RIGA, Nov. 22 (Xinhua) -- Latvijas Gaze, the former natural gas monopoly of Latvia, has continued unbundling in line with EU requirements and established a new subsidiary, Gaso, which will be in charge of the gas distribution system, the gas company said in a statement Wednesday.
Gaso is expected to launch operations on Dec 1, 2017. Ilze Petersone-Godmane, the Latvian Interior Ministry's former state secretary, has been appointed as Gaso CEO.
The new company's fixed capital is worth 39.9 million euros, and consists of 39.9 million shares. All shares are of the same category with equal rights to vote at a shareholders' meeting, to dividend, and to liquidation quota, according to the statement.
Gaso has been founded as part of the gas company's reorganization in line with the Latvian Energy Law, Latvijas Gaze representatives said.
The subsidiary will have a management board of five members, with Petersone-Godmane as its chairperson, and a supervisory board of 11 members.
