necessary funds for providing a steady growth. The newly acquired funding will provide an opportunity to reach new and ambitious sales plans, as well as to retain the leading position in target markets also in the future’.

About OAO Promsvjazbank
The open joint stock company Promsvyazbank ranks among the TOP 3 leading Russian private banks. It works successfully since 1995 and according to the assets is now the 9th bank among all Russian banks. Promsvyazbank is a universal bank that provides a full spectrum of financial services both for private and legal persons, including a capital management and investment banking services.

About ELKO Group

ELKO Group was founded in 1993 and is one the biggest Latvia's enterprises. The main operational direction of the enterprise is the wholesale of computer engineering and electronic goods in the Baltic States, Central and Eastern Europe and CIS countries.
The enterprise represents more than 80 producers and sells their goods to approximately 6300 retailers, local providers of computer engineering solutions and system integrators. ELKO Group offers more than 9000 product names from the world's most famous suppliers – Acer, Intel, Seagate, Samsung, Sony, TomTom, Western Digital and others. Currently, there are more than 340 people employed in the enterprise. ELKO Group is owned by several legal persons, as well as by Amber Trust investment fund and investment funds related to East Capital Asset Management.