Vilnius, Lithuania, 2013-10-30 14:13 CET (GLOBE NEWSWIRE) -- In its meeting held on 30 October 2013 the Board of Directors of AB Lietuvos Dujos adopted the following decisions:
The Board of Directors of AB Lietuvos Dujos (hereinafter referred to as “the Company”) adopted the decision to establish a Subsidiary, the legal form of which is a private limited liability company and to which the natural gas distribution activity of the Company will be later transferred together with the assets, rights and obligations attributed to such an activity. The Board of Directors of the Company also established that the authorized capital of the Subsidiary will amount to LTL 1,000,000 (one million). The Company’s administration was entitled to prepare and submit to the Company’s Board of Directors for the adoption the draft Incorporation Act and the draft Bylaws of the Subsidiary by 1 April 2014.
The decision to establish the Subsidiary was adopted in accordance with the provisions of the Law on Natural Gas of the Republic of Lithuania and other legal acts of the Republic of Lithuania regulating the unbundling of the distribution activity.
The extraordinary General Meeting of Shareholders of the Company held on 28 May 2012 adopted the decision to perform the unbundling of the distribution activity of the Company by establishing the Subsidiary of the Company and by transferring the Company’s natural gas distribution activity (complex of assets) to such Subsidiary together with the assets, rights and obligations attributed to such activity as the contribution in kind for the shares of the Subsidiary in accordance with the terms provided for by the legal acts. It is expected that the legal, functional, and organizational unbundling of the distribution activity will be completed not later than by 31 October 2014 as provided by legal acts.
The Board of Directors of AB Lietuvos Dujos approved natural gas distribution tariffs that will come into effect from 1 January 2014.
The tariffs, approved by the Board of Directors of AB Lietuvos Dujos, will be presented to the National Control Commission for Prices and Energy for approbation.
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