Bulgaria Seeks at least 27.1 Mln Euro for Stakes in Energo-Pro Units

Bulgaria Seeks at least 27.1 Mln Euro for Stakes in Energo-Pro Units

Bulgaria aims to raise at least 53 million levs ($34.9 million/27.1 million euro) through the bourse sale of its minority stakes in two local companies majority-owned by Czech energy group Energo-Pro, First Financial Brokerage House (FFBH), which manages the sale, said.  

Bulgaria plans to sell on the Sofia bourse stakes of 33% each in Energo-Pro Grid and Energo-Pro Sales.

The minimum price was set at 109.87 levs per Energo-Pro Grid share and at 11.09 levs per Energo-Pro Sales share, FFBH said in an investor presentation posted on its website.

A total of 434,940 shares of Energo-Pro Grid and 495,330 shares of Energo-Pro Sales will be offered in an auction between October 3 to November 2.

The stakes' sale aims to help boost the liquidity of the Sofia bourse, according to the companies' listing prospectuses. The proceeds will go to Bulgaria's State Consolidation Company.

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

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