A public discussion on the potential listing of state-owned enterprises on the stock exchange is necessary, Latvian Prime Minister Evika Siliņa (New Unity) told journalists.
“In a democratic country, I believe it is very important that we discuss even complex issues openly and honestly,” Siliņa stated. She expressed interest in the developments in Lithuania and Estonia, where major energy companies have listed on the stock exchange, enabling them to attract additional financing and strengthen their export capacity.
Siliņa emphasized that it is worth discussing whether and how the public could benefit if portions of large state-owned enterprises’ shares were made available for purchase by citizens and other businesses. She also noted that such a move would increase transparency in these companies. “Our people would have a better understanding of what these companies do,” the Prime Minister said, pointing out that this is common practice in many Western countries.
She also highlighted that no decisions have been made yet, but politicians initiating this discussion are already facing various public statements, which are turning into a form of paid “smear campaign.” The Prime Minister urged both politicians and the public to “set aside their prejudices,” stressing that
the focus should be on how the state and its companies can generate more revenue.
As previously reported, the Ministry of Finance has submitted for inter-ministerial coordination a draft informative report titled “Proposals for Capital Market Development and State and Municipal Enterprises to be Considered for Initial Public Offering (IPO).”
The report argues that by allowing private investors to purchase a portion of shares owned by public entities, a balance can be achieved between public and private sector interests. In cases where public ownership at 100% may hinder market development, reducing state participation could allow for a gradual increase in private sector involvement, thereby fostering competition and enabling a return of invested public funds to the state budget.
The Ministry also notes that, according to a decision by the Cabinet of Ministers on May 13, 2025, one of the measures for reducing the national gross debt is the sale of minority stakes (at least 10%) in state-owned enterprises through public offerings by 2029. This would include commercial state-owned companies currently protected by anti-privatization laws.
However, these plans face opposition from both opposition parties and the ruling coalition’s Union of Greens and Farmers, raising doubts about the feasibility of implementing the Finance Ministry’s proposals.
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