A restructuring move by Icelandic firm Nordic Industries Ltd has meant that on 27 November co-patriot company Tomset Ventures Ltd gained its shares and the controlling stake in Latvia’s Staburadze confectionery firm.

Latvian group Nordic Industries, which started operating in 1995, specialises in industry, industry real estate and food. It owns shares in Nordic Food, which was founded for the purchase of Staburadze shares and controlled the 77% majority stake.

Tomset Ventures, which was founded earlier this year on 17 September, is partly owned by the Staburadze chairman Gisli Reynisson, who previously owned Nordic Industries.