Sekenora Holdings Limited, a Cypriot investment company that is the majority shareholder of AB Snaige (NSEL:SNG1L), is considering selling its stake in the Lithuanian company, Snaige said. "According to unofficial data, the main shareholder of Snaige's shares, Sekenora Holdings Limited is considering the possibility of selling the company's shares," Snaige, which is ongoing restructuring, announced via the Nasdaq Vilnius Stock Exchange on November 25, 2022. Mindaugas Sologubas, Chief Executive Officer at Snaige, says a new shareholder would significantly improve the company's situation.

A change in the shareholder's country of origin alone would solve many problems that, Sologubas believes, the company is undeservedly facing. Sologubas says the company is currently continuing to operate, producing refrigerators, developing its new line of industrial refrigeration products and has no intention of stopping yet. "We are trying to get out of this unfavorable situation for the company on our own," Sologubas said.

"The biggest internal obstacle to our activity is the lack of working capital. We have many more orders than we can produce. We cannot borrow for the time being, we pay for raw materials in advance, which negatively affects the company's result." In early September, Kaunas Regional Court launched bankruptcy proceedings for debt-ridden Snaige.