Baltic States – CIS, Energy, Investments, Latvia, Legislation

The company informs that pursuant to the decision of the Cabinet of Ministers of May 26, 2020 on the exercise of pre-emption rights in the transaction of disposal of Conexus shares, Augstsprieguma Tikls acquired an additional 34.1% of Conexus shares on July 21, 2020, increasing its share in Conexus' capital to 68.46%.

The published information reveals that Augstspriegumu Tikls paid a larger amount for Conexus shares to Gazprom than was paid at the end of 2017 by purchasing a similar number of Conexus shares from SIA Itera Latvija and the German energy group Uniper Ruhrgas International GmbH (Uniper).

At the end of 2017, Augstsprieguma Tikls purchased a total of 34.36% of Conexus shares for EUR 57,394,971. 

According to the information published by the company, the 68.46% of Conexus shares have been purchased for a total of EUR 134,394,971.

As reported, state-owned transmission system operator Augstsprieguma Tikls has acquired Russian gas corporation Gazprom's stake in Conexus, therefore the state of Latvia now has controlling interest in Conexus.

in July of this year, Augstsprieguma Tikls concluded a deal with Gazprom to acquire from the Russian company 34.10% of Conexus shares, increasing its stake in the company to 68.46%.

According to the Economics Ministry, the state therefore has full control over the gas transmission system in Latvia, strengthening energy security and facilitating further development of the gas system in accordance with national energy policy objectives.

Following the changes in Conexus shareholder structure, the company's shareholders now include Augstsprieguma Tikls, whose stake in the company has increased from 34.36% to 68.46%,  Marguerite Fund, which owns 29.06% of Conexus shares, and other shareholders that together own 2.48% of the company's shares.