Vilniaus Silumos Tinklai AB (VST), Lithuania's largest heat supplier, does not rule out buying up to 49% of shares in Vilnius Combined Heat and Power Plant (Vilnius CHP) from AB Ignitis grupe (NSEL:IGN1L). Other market participants have not yet commented on whether they have intentions to acquire the stake, which the state-controlled energy group is planning to sell. VST CEO Gerimantas Bakanas says that the municipal-owned company can purchase up to 5% of Vilnius CHP under an agreement with Vilnius Municipality and Ignitis Group, but it is also considering buying the remaining 44%, which would give it control of the entire minority stake.

"Regarding the 44%, VST will make a purely commercial decision on whether to participate and acquire (all of the Vilnius CHP shares on offer). We will evaluate, consider, and then decide. The company will look at how financially beneficial it will be," he told BNS.

Ignitis Group announced last Thursday that it had completed the construction of the cogeneration plant, meaning that it has six months to launch the sale of a minority stake of up to 49% to comply with EU aid rules. Vytautas Kisielius, president of the Lithuanian Association of Independent Heat Suppliers, refused to tell BNS whether any of the organization's 15 members intend to participate in the planned Vilnius CHP share sale. Andrius Kasparavicius, spokesman for Gren Lietuva, which holds a 49% stake in Kaunas Combined Heat and Power Plant (Kaunas CHP), which is 51% owned by Ignitis Group, said that the company is aware of the opportunity to acquire 49% of Vilnius CHP but has not yet made a decision.

"We always consider various investments," he told BNS. "We have no decision yet." Ignitis Group CEO Darius Maikstenas has said that a 49% stake in Vilnius CHP should be sold to a private partner in 2024.