AS "Latvijas Gāze" Board members acquire a substantial stake in the AS “Latvijas Gāze”
24 Novembre 2023 - 3:00PM
AS "Latvijas Gāze" Board members acquire a substantial stake in the
AS “Latvijas Gāze”
Joint Stock Company "Latvijas Gāze" Board
members acquire a substantial stake in the Joint Stock Company
“Latvijas Gāze”
As part of the ongoing management buy-out
process, Members of the Board of the Public Joint Stock Company
“Latvijas Gāze” (hereinafter – Latvijas Gāze) Aigars Kalvītis,
Elita Dreimane and Egīls Lapsalis have, via their special purpose
vehicle SIA “Energy Investments”, acquired a substantial stake in
Latvijas Gāze. The deal has been struck between the
Luxembourg-based investment fund “Marguerite Gas II S.À.R.L”
(hereinafter – Marguerite) and SIA “Energy Investments”
(hereinafter – Energy Investments) for the purchase of all 28.97%
of shares owned by the Marguerite fund.
According to the management of Latvijas Gāze, it
believes in the company’s future and the management buy-out process
will enable Latvijas Gāze to not only maintain its position as one
of the Baltic energy leaders but also lead the way in innovative
products and services based on the major international market
trends. The new energy market reality necessitates a balanced
availability of different energy resource products whilst also
offering adequate and competitive energy costs to Latvian
manufacturing companies. Furthermore, with a smart and long-term
oriented policy in place, it is possible to satisfy the Latvian
households’ demand without dramatic hikes in the price of gas or
other energy sources.
The intended mid-term strategy will also require
substantial financial investments. The management team has started
working on a new Latvijas Gāze strategy which encompasses expansion
into the Baltic renewables market. To that end, it has negotiated
and continues to negotiate with and encourage domestic capital
credit institutions and non-bank financiers to assess their
capabilities and strategies towards reducing the dependence of
Latvijas Gāze on foreign capital and thus also contributing to
Latvia’s energy independence. Chairman of the Board of Latvijas
Gāze Aigars Kalvītis says: “To me, a successful development of
events in the management buy-out process would be one where Latvian
capital ends up holding at least a controlling majority in Latvijas
Gāze. Perhaps this is also the right time for the entire capital of
Latvijas Gāze to be related to Latvia. The completed deal for the
purchase of 28.97% of shares in Latvijas Gāze could mark the
management team’s first successful step in the management buy-out
process. Further steps in the process will depend on the
responsiveness of Latvian domestic capital and the possible
negotiations with financiers and mid-term investors who believe in
the professionalism of the management team of Latvijas Gāze.”
Nicolas Merigo Cook, former Member of the
Council of Latvijas Gāze representing Marguerite, points out that
he has been pleased of the opportunity to be a shareholder of
Latvijas Gāze for seven years: “During this time, we have taken
part in the opening of the natural gas market, first separating the
unified natural gas transmission and storage operator “Conexus” and
later the natural gas distribution system operator “Gaso” as a
subsidiary which recently found a new strategic shareholder – the
Estonian “Eesti Gaas”. Over these years, we have established a
constructive dialogue with the management of Latvijas Gāze, so I
wish them success in accomplishing their goal – making Latvijas
Gāze a domestic capital company with an active vision adapted to
the general energy market trends.”
Yours sincerely,
on behalf of AS “Latvijas Gāze" and SIA “Energy
Investments”,
Aigars
Kalvītis
Riga, November 24, 2023.
About AS “Latvijas
Gāze”
Founded in 1991, AS “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, AS “Latvijas Gāze”
is the largest and most prominent natural gas trader in Latvia. The
company has 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.
Additional information:
Sandra Joksta
investor.relations@lg.lv
phone: + 371 67 374 369
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