Riga, 2014-10-31 14:24 CET (GLOBE NEWSWIRE) -- On 25 September 2014 the Meeting of Shareholders of Latvenergo AS approved a decision to increase company’s share capital, based on order of the Cabinet of Ministers No 496 of 16 September 2014 On Investment of State Owned Real Estate into the Share Capital of Latvenergo AS, the Law On State and Local Government Capital Shares and Capital Companies, the Commercial Law, the Law On Expropriation of Public Person`s Property and Regulations of the Cabinet of Ministers No 705 of 30 June 2009 On Standard Articles of Association of State and Local Government Stock Companies. On 30 October the respective increase was registered with the Commercial Register of the Register of Enterprises of the Republic of Latvia.
Share capital of Latvenergo AS is increased by EUR 435,760, by paying for the new shares with property investment owned by the state for the total value of EUR 435,760; thus the share capital of Latvenergo AS reaches EUR 1,288,446,357. The Meeting of Shareholders approved the regulations for increasing the share capital of Latvenergo AS and Articles of Association of Latvenergo AS in a new wording. In the share capital was invested 303 land parcels and deemed parts of 4 land parcels with a total land area of 9.0140 ha, which is state capital property already used by Latvenergo AS.
Additional information:
Jānis Irbe
Group Treasurer
Phone: +371 67 728 239
E-mail: investor.relations@latvenergo.lv
About Latvenergo
Latvenergo Group is a pan-Baltic energy company, engaging in electricity and thermal energy generation and supply, electricity distribution services and management of transmission system assets. Latvenergo Group holds one-third of the entire Baltic electricity market, thus ensuring its leadership in the Baltic electricity supply. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several years in a row. International credit rating agency Moody’s has assigned Latvenergo AS an investment-grade credit rating of Baa3/stable.
Latvenergo Group includes the parent company Latvenergo AS (electricity and thermal energy generation and supply) and its subsidiaries Latvijas elektriskie tīkli AS (management of transmission system assets), Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (electricity supply in Estonia), Elektrum Lietuva UAB (electricity supply in Lithuania), Enerģijas publiskais tirgotājs AS (administration of electricity mandatory procurement process) and Liepājas enerģija SIA (electricity and thermal energy generation and supply), as well as Elektrum Latvija SIA (electricity supply), a subsidiary of Elektrum Eesti OÜ.