Joint Stock Company "Latvijas Gāze" statement of change of ownership of Joint Stock Company "Gaso" and loss of qualifying holding
17 Luglio 2023 - 3:00PM
Joint Stock Company "Latvijas Gāze" statement of change of
ownership of Joint Stock Company "Gaso" and loss of qualifying
holding
On July 17, 2023, under the agreement signed in
April 2023, the final preconditions for the completion of the
transaction of sale of the 100% subsidiary JSC “Gaso” were met, and
the change of ownership has been registered with the Commercial
Register of the Republic of Latvia, with AS “Eesti Gaas” becoming
holder of 100% of shares in the JSC “Gaso”.
The JSC “Gaso” is the only natural gas
distribution operator in Latvia. The JSC “Gaso” operates
independently of the JSC “Latvijas Gāze” and the change of
ownership will not affect the provision of the companies’ services
to the customers of the JSC “Latvijas Gāze”.
In the balance sheet contained by the Q1 2023
financial statement of the JSC “Latvijas Gāze”, the contribution to
the JSC “Gaso” was included under current assets in the amount of
122 million EUR, while the equity of the JSC “Latvijas Gāze” as at
March 31, 2023 amounted to 319 million EUR. Upon completion of the
transaction, the JSC “Latvijas Gāze” has received a payment that
corresponds to the book value of the contribution.
The JSC “Gaso” financial results of last three
years (thousand EUR):
|
2022 |
2021 |
2020 |
Turnover |
51 180 |
57 914 |
49 090 |
Net profit/ (losses) |
(1 751) |
(11 545) |
8 466 |
Dividends paid |
- |
8 379 |
8 778 |
The JSC “Latvijas Gāze” confirms that there are
no current material contracts between it and the JSC “Gaso” and
there are no court or arbitration proceedings that might
substantially affect the commercial activity of this capital
company.
We are delighted that it was possible to
complete the transaction within a few months from signing the
agreement, and this further proves that AS “Eesti Gaas” is an
appropriate partner for the JSC “Gaso”.
KPMG Baltics LLC un KPMG Law ZAB LLC
provided support to the JSC “Latvijas Gāze” in the process of
selling its subsidiary JSC “Gaso” to the Estonian company “Eesti
Gaas”. KPMG Baltics LLC un KPMG Law ZAB LLC helped shape the
deal structure, assisted the JSC “Latvijas Gāze” in the negotiation
process, and conducted the legal procedures necessary for the
deal.
The timely completion of the transaction enables
the JSC “Latvijas Gāze” to responsibly prepare for the new
2023/2024 heating season and to decide on returning capital to
shareholders at the Shareholders’ meeting scheduled for July 27,
2023.
JSC “Latvijas Gāze”Board
About JSC “Latvijas
Gāze”
Founded in 1991, the JSC “Latvijas Gāze” is one
of the leaders of the Baltic energy sector and provides the
wholesale and sale of natural gas to business customers in Latvia,
Estonia, Lithuania and Finland. In the household segment, the JSC
“Latvijas Gāze” is the largest and most prominent natural gas
trader in Latvia. The company’s shares have been listed on
the NASDAQ Riga stock exchange since February 15, 1999 – a
proof of high standards in terms of transparent governance,
responsibility, and care for its customers, investors, and the
society as a whole.
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