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Tomasz Rycak has been appointed CEO of Metal-Plast, a leading Polish PVC window and door frame recycler, which is a subsidiary of Eco Baltia Group, the largest Baltic environmental management and resource recycling group, and INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltics. He will replace the current CEO Grzegorz Jasinski. Tomasz Rycak has extensive international management experience in a wide range of industries and his appointment marks a new stage in the company’s future growth.

“The changes to strengthen the management team reflect a desire for even greater focus in implementing the company’s strategy. Ambitious goals have been set for the new CEO: to improve operating efficiency, increase the return on investment, and ensure sustainable growth. We are grateful to Grzegorz Jasinski for his contribution to the company’s development and wish him every success in his professional future,” says Jānis Aizbalts, the Chairman of the Supervisory Board of Metal–Plast.

“In joining the leader in Poland’s PVC recycling sector, I see great potential for creating long-term value with a clear strategy, operational efficiency, and a highly professional team. I believe that my experience in a variety of sectors and my work with private equity funds will enable me to quickly identify growth opportunities and implement transformations that deliver tangible results,” says Tomasz Rycak, the new CEO of Metal–Plast.

Rycak comes to the role at Metal-Plast with more than 20 years of experience shaping and implementing business change strategies, operational restructurings and international expansion. His recent activities have focused on consulting work for businesses and private equity funds.

In 2024, Metal-Plast unaudited turnover reaches EUR 30.3 million. The company has nearly 200 employees. Its recycling capacity at present is about 30,000 tonnes per year. To contextualise, one tonne of recycled PVC saves two tonnes of CO2 emissions, representing a significant positive contribution towards the European Union’s climate neutrality targets.

Eco Baltia and the INVL Baltic Sea Growth Fund acquired a 70% stake in Metal-Plast in November 2023. The remaining 30% of the Polish company’s shares belong to the SIDN Family Foundation.

Eco Baltia shareholders’ meeting will be held on 27 June

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On 27 June 2025, Eco Baltia, the largest environmental resource management and recycling group in the Baltics, will hold its Annual Shareholders’ Meeting.

The agenda of the shareholders’ meeting includes the approval of the 2024 annual and consolidated financial statements and the appointment of the auditors for 2025. The payment of dividends will also be decided.

Ordinary shareholders meeting of the Company shall take place on June 27, 2025 at 15:00 (Riga time), at Latgales Street 240-3, Riga, Latvia, office of AS “Eco Baltia” and in online communication site.

Shareholders may familiarize themselves with the draft resolutions to be considered at the meeting of shareholders, as well as to submit proposals on the issues included in the agenda at the office of the Company at Latgales street 240-3, Riga, LV-1063, starting from June 13, 2025, on working days from 8:30 to 17:00, contact information: phone +371 67409828 or e-mail address sigita.namateva@ecobaltia.lv.

The shareholders of AS “Eco Baltia” are INVL Baltic Sea Growth Fund through UAB BSGF Salvus (52.81%), the European Bank for Reconstruction and Development (30.51%) and Māris Simanovičs (16.68%).

Eco Baltia reminds of the procedure for the application of the reduced rate of income tax on coupon payment on bond issue 

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The largest environmental resource management and recycling group in the Baltics, Eco Baltia AS, informs bondholders who are non-residents of Latvia about the procedure for applying reduced personal income tax (PIT) or exemption from PIT for coupon payments on bonds issued by the company. 

Pursuant to the Law on Personal Income Tax (“PIT”), income related to interest income received by a non-resident of Latvia is taxed in Latvia. From 2025, the rate is 25.5%. This means that a Latvian company paying interest to a non-resident individual is obliged to withhold PIT. 

Latvian non-resident taxpayers may be subject to a reduced rate of personal income tax or even tax exemption based on the double tax treaty in force between Latvia and the signatory’s tax domicile. 

If a non-resident of Latvia wishes to have the interest income paid on the Securities subject to the lowest possible rate of personal income tax at the time of coupon payment, the holder of the Securities must submit the original of the Resident Certificate for Tax Relief to Eco Baltia AS. It must be submitted for each calendar year separately. 

If the standard rate of withholding tax has already been deducted at the place of income, it is possible to apply for a tax refund by submitting the original of the Resident’s Tax Refund Certificate to the Latvian Tax Administration. The PIT refund may be claimed starting from 1 March of the year following the calendar year of interest income receipt. 

Full information on the possibility of obtaining a reduced rate or exemption from income tax can be found HERE>>