Bulgaria to sell 33% stake in power utility on bourse
Bulgaria will sell its 33 per cent stake in E.ON Bulgaria, the power distribution utility owned by Germany's E.ON serving the northeastern of the country, on the Bulgarian Stock Exchange (BSE), Energy and Economy Minister Traycho Traykov said on May 11.The Cabinet would call a tender to pick a brokerage to act as an adviser for the listing, Traykov said. The shares could be traded on BSE three to five months down the line, he said.The sale of minority stakes in the three power distribution utilities - the other two are owned by Austria's EVN and Czech CEZ - were on the list of the Cabinet's measures to boost Budget revenue and slash spending, adopted in March.The sale of minority stakes in 55 Bulgarian companies, the three power utilities being the biggest of the bunch, was expected to net the Government 500 million leva in revenue this year.