“Gaso” changes ownership, company board composition altered
In a recent announcement by “Latvijas gāze,” it was revealed that the costs of the deal exceeded 120 million euros. This news comes as “Gaso” reported a decrease in revenue of 52.46 million euros last year, which is 11.3% less than in 2021. Additionally, the company suffered losses of 1.751 million euros, contrary to the previous year’s profit.
“Gaso” is the sole natural gas distribution system operator in Latvia. The company ensures the security of the natural gas network, provides technical services, and monitors natural gas consumption. Established in late 2017, “Gaso” separated the distribution system operations of “Latvijas gāze” to comply with the requirements of the European Union and the state for ensuring the independence of the natural gas distribution system. The company’s share capital amounts to 39.9 million euros, according to information from ”Firmas.lv.”
“Eesti Gaas,” the sole shareholder of “Gaso,” is an Estonian investment company owned by Estonian entrepreneurs Hanšmits, Panta, and Jervelills. “Infortar,” the parent company of “Eesti Gaas,” operates in five countries and is primarily engaged in energy, cargo transportation, and real estate. The balance sheet of “Infortar” reaches 1.1 billion euros. The “Infortar” group includes a total of 47 companies, including a 41% stake in “Tallink Grupp,” 100% ownership of “Eesti Gaas,” and a diverse portfolio of real estate.
The change in ownership of “Gaso” and the alteration of the company’s board composition mark a significant development in the energy sector. The new owners, “Infortar,” bring extensive experience and expertise in the industry, which could potentially lead to further advancements and improvements in the natural gas distribution system in Latvia. The impact of these changes on the company’s operations and future plans remains to be seen, but it is expected that ”Gaso” will continue to play a crucial role in ensuring the efficient and secure distribution of natural gas in the country.
How might the change in ownership and board composition impact “Gaso’s” profitability in the upcoming financial year?
Ase in profits for the previous financial year. The new ownership of “Gaso” will bring changes to the company’s board composition.
The Latvian gas company, “Gaso,” is set to undergo a change in ownership as announced by “Latvijas gāze.” The deal, with a price tag exceeding 120 million euros, marks a significant development for the company. This comes at a time when “Gaso” is grappling with a decline in profits reported for the previous financial year.
The exact details of the deal have not been made public, but it is expected to bring about a shift in the management and strategic direction of “Gaso.” As part of this transition, the composition of the company’s board will also undergo alterations.
With the change in ownership, “Gaso” will have access to new resources and expertise. This could potentially aid the company in combating the challenges it has been facing and drive growth in the future. Furthermore, the new board composition will likely bring fresh perspectives and ideas to guide the company’s operations.
The announcement of this change in ownership and board composition comes as ”Gaso” reported a decrease in profits for the previous financial year. This highlights the significance of the impending transformation and the potential impact it may have on the company’s financial performance.
It remains to be seen how the new ownership and board composition will shape the future of “Gaso.” However, this development signals a new chapter for the company, one that holds promise for growth and sustainability in the ever-evolving energy sector.
This article sheds light on the significant financial losses and social impact of the “Latvijas Gāze” deal, surpassing 1.12 million euros. It highlights the need for careful consideration and evaluation of such business transactions to protect both the company and society.