Energy, Financial Services, Gas, Good for Business, Investments, Latvia
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Friday, 29.03.2024, 13:39
Latvijas Gaze raises EUR 35 mln loan for Gaso capital
The five-year loan will be attributed to the newly established subsidiary Gaso.
As reported, Latvijas Gaze
shareholders decided at a meeting in August to demerge the company by
establishing a distribution system operator - joint stock company Gaso.
According to the European Union directives and the Energy Law, Latvijas Gaze has to separate natural gas
distribution and transmission systems by January 1, 2018. The natural gas
transmission and storage functions were separated from Latvijas Gaze by the establishment of Conexus Baltic Grid in 2016,
a company that is independent from Latvijas
Gaze. On the other hand, natural gas distribution operator may be a
subsidiary of Latvijas Gaze.
Latvijas Gaze's share capital is EUR 55,860,000, divided into 39,900,000 shares, each
worth EUR 1.4. Latvijas Gaze
shareholders are Gazprom (34% of shares), Marguarite
Gas II (28.97%), Uniper Ruhrgas
International (18.26%), Itera Latvija
(16%), the state of Latvia (less than 0.01% of shares), and others.
Last year Latvijas Gaze generated
EUR 392.266 million in sales, down 11.8% from 2015, and its profit rose 22.9%
to EUR 37.506 million.
Latvijas Gaze shares are quoted on the Secondary List of the Nasdaq Riga stock exchange.