OREANDA-NEWS. October 1, 2009. Lietuvos Energija AB has prepared terms for spin-off of its business share – Kaunas hydro power plant (PP) and Kruonis pumped storage plant (PSP). These two power plants will be spun-off and established as two separate companies. After their separation Lietuvos Energija AB will continue its activities.

According to Mr. Mindaugas Jablonskis, Director of Legal and Regulatory Affairs, the pin-off terms were prepared following resolutions of extraordinary general shareholder meetings of Lietuvos Energija AB of December 4, 2008 and September 8, 2009.

A partial unbundling of the joint stock company Lietuvos Energija is performed by way prescribed in Part 1 of Article 71 of Law on Joint-Stock Companies – when a part of Lietuvos Energija AB, which pursues its activity, is separated and on the basis of assets, rights and obligations allocated for this part, two new joint-stock companies are established”, - said Mr. Jablonskis.

The newly established joint-stock companies will overtake and continue the functions of electricity generation and capacity reservation, performed so far by Kaunas HPP and Kruonis PSP as subsidiaries of Lietuvos Energija AB.  The companies will overtake from Lietuvos Energija AB assets, rights and obligations requisite for these functions.

Persons, interested in spin-off terms and other relevant documents may familiarize themselves during work days from 7:30-16:30 at the following address: A. Juozapaviciaus g. 13, Vilnius or Lietuvos Energija AB website www.le.lt.