"We have decided that expansion is our priority and that it is the next stage in Maxima Grupe's history. And this is not expansion in the Baltic countries, where we already hold the leading position. Yes, we do want to maintain that leadership and this is very important, but the next big step is expanding into other markets," he told journalists in an interview.
Maxima Grupe is currently making efforts to strengthen its position in Poland, where it is buying Stokrotka, a chain of convenience stores owned by Emperia Holding.
"We are currently waiting for clearance from the Polish competition authority. The process is under way and there is some progress. We expect to obtain that approval shortly. The tender offer period (for Emperia Holding shares) on the (Warsaw) stock exchange has been extended until Mar. 16. We hope that we won't have to extend it again," Misiunas said.
The CEO said that it was too early to speak about specific expansion plans in other European countries."We want to understand what is happening in Europe's retail market and to be part of it. In the Polish market, we are weighing other potential acquisitions. This is a very interesting market (...). But Poland is not the only market we are watching," he said.
According to Misiunas, the company is also considering expanding in Bulgaria, where it already owns a retail chain.
The CEO said that the company might place a bond issue to finance its foreign expansion plans.
The traditional, or the first, level is bank financing, but other instruments have to be brought in at some point, too. We are considering such instruments and will in the near future decide what exactly to do," he said.
Maxima Grupe, which is part of Vilniaus Prekyba, one of Lithuania's biggest business groups, owns retail chains operating under the names of Maxima in the Baltic countries, Aldik in Poland and T-Market in Bulgaria, as well as the online shop Barbora.
Vilniaus Prekyba is majority owned by Nerijus Numavicius, a Lithuanian businessman who lives in London.
