Itera Latvija changes hands

Itera Latvija, which holds 25 percent in the gas monopoly Latvijas Gaze, formally saw full change of ownership last month, reported the Latvian business daily Dienas Bizness.

An emergency general meeting of Itera Latvija shareholders July 16 passed unanimously the decision to transfer 377,091 shares held by Itera International Energy LLC, an off-shore company registered in Delaware, to Itera CIS LLC registered in Florida.

Also, 194,259 shares in Itera Latvija will be transferred from Almera Investment AG, registered in Zug, Swithzerland, to the Danish company Inter Energia Holding ApS.

The company now holds 34 percent in Itera Latvia and 66 percent belongs to Itera CIS LLC.

Itera Latvija President Juris Savickis said the formal change of ownership did not imply any material changes..

Itera Latvija has a registered capital of 11.43 million lats (19.21 million euros). Its turnover last year fell a little to 13.32 million lats from 13.6 million lats in 2000 but profit grew to 383,100 lats as compared with 55,300 lats in 2000.