Announcements

Today, on July 9, an Extraordinary Shareholder’s Meeting of Latvenergo AS was held, and it was decided to increase the share capital of Latvenergo AS by 178.1 million EUR by investing in the share capital previous year’s retained earnings of Latvenergo AS and to set the share capital of Latvenergo AS as amounting to 790.3 million EUR. Respective amendments have been approved in the Articles of Association of Latvenergo AS.

The increase of the share capital of Latvenergo AS is related to the decision of the Cabinet of Ministers of the Republic of Latvia of 8 October 2019 to support complete unbundling of ownership of the electricity transmission system operator. This June, the fulfilment of this decision resulted in a reduction of the share capital of Latvenergo AS by withdrawing from the base of assets of Latvenergo AS the capital shares of Latvijas elektriskie tīkli AS, and Latvijas elektriskie tīkli AS was separated from Latvenergo Group.

The above-mentioned decision of the Cabinet of Ministers on unbundling of transmission assets also provided for increasing the share capital of Latvenergo AS by investing the previous year’s retained earnings of Latvenergo AS.