Bulgaria Raises Total 32.7 Mln Euro from Sale of Shares in Energo-Pro Units

Bulgaria Raises Total 32.7 Mln Euro from Sale of Shares in Energo-Pro Units

Bulgaria sold for a combined 64 million levs ($42.3 million/32.7 million euro) the bulk of the 33% stakes in two local units of Czech power group Energo-Pro which it offered investors in an auction on the local stock exchange, the Sofia bourse said.

A total of 418,660 Energo-Pro Grid shares, equivalent to 96% of the state-owned stake in the company, and 456,348 Enrgo-Pro Sales shares, or 92% of the shares offered to investors, were sold at a price of 139.35 levs and 13.89 levs apiece, respectively, the Bulgarian Stock Exchange said in a press release on Wednesday.

Bulgaria aimed to raise at least 53 million levs from the bourse sale of its stake in the two companies.

The achieved price for the Energo-Pro Grid shares was 26.8% higher than expected, whereas for Energo-Pro Sales the price exceeded projections by 25.3%.

More than 25 investment firms bought shares of the two companies in 359 deals.

Energo-Pro Grid and Energo-Pro Sales are majority-owned by Energo-Pro Bulgaria EAD, a wholly-owned subsidiary of privately held Energo-Pro.

Last year Bulgaria sold its 33% stakes in EVN Bulgaria Elektrorazpredelenie and EVN Bulgaria Elektrosnabdiavane, the local units of Austria's EVN, for some 93 million levs. They were acquired by their majority shareholder and later on delisted.

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