Czech CEZ to keep assets in Bulgaria if sale gets blocked again

Czech CEZ to keep assets in Bulgaria if sale gets blocked again

Czech energy group CEZ has decided not to proceed with the divestment of its assets in Bulgaria if the Bulgarian regulatory bodies block the sale for a second time, a spokesperson for the company told SeeNews on Monday."If the Bulgarian authorities unjustifiably block also our second attempt to sell our Bulgarian assets, then logically we will not continue with the sale and spend further costs on the process," a CEZ spokesperson quoted a member of the company's board as saying in an e-mailed statement."In that case, we will keep the assets and continue operating them with due care as we have done so far. The issue of selling our Bulgarian assets would certainly not be addressed in the near future then," the CEZ board member has also said.Earlier this month, Bulgaria's Commission for Protection of Competition opened proceedings regarding CEZ's 335 million euro ($367 million) deal to sell its Bulgarian assets to financial and insurance group Eurohold Bulgaria's. The contract was signed after CEZ's initial deal with Sofia-based power company Inercom failed to obtain the approval of the anti-trust authority.CEZ's assets in Bulgaria comprise power utility CEZ Distribution Bulgaria, power supplier CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria, IT services company CEZ ICT Bulgaria, solar park Free Energy Project Oreshetz, biomass-fired power plant Bara Group and CEZ Bulgaria.Eurohold Bulgaria's portfolio currently includes companies active in financial services, leasing, insurance and car sales.As at 12:20 CET on Monday, Eurohold Bulgaria's shares traded 4.44% higher at 1.88 levs on the Bulgarian Stock Exchange. CEZ Distribution Bulgaria and CEZ Electro Bulgaria had not traded by that hour.

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.