OREANDA-NEWS. On Tuesday, June 17, the extraordinary shareholders' meeting of the JSC Ventspils nafta subsidiary LatRosTrans Ltd adopted a resolution to reduce the share capital of LatRosTrans Ltd by 59'465'156 EUR to 93'496'550 EUR. That was done by cancelling 59'465'156 shares, which have been submitted for cancelling by shareholders of the company in proportion with their investment, thereby covering the company's losses of 2013 in the amount of EUR 59'465'155.99.

Upon revaluation of the company's long-term assets, losses from impairment of the company's long-term assets in the amount of 44.5 million LVL (63 million EUR) were recognised in the 2013 financial statement. That was a grounded decision of the company's management, so that the company's long-term assets would be evaluated in line with market conditions.

The resolution on reduction of the share capital was passed in order to cover the company's losses accumulated in the previous year, which resulted from revaluation of the company's long-term assets, as well as so that the company's shareholders would be in a position to decide on distribution of profit in dividends in the next periods, planning payment of dividends.

LatRosTrans Ltd is the only crude oil and petroleum product transport company that provides transport of diesel fuel via the main pipeline Polotsk-Ventspils. The company also owns oil pipelines - Polotsk-Mazeikiai and Polotsk-Ventspils, which have not pumped oil for transit needs in the last years.

LatRosTrans Ltd is the largest Latvian-Russian joint venture in the Baltic States. The Russian partner - joint stock company Transnefteprodukt (subsidiary of Transneft) owns 34% of the company's shares, while 66% of the shares are owned by joint stock company Ventspils nafta (NASDAQ OMX RIGA: VNF1R).