On Wednesday, the government approved a decision under which the 45.491 million litas (EUR 13.18 mln) worth assets of Subačius fuel base, which is located in the northern part of Lithuania and is managed by the Lithuanian Petroleum Products Agency, would be invested in Klaipėdos Nafta.
In line with the decision drafted by the Energy Ministry, which owns 70.63 percent of shares in Klaipėdos Nafta, the company would have to lease the reservoirs storing the state’s stocks of crude and petroleum products to the Lithuanian Petroleum Products Agency.
The size of new share issue and the share price will be determined at the meeting of Klaipėdos Nafta’s shareholders.
“... the exact number of shares to be issued is not known and will depend on the number of Klaipėdos Nafta’s shareholders who would use the right to acquire new shares,” Inga Cerniuk, acting head of law department of the Energy Ministry, told BNS.
The price of new shares would be determined depending the market value of shares, market conditions and other generally accepted principles, she added.
The authorized capital of Klaipėdos Nafta totaled 342 million litas at the end of September.
Klaipėdos Nafta is quoted on the Secondary List of the NASDAQ OMX Vilnius Stock Exchange.
