Change of hands in Latvian gas companies

Take note – story published 1 year ago

As “Latvijas Gāze” (LG) shareholder meeting decided on Monday to start the company's reorganization by divestiture, which would transfer 100% of the shares of LG's gas distribution system operator AS Gaso to a newly established company, according to the company's announcement to the Nasdaq Riga exchange on August 8.

Gaso's core capital is divided into 39.9 million shares. As a result of the reorganization, all LG shareholders would become shareholders of a newly formed company in proportion to their participation in LG.

LG's largest shareholders are Russia's Gazprom (34%), the fund Marguerite Gas II. S. a.r.l. '(28.97%), the German company Uniper Ruhrgas International GmbH (18.26%), and Itera Latvija (16%).

Accordingly, this even ratio will remain in the newly formed company, which will take over the shares of Gaso.

As a result, “Gaso” will actually become LG's sister company, as Marguerite Gas II.S.a.r.l offered five years ago, but at the time this proposal did not gain the support of the other shareholders.

LG shares are listed on the Nasdaq Riga exchange.

LG Group's audited turnover in 2021 was €583.342 million, which is 3.1 times more than in 2020, while the company's profit fell 3.4 times to €3.24 million. Gaso worked on EUR 57.914 million audited turnover last year, which is 18% more than a year earlier, while the company's profit increased by 36.4% and reached EUR 11.545 million.

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