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Latvijas Gāze, JSC: Latvijas Gāze and its major shareholders enter into shareholder agreement
Under the requirements of the regulatory framework of the European Union and the Energy Law, Latvijas Gāze has to unbundle the distribution services from natural gas trading. As these requirements effectively apply to shareholders with major holdings, Latvijas Gāze and its largest shareholders have entered into a shareholder agreement on the pre-emptive rights to shares of the distribution service provider to be spun off and the representation rights of these shareholders in the management and supervisory bodies of the distribution company.
The decision on the demerger of Latvijas Gāze is set to be adopted on August 15, 2017, and the distribution system operator JSC “Gaso” is set to be founded by the end of the year. At the time of founding, the JSC “Gaso” will be a 100% subsidiary of Latvijas Gāze.
Latvijas Gāze is an integrated natural gas trader and distribution service provider. The European Union and the Energy Law requires Latvijas Gāze to spin off the distribution services and trading by January 1, 2018. January 2017 saw the completion of the first stage of reorganisation, with the storage and transmission services spun off into the company Conexus Baltic Grid.
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