Vilnius, Lithuania, 2014-07-22 08:29 CEST (GLOBE NEWSWIRE) -- In accordance with the requirements on the unbundling of gas distribution activity provided for by the Law on Natural Gas of the Republic of Lithuania and other legal acts, as well as the decision of the Extraordinary General Meeting of Shareholders of the Company of 30 June 2014, on 21 July 2014 the Board of Directors of AB Lietuvos Dujos (hereinafter – the Company) approved that the distribution and supply activities of the Company will be unbundled by selling the Company’s complex of assets (part of enterprise), i.e. the gas supply activity with the assets, rights and obligations attributed to such activity, to a company controlled by the main shareholder of the Company Lietuvos Energija, UAB under the purchase - sale agreement of the part of the Company. The Board of Directors of the Company decided not to establish a subsidiary for the performance of the gas distribution activity, as it was provided in the decisions of the Extraordinary General Meeting of Shareholders of the Company of 28 May 2012 and the decisions of the Board of Directors of the Company of 30 October 2013 and 27 March 2014.
The Board of Directors of the Company also approved a new Description of the method for the unbundling of the gas distribution activity together with the unbundling action plan. In accordance with the requirements of legal acts of the Republic of Lithuania, the Company submitted this description to the National Control Commission for Prices and Energy for coordination.
It is expected that the legal, functional and organizational unbundling of the distribution activity will be performed not later than until 31 October 2014, as provided in legal acts.
Authorised person:
Mantas Mikalajūnas
Head of Strategic Development Division
Tel. +370 5 2360220