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Government Gives Go-Ahead to LITGRID AB Stock Transfer to New Company
LITGRID AB announced that the Government of the Republic of Lithuania has adopted a resolution on the establishment of a private limited company with the purpose of managing the power transmission system operator LITGRID AB and national asset investment. The resolution is passed in compliance with the requirements as provided for by the Law on Electricity concerning the unbundling of the power transmission system operator LITGRID AB’s activity from the electricity supply and production companies. The stock of the power transmission system operator LITGRID AB, which is controlled by Visagino Atomine Elektrine UAB, will be passed to a newly-founded private limited company in consideration of the share market value as set by independent experts. The stock of the newly-established private limited company will be controlled by the Ministry of Energy under the right of trust. The resolution also provides that, by October 1, 2012, the stock of the Visagino Atomine Elektrine UAB will be passed to the Ministry of Economy, which belongs to the state under the right of property and is currently controlled by the Ministry of Energy under the right of trust.
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