The special purpose company of the board members AS “Latvijas gāze” SIA “Energy Investment” and the Lithuanian company “Haupas” have bought the shares of “Latvijas gāze” previously owned by the Russian company “Gazprom” from the company Omani “Qudrah”. International SPC”, the LETA organization was told by representatives of “Latvijas gāze”.
According to “Firmas.lv” data, Kyrgyz citizen Svetlana Solomina is the real beneficiary of “Qudrah International SPC”.
Representatives of “Latvijas gas” explained that the two transactions – the transaction of “Gazprom” with “Qudrah International SPC”, as well as the transaction of “Qudrah International SPC” with “Energy Investments” and “Haupas” – are independent economic transactions , where the beneficiaries are. they are only parties to the particular proceedings.
“Gazprom” agreed to sell its shares of “Latvijas gas” to a company other than “Energy Investments”. for the manner in which “Energy Investments” could continue the management buyout process,” the company said.
“Firmas.lv” shows that “Qudrah International SPC” received a share of 34% in the capital of “Latvijas gas” at the end of October this year. However, according to representatives of “Latvijas gas”, the relevant information “can be considered as historical data, because another transaction took place on November 8, 2024”.
It was already announced that “Energy Investment” has bought 27.85% of the shares of “Latvijas gas” and “Haupas” – 6.15%. According to “Firmas.lv” data, 70% of “Energy Investment” capital is owned by Aigars Kalvītis, and 15% each belongs to Egīls Lapsali and Elita Dreimanes.
In the press release, Kalvītis said that a major step has been taken to further consolidate the shares of “Latvijas gas” in the management purchase process.
He also said that the search for solutions to buy back shares from the two remaining important shareholders – the German company “Uniper Ruhrgas International” and SIA “Itera Latvija” continues.
Currently, “Uniper Ruhrgas International” owns 18.26%, and “Itera Latvija” – 16% of the shares of “Latvijas gaze”.
It was already reported that in the fall of 2023, “Energy Investments” bought 28.97% of the shares of “Latvijas gaze” in the process of management purchase. The shares were purchased from the Luxembourg investment fund “Marguerite Gas II”.
However, in order to find funds for the next stages of the purchase of shares, within the framework of the purchase process, the management of “Energy Investments” disposed of the relevant shares of “Latvijas gas” with the right to repurchase to “Rietumu banka”. The contract provides for redemption conditions for a period of three years. During the specified period, “Rietumu banka” is an investor and a full shareholder of “Latvijas gas”.
It was also announced that the turnover of the concern “Latvijas gas” last year was 159.819 million euros, which is 4.4 times less than in 2022, when the prices of natural gas increased significantly, and the company also suffered a loss of 56.911 million euros. compared to the previous year’s profit.
The capital of the sector “Latvijas gas” is EUR 55.86 million. “Latvijas gāze”, according to the information mentioned on the company’s website, provides wholesale and retail of natural gas to business customers in Latvia, Estonia, Lithuania and Finland. The company also sells natural gas to households in Latvia.
2024-11-20 19:01:00
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What role did Latvijas Gāze play in facilitating the acquisition process?
Website editor: Good morning, gentlemen. Thank you for joining us today to discuss the recent acquisition of shares in Latvijas Gāze, a major player in the natural gas industry of Latvia. First of all, could you please introduce yourselves and your respective roles in this transaction?
Guest 1: Thank you for having us. My name is Aigars Kalvītis, and I am the Chairman of the Board of Directors at Energy Investment.
Guest 2: I’m Elita Dreimane, the CEO of Haupas – a Lithuanian energy company that has also participated in this transaction.
Website editor: Great, thank you for your introductions. To begin with, can you explain the significance of this deal for the Latvian energy sector?
Guest 2: Absolutely, this transaction is significant because it ensures that Latvian ownership and control over the natural gas sector remain in Latvian hands. The previous ownership by Gazprom raised concerns about energy security and influence from Russia. With this deal, we’re able to secure our energy independence and ensure that Latvijas Gāze operates in the best interests of the country and its people.
Guest 1: Moreover, it’s essential to mention that Energy Investments is not only a domestic but also an international company, which means that our expertise and experience in the sector are vast. This acquisition allows us to contribute even more to the further development of Latvian gas industry.
Website editor: That’s an excellent point. Could you elaborate on the process of acquiring shares from both Gazprom and Omani Qudrah? Were there any challenges or obstacles along the way?
Guest 2: The acquisition process was quite complex, as it involved multiple parties and transactions. However, we worked closely with Latvijas Gāze to ensure that everything was carried out smoothly and transparently. There were no significant challenges, as both Gazprom and Qudrah were willing to cooperate and reach an agreement that benefits all stakeholders.
Guest 1: Yes, I would add that the management buyout process took a lot of preparation and hard work. However, we were able to navigate through it thanks to the collaboration between the different parties involved. The key was to
