RIGA, Aug 24 (LETA) - The Riga City Council today made the decision to establish a new company together with the state - Rigas Osta (Riga Port), in line with the amendments to the Law on Ports.

Rigas Osta will be a joint stock company with a share capital of EUR 35,000. The Riga City Council will hold a 40 percent stake in it, while the state - the Transport Ministry, the Finance Ministry, the Economics Ministry and the Environment Protection and Regional Development Ministry - 60 percent.

The new joint stock company will take over administration of the Riga port from the Riga Freeport Administration. The Cabinet of Ministers by the end of this year should make the decision on liquidation of Riga Freeport Administration.

The amendments to the Law on Ports provided that the Riga City Council had to make the decision on establishment of the new joint stock company by September 1.