Magnus Astrom, a member of the board of UAB Scaent Baltic, one of the largest investment firms in Lithuania controlling energy, financial services and media companies, has been appointed chairperson of the board.

Jonas Garbaravicius, who has managed the firm since its establishment and reached all the targets, will become a partner at CEE Resources & Investments, an investment firm operating in the City of London, UK, the European financial centre. Together with partners, Jonas Garbaravicius will implement the investment development strategy in oil production and trade, electricity, renewable energy sources and resources as well as financial sectors.

Jonas Garbaravicius noted that the decision to expand professionally to major European financial centres and Russian market has been in the making for a number of years.

“I have been thinking about this career move for some time. However, I had an agreement with my colleagues and partners that I will personally see to the completion one of the largest projects implemented by the groups controlled by our company – the listing of Inter Rao Lietuva on the Warsaw Stock Exchange. Today, nearly five months after the trading in stock began, I can firmly say that the project has been completed successfully. Therefore, I believe it is reasonable to hand over the management of a successful and efficient business to my long-term colleague and excellent professional Magnus Astrom from Sweden who is held in high esteem by his peers,” says Jonas Garbaravicius.

Magnus Astrom is the Managing Director of Swedish companies Scaent AB and Inter Green Renewables and Trading AB, has served in the positions of a board member and deputy managing director. In 2001–2004, M. Astrom worked at TXU Nordic Energy Oy, which operates in Sweden and Finland, as sales manager and sales director. M. Astrom is a graduate of the Royal Institute of Technology in Stockholm and studied at Strathclyde University in Scotland.

Magnus Astrom hopes that his vast experience in the energy sector, management and cost optimisation will help and guide his leadership on the board of Scaent Baltic.

“I believe that the experience I gained in the Nordic electricity sector will be very useful in Lithuania in outlining further policies of Scaent Baltic and responding to the changing situation. However, Scaent Baltic has no plans to expand further on the Lithuanian market,“ says Magnus Astrom.

Linas Garbaravicius will be a new member of the board of Scaent Baltic.

About Scaent Baltic

Currently, Scaent Baltic and partners control financial services, energy, publishing and investment companies in Lithuania, Latvia, Estonia and Poland. The Group includes UAB Scaent Baltic Investment, UAB East Europe Investment Group, FMĮ Orion Securities, UAB Orion Asset Management, UAB SC Baltic Media, UAB Intelligent Media, UAB Franchise Media, UAB SC Baltic Realty, UAB Alproka, UAB Genys, SIA Genys, etc. The company has a participating interest of 29% in INTER RAO Lietuva.

For contacts:

Dr. Paulius Vazniokas

Managing Director

UAB Scaent Baltic

Tel.: (+370 5) 242 11 21

E-mail: info@scaent.lt

Website: www.scaent.lt