China, Latvia, Legislation, Markets and Companies

Since September 29, the sole owner of Stenders is CICC Ehealthcare Investment Fund registered in the Cayman Islands.

The company has a new executive board, while its supervisory board has been liquidated.

Starting from October 2, Stenders board chairwoman is Chinese citizen Wu Xia, and board members are Chinese citizens Yang Gang and Zhao Yang.

Thus, the former board member Janis Berzins has left his work, and the supervisory board members Martins Jaunarajs, Zane Ziedone and Ieva Eglite have left the supervisory board.

According to Firmas.lv, the company’s share capital has been increased from EUR 594,182 to EUR 1,089,333.

The company said that further comments on the transaction will be released after October 9.

Established in 2001, Stenders produces and sells bath body care products. The company previously was owned by BaltCap Latvia Venture Capital Fund, Saudi Arabian company Yamany Ameen Ali Y and three Latvian individuals – Berzins, Zane Stavra and Eglite. Stenders is selling its products in 27 countries.

Sales of Latvia’s Stenders cosmetics company in the last financial year from April 1, 2015, until March 31, 2016, reached EUR 8.028 million, while the company’s loss reached EUR 633,414.