In the deal 27.85% of the shares of "Latvijas Gāze" owned by "Gazprom" were bought back by a special purpose vehicle set up by board members of LG, SIA "Energy investment", and Lithuanias UAB "Haupas".
The move comes after last fall, 28.97% of "Latvijas gas" shares were bought back from the Luxembourg investment fund "Marguerite Gas II S.À.RL".
The representatives of the company said the changes mean the majority of the shareholders of LG are now citizens of Latvia.
Aigars Kalvītis, a former Prime Minister who is now chairman of the board of LG stated that by buying back 34% of the shares belonging to "Gazprom", control over approximately 63% of the shares of has been obtained by the management buyout process.
“Latvijas Gāze” AS was established in 1991 and provides wholesale sales of natural gas. It is the largest natural gas trader in Latvia and operates under the 'GASO' brand.
The shareholder structure of the JSC “Latvijas Gāze” is now as follows:
- ENERGY INVESTMENTS LLC 27.85%
- UAB HAUPAS 6,15%
- JSC RIETUMU BANKA 28,97%
- UNIPER RUHRGAS International GmbH 18,26%
- LLC ITERA LATVIJA 16%
- OTHER SHAREHOLDERS 2,77%
