JSC "Latvijas Gāze" statement on the JSC "Gaso" sale process
In 2022, the JSC “Latvijas Gāze” Council adopted a resolution on organising the sale of the gas distribution system operator JSC “Gaso” owned by the company and hiring an advisor.
In fulfilment of the Council resolution of September 15, 2022, the JSC “Latvijas Gāze” has launched the process of selling the gas distribution system operator JSC “Gaso” which it owns. The process is set to be completed within 2023.
The sale process consists of multiple stages. As at the date of publication of this statement, interested investors have been approached, a data and information package has been prepared and sent to potential investors, and the due diligence of potential investors has been completed.
Currently, bindings bids are being received from potential investors. Upon completion of this stage, the bids received will be analysed and a proposal will be drafted.
As a final stage of the JSC “Gaso” sale process, a proposal on investor selection is expected to be submitted to the JSC “Latvijas Gāze” Council for review within April.
When the decision on investor selection has been made, a sales purchase agreement will be signed and the transaction will be executed.
JSC “Latvijas Gāze”
On the JSC “Latvijas Gāze”
Latvijas Gāze is one of the leaders of the Baltic energy industry.
Our goal is to consolidate the leading position of the Latvijas Gāze Group in the Latvian and Baltic energy market by becoming the customers’ first choice among natural gas suppliers and providing the most reliable natural gas supply for the entire region.
The wholesale and sale of natural gas to business customers is carried out in Latvia, Lithuania and Estonia. Following the opening of the Finnish gas market on January 1, 2020, Latvijas Gāze has successfully started natural gas trading in Finland as well. In the household segment, Latvijas Gāze is the biggest and most prominent natural gas trader in Latvia.
After Latvia regained its independence in 1991, a joint state-owned company “Latvijas Gāze” was established by merging the Latvian gas infrastructure and institutions. The privatisation of the company was commenced in 1997 and completed in 2002. Since February 15, 1999, the shares of the JSC “Latvijas Gāze” have been quoted on the Nasdaq Riga stock exchange. Taking into account the requirements of the European Union for the establishment of the natural gas market and the expiry of the privatisation agreement between the state and the shareholders of Latvijas Gāze, the unified transmission and storage operator JSC “Conexus Baltic Grid” was separated from Latvijas Gāze in early 2017, followed by the separation of the distribution system operator JSC “Gaso” on December 1, 2017.
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