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4 July 2018
Information prepared by the Public Relations Division of the Ministry of the Economy
Having taken note of the information provided by the Board of Directors of Rīgas siltums on the project of 39 investment of Riga Bioenergy Ltd and the Vietalvas iela 5), and the first results of operation after the commissioning of the boiler room at Rencēnu 16, Riga, the Ministry of Economy as initial concern of shareholders has been confirmed and even multiplied
As previously stated, the representative of the Ministry of Economy. In the council "Rīgas siltums", Kaspars Lore repeatedly expressed his concern about the utility and potential competitiveness of the investment project "Rīgas siltums" SIA "Rīgas bioenerģija"
Currently, the Board of Directors prepares a proposal for reorganization of SIA Rīgas bioenerģija. "and with reversal of the credit commitments of JSC Rīgas Bioenerģija 24.5 million euros.In order to meet the credit commitments and recover additional investments of 9 million euros in boiler rooms, it is possible to Expects the company to increase the price of heat in Riga.The draft decision on the reorganization of JSC "Rīgas siltums" with the addition of the failed investment project Riga Bioenergy Ltd has been registered on the agenda of the company meeting on July 5 this year.The representative of the Ministry of the Economy does not support this proposal, but unfortunately it will be concluded that & # 39; It will not have a decisive influence on this vote.At the same time, we indicate that the implementation of such a reorganization will always require the consent of the shareholders of AS "Rīgas siltums", to the during which the Ministry of Economy again expresses its one opinion as the holder of the capital of the state. the company is working at a loss and should grow. This confirms that the business plan of the investment project was previously optimistic, without taking into account the high commercial risks – the existing competition in the heat production in the Riga territory and the variable prices of the raw materials. . By comparing the planned business plan with the current situation, there is a significant risk for AS "Rīgas siltums" to recover approximately 9 million euros of initial investment. At the same time, it should be noted that the construction of the second boiler planned in Riga at Vietalvas Str.5 has not yet started
As is known, to verify the conformity of SIA Rīgas Bioenerģija with the interests of the company and the company Kaspars Lore, board member of JSC "Rīgas siltums", asked the board of JSC "Rīgas siltums" to deal with the investment project of Riga Bioenergy Ltd (two boilers in Riga – Rencēnu 16 and Vietalvas iela 5) on June 8 this year. and the results of the first half of the year after the commissioning of the boiler room in Riga, rue Rencēnu 16.
K. Lore already at the end of last year has attracted AS "Rīgas siltums" shareholders – the Ministry of Economy, Riga City Council, LLC "Energy Solution.RIX" and SJSC "Latvenergo" – attention to the Insufficiency of the stock purchase transaction SIA Riga BioEnerģija. indicating that the amount of the proposed transaction is approximately 25% higher than the amount for which SIA "Energy Solution.RIX" sold in June 2017 50% of the shares of SIA "Rīgas BioEerģija". Nevertheless, the JSC Council "Rīgas siltums" on December 15, 2017 and also the Management Board (December 7) decided to use the pre-emption right of JSC "Rīgas siltums" to acquire 50% of the shares of Riga BioEnerģija ( 38,990 shares) thus becoming 100% shareholder of Riga BioEnerģija Ltd.
It should be recalled that at the meeting of the Board of JSC "Rīgas siltums" on June 7, 2017, the possibility of using pre-emptive rights on Riga BioEnerģija Ltd. % of capital shares, the decision of the Board of JSC "Rīgas siltums" was not to use pre-emption rights, because it is necessary to reduce business risks. This justification in the decision was indicated, despite a relatively good economic evaluation of the projects implemented by SIA "Riga BioEnerģija". The Board's decision to waive the exercise of the pre-emptive subscription right was considered on an urgent basis and Ms. Lores' proposal to postpone the examination was not supported in order to be able to review take a closer look at the proposal submitted and obtain the opinion of an approved expert on the value of the actions concerned.
On 16 December 2014, JSC "Rīgas siltums" and LLC "Energy Solution.RIX" founded SIA "Rīgas BioEerģija" with the aim of building two boiler houses in Riga (Rencēnu 16 and Vietalvas iela 5) and the sale of thermal energy in Riga district heating, ie. To sell the JSC "Rīgas siltums".
Complementary information:
Public Relations Division of the Department of the Economy
T: 67013193
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