On Thursday, the Cabinet decided to increase the equity capital of Eesti Energia. Pursuant to the Cabinet’s decision, the share capital will be increased by a share subscription based on the proposal for increasing the equity capital of Eesti Energia prepared by the Minister of Finance.

The increase in share capital will provide Eesti Energia with the necessary security to being construction of the new oil shale block and, if necessary, make the other investments specified in its investment plan.

Last autumn, the Cabinet assigned the Minister of Economic Affairs and Communication the task of working out proposals and making preparations for an initial public offering (IPO) of Eesti Energia shares and of organising the subsequent share subscription on the stock exchange.

The Government found that the organisation of a public share offering would require the amendment of legislative regulations in order to protect the strategic interests of the country and for the additional management of administrative risks.

(valitsus.ee)

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