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Latvia plans to invest EUR 650,000 in RB Rail capital

Photo: railbaltica.org.
Latvian state intends to invest EUR 650,000 in the capital of SIA European Railway Lines, which will then invest this amount in AS RB Rail, as the government decided on Tuesday, 9 October.


European Railway Lines is Latvia’s shareholders in Baltic joint venture RB Rail, which was founded specifically to implement Rail Baltica project.
 

Transport Ministry mentions in the annotation to this decision that the amount from European Railway Lines will be passed to RB Rail, thereby securing a proportionally equal amount of capital shares as Lithuania and Estonia.
 

On 22 August 2018, it was decided at a shareholders meeting to increase RB Rail capital by tree euros by releasing three new dematerialized shares with nominal value of one euro each to make sure that after the increase RB Rail capital reaches EUR 1,950,012. Each share’s earnings reach EUR 649,999 and total sale price (including nominal value and emission earning) is EUR 1,950,000. To do that and preserve proportionally equal shares as Lithuania and Estonia, it is necessary to perform the fourth increase of capital for European Railway Lines by EUR 650,000.
 

This planned measure applies only to European Railway Lines public functions, which, in accordance with the aforementioned, are aimed at developing railway infrastructure. Therefore it does not qualify as support of commercial activities.
 

Transport Ministry notes that as of 1 January 2018, the capital of European Railway Lines is EUR 2,720,00. After the planned increase, this company’s capital will be EUR 3,370,000.
 

BNN had previously reported that Rail Baltica project provides for the creation of European standard railway line from Tallinn all the way to the Lithuanian and Polish border so that it is possible to connect Baltic States with other European countries.

BNN/LETA

09-10-2018
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