State company Latvijas Gāze JSC has started the sale process of its subsidiary Gaso JSC, as confirmed by Latvijas Gāze board chairman Aigars Kalvītis.
He explained that
in accordance with existing regulations, Gaso cannot be managed by Russian or Belarusian shareholders,
and considering that Latvijas Gāze has shareholders representing Russia, Gaso needs to be sold.
«The sale process has started, and I hope it will conclude by the middle of the year,» said Kalvītis, adding that he cannot comment more on the subject, as the entire sales procedure is confidential.
As previously reported, on the 8th of August 2022 it was decided at an extraordinary meeting of shareholders of Latvijas Gāze to commence a separation and reorganisation procedure. It was decided to sell Latvijas Gāze’s owned Gaso shares to a newly-founded company.
Gaso is the sole natural gas distribution system operator in Latvia. The company ensures the security of the natural gas network and keeps a record of natural gas consumption. Gaso was founded at the end of 2017 as a result of separation of Latvijas Gāze’s distribution system and compliance with requirements of the European Union and the Latvian state in regards to ensuring the independence of the natural gas distribution system.
The company’s base capital is EUR 39.9 million, according to information from Firmas.lv. Gaso’s sole shareholder is Latvijas Gāze.
Gaso’s turnover was EUR 57.91 million in 2021. The company’s profits reached EUR 11.55 million.
Latvijas Gāze’s biggest shareholders include Russian Gazprom (34%), Marguerite Gas II.S.a.r.l. (28.97%), German Uniper Ruhrgas International GmbH (18,26%) and Itera Latvija LLC (16%).
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