"Litgrid intends to borrow 58 million euros to finance its working capital needs. The company's assets will not be pledged as security for the loan repayment," Laura Šebekienė, the company's head of communications, told BNS.
Litgrid is to pay dividends to shareholders by 30 May. Most of the funds will go to its majority shareholder, Visagino Atominė Elektrinė (Visaginas Nuclear Power Plant, or VAE), which is to pay 275 million litas (EUR 80 m) as dividends to the state and will use the rest of the money to finance preparatory work for the country's planned new nuclear power plant.
Shareholders of Litgrid, which suffered 20.324 million litas in net losses last year, voted in late April to distribute 390.857 million litas as dividends, or 0.775 litas per share. This is the highest dividend ever paid by a state-owned company.
The Litgrid Group had no financial liabilities to banks in late December.
VAE owns 97.5 percent of Litgrid, which is quoted on the Secondary List of the NASDAQ OMX Vilnius stock exchange.
2012-05-14 17:02
Lithuania's Litgrid to borrow 58 million euros for dividend payment
Lithuania's state-controlled electricity transmission grid operator Litgrid plans to launch a tender shortly for a three-year loan of 58 million euros.
Elektros tinklai / Sauliaus Chadasevičiaus / 15min nuotr.
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