On 19 September 2013, a notification of AB Klaipėdos Nafta (the “Company”) on the decision of the Company to increase the authorised capital of its subsidiary UAB LITGAS was registered with the Register of Legal Entities of the Republic of Lithuania.
By decision of the Company, as the sole shareholder of UAB LITGAS, the authorised capital of UAB LITGAS is increased by LTL 2 million, i.e. from LTL 1 million to LTL 3 million, by issuing 2 million ordinary registered shares of UAB LITGAS and granting the right to subscribe for all these shares to Lietuvos Energija, UAB (private limited liability company, legal entity code 301844044, registered office at Žvejų g. 14, Vilnius). After the increase of the authorised capital, the Company will own 1/3, whereas Lietuvos Energija, UAB – 2/3 of all the shares and votes in the general meeting of shareholders of UAB LITGAS.
UAB LITGAS and Lietuvos Energija, UAB are going to sign a share subscription agreement soon. It is planned that Lietuvos Energija, UAB will pay for the newly issued shares of UAB LITGAS by making a monetary contribution by 9 October 2013.
The authorised capital of UAB LITGAS will be deemed increased after the registration of the amended Articles of Association of UAB LITGAS with the Register of Legal Entities – it is planned that this will happen by the middle of October this year.
As announced by the Company in its notification of 11 September 2013, the control over LITGAS is being transferred to Lietuvos Energija, UAB following Resolution No. 730 of the Government of the Republic of Lithuania, dated 21 August 2013, in order to implement the requirements of the Third Energy Package of the European Union regarding natural gas and electricity markets of the European Union and of the Law of the Republic of Lithuania on Electricity to unbundle energy supply and production and energy transmission activities.
Mantas Bartuška, Director of the Finance and Administration Department, +370 46 391 763