Last week, Bulgaria's FSC (Financial Supervision Commission) has approved the EEEC revised public tender offers for the acquisition of the remaining 33% interests it does not own in power distributor CEZ Distribution Bulgaria and power supplier CEZ Electro Bulgaria.

EEEC (Eastern European Electric Company - the holding consolidating urohold Bulgaria's energy operations) - currently owns 67% of the capital in the two utility companies.

Thus, EEEC offers to buy

• the outstanding 636 240 shares in CEZ Distribution Bulgaria for a price of BGN 291 per share, or a total of BGN 185.2 million, and
• the remaining 1650 shares in CEZ Electro Bulgaria for a price of BGN 26 904 per share, or a total of BGN 44.4 million.

In accordance with the Public Offering of Securities Act, EEEC expects to close the procedure for the tender offers by the end of November.

In July, urohold completed the acquisition, through its unit EEEC, of seven subsidiaries of Czech energy group CEZ in Bulgaria for EUR 335 million. As a result of the transaction, urohold has taken over 67% interest in the largest power grid operator in Bulgaria and the same stake in the biggest power supplier in the country, as well as 100% of the capital of the largest licensed electricity trader. The group also acquired an IT services company, a solar park, a biomass-fired power plant and the company that used to coordinate the operations of CEZ Group's units in Bulgaria.