Vilnius, Lithuania, 2015-12-23 15:47 CET (GLOBE NEWSWIRE) -- Public limited liability company Lietuvos Dujos, identification code 120059523, the address of the head office: Aguonų St. 24, LT-03212 Vilnius, The Republic of Lithuania. The total number of registered ordinary shares issued by the Company 290 685 740, ISIN code LT0000116220.
In order increase operating efficiency and save costs, also in light of the practice to focus on the performance of core activities prevailing in energy group Lietuvos Energija, Group companies Lietuvos Dujos and NT Valdos entered into a purchase-sale agreement, whereby NT Valdos acquired real estate owned by Lietuvos Dujos, namely, office buildings, warehouses and other. The value of the transaction of the sale of assets totalled EUR 16.5 million. The assets were sold at a market price of the real estate determined by independent property appraisers OberHaus and Matininkai.
“Having implemented the performance management reform of Lietuvos Dujos in 2015, some space in buildings owned by the company was vacated and building maintenance specialists were dismissed. After the implementation of organizational changes, we still see a potential for making operations more efficient. Management and administration of non-technologic assets is not the core activities of the company, and further operation thereof would become economically unviable, thus the Board of the company made a decision to sell the assets” - said Liudas Liutkevičius, Chairman of the Board and CEO of Lietuvos Dujos.
In preparation for the merger of Lietuvos Dujos and LESTO scheduled to take place on 1 January 2016, the reorganization terms of the companies provided for the fact that in the performance of the reorganization of the companies, giving up a part of assets unrelated to core activities of Lietuvos Dujos was planned, transferring them at a charge, namely, at market value.
Having sold the assets, the procurement of the lease of premises necessary for performing direct activities will be held. That way, the company will gain more flexibility responding to the need for floor space. Leasing as much of the floor space as is necessary for ensuring the performance of activities will be possible. Calculations have been made revealing that such an organizational change starting from 2016 will allow the company to reduce regulatory costs and save about EUR 1 million per year in the future.
NT Valdos, a company having concluded the transaction on the purchase-sale of real estate with Lietuvos Dujos, is one of the major real estate management companies providing real estate and transport lease services throughout Lithuania. NT Valdos is owned by Lietuvos Energija Group.
Pursuant to Corporate Governance Guidelines of State-Owned Energy Group approved by the Minister of Finance, this act fully completes the process of the integration of Lietuvos Dujos into Lietuvos Energija Group. Seeking to refine its activities in 2015, Lietuvos Dujos implemented more than 25 structural, organizational, functional and management changes, which allowed the company to conduct its activities more efficiently and, as from the following year, to save about EUR 2.3 million per year.
Head of Communications Laura Šebekienė, Ph. No +370 633 99940