|Emitents||Latvenergo, AS (213800DJRB539Q1EMW75)|
|Veids||2.2. Iekšējā informācija|
Today, on July 9, an Extraordinary Shareholder’s Meeting of Latvenergo AS was held, and it was decided to increase the share capital of Latvenergo AS by 178.1 million EUR by investing in the share capital previous year’s retained earnings of Latvenergo AS and to set the share capital of Latvenergo AS as amounting to 790.3 million EUR. Respective amendments have been approved in the Articles of Association of Latvenergo AS.
The increase of the share capital of Latvenergo AS is related to the decision of the Cabinet of Ministers of the Republic of Latvia of 8 October 2019 to support complete unbundling of ownership of the electricity transmission system operator. This June, the fulfilment of this decision resulted in a reduction of the share capital of Latvenergo AS by withdrawing from the base of assets of Latvenergo AS the capital shares of Latvijas elektriskie tīkli AS, and Latvijas elektriskie tīkli AS was separated from Latvenergo Group.
The above-mentioned decision of the Cabinet of Ministers on unbundling of transmission assets also provided for increasing the share capital of Latvenergo AS by investing the previous year’s retained earnings of Latvenergo AS.
Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade and electricity distribution services. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and subsidiaries - Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas in Lithuania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.