BULGARIA: Eurohold Bulgaria aims to acquire the remaining 33% shareholding interest in Sofia-based CEZ Distribution and CEZ Electro

13 August 2021 — Marina MAGNAVAL
Financial and insurance group Eurohold Bulgaria aims to acquire the remaining 33% shareholding interest in Sofia-based CEZ Distribution and CEZ Electro for a total of BGN 219.2 million (EUR 112 million), SeeNews informed.

Eurohold made the public tender offers to the minority shareholders of the two companies, both of them listed on the Bulgarian Stock Exchange, through its wholly owned subsidiary Eastern European Electric Company B.V. (EEEC), the direct owner of the units that the holding acquired from Czech energy group CEZ in Bulgaria, as Eurohold said in a statement.

EEEC offered to the minority shareholders of electricity distribution company CEZ Distribution total of BGN 176.2 million for a little over 636,000 shares. The tender offer to the minority shareholders of power supplier CEZ Electro stood at a total of BGN 43.02 million for 1,650 shares.

Last month, Eurohold completed acquisition, through EEEC, of 67% interest in CEZ Distribution Bulgaria and CEZ Electro Bulgaria from Czech energy group CEZ, as well as 100% of the shares of licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group, and CEZ Bulgaria, the coordinator of CEZ Group's units in Bulgaria, for a total of EUR 335 million.

Under the Public Offering of Securities Act, Eurohold has been obliged to make public tender offers to the minority shareholders of CEZ Distribution Bulgaria and CEZ Electro Bulgaria. The Financial Supervision Commission has not yet expressed its opinion on the public tender offers, Eurohold said.



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