Activities concerning companies in Bulgaria

Activities concerning companies in Bulgaria

Dutch-based Eastern European Electric Company (EEEC), wholly-owned by energy and insurance group Eurohold Bulgaria [BUL:EUBG], proposed to acquire the interest it does not already own in power grid operator CEZ Distribution Bulgaria [BUL:CEZD] and power supplier CEZ Electro Bulgaria [BUL:CEZE], the target companies said on Wednesday.

EEEC seeks to acquire 20,581 shares in CEZ Distribution, representing a 1.07% stake in the company, for a price of 300.29 levs ($167.70/153.50 euro) apiece, the power grid operator said in a bourse filing.

CEZ Electro said in a separate stock exchange filing that EEEC offered to pay 28,158.30 levs per share for 154 shares representing a 3.08% stake in the company.

EEEC currently owns 1,907,419 shares representing 98.93% of the voting rights in CEZ Distribution, and 4,846 shares representing 96.92% interest in CEZ Electro.

Last month, Eurohold said that EEEC plans to make a tender offer to buy out the remaining shares in both businesses, before proceeding to delist them from the Sofia bourse. EEEC wrapped up the acquisition of the two power companies and five other subsidiaries of Czech utility group CEZ in Bulgaria for 335 million euro ($369.2 million) in July 2021.

Eurohold announced last month that it will rename all acquired CEZ businesses under the Electrohold brand as of the end of April.

As at 14:00 CET on Wednesday, shares in Eurohold traded 1.74% lower at 2.26 levs on the stock exchange in Sofia. By the same hour, CEZ Distribution shares changed hands flat at a price of 290 levs, while CEZ Electro shares also traded unchanged, at 30,000 levs, bourse data showed.


Previous Next
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using

These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.

These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.

These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.