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Marguerite Fund buys 28.97 pct stake in Latvian gas utility Latvijas Gaze

Xinhua, January 29, 2016 Adjust font size:

Marguerite, a fund set up by several European banks to invest in energy projects, Thursday acquired a 28.97 percent stake in Latvijas Gaze natural gas utility from Uniper Ruhrgas International GmbH (formerly E. ON Ruhrgas International GmbH), local media reported.

The Latvian gas company's spokeswoman Dace Baltabola said that Germany's Uniper Ruhrgas International GmbH will keep 18.26 percent of Latvijas Gaze shares.

The German shareholder of Latvijas Gaze has been looking to dispose of its shares in the Latvian natural gas company, which will soon be split up as Latvia prepares to liberalize its gas market in line with EU requirements.

The Marguerite Fund (2020 European Fund for Energy, Climate Change and Infrastructure) is a pan-European equity fund that acts as a catalyst for key investments in renewables, energy and transport.

Latvijas Gaze, engaged in purchase, transportation, storage and distribution of natural gas, is quoted on the Secondary List of NASDAQ OMX Riga stock exchange. Until now, the company's key shareholders included Uniper Ruhrgas International GmbH (47.2 percent), Russia's Gazprom (34 percent) and Itera Latvija (16 percent). Endit