Czech Co Energo-Pro Raises Stakes in Two Bulgarian Power Units

Czech Co Energo-Pro Raises Stakes in Two Bulgarian Power Units

Czech energy provider Energo-Pro said it has raised its stakes in Bulgarian power distribution and supply units Energo-Pro Grid and Energo-Pro Sales to 94.09% and 83.66%, respectively.

Energo-Pro and related parties acquired some of the state-owned shares in the two units which were sold on the Bulgarian Stock Exchange on Wednesday, the company said in a statement published on its website.

Bulgaria sold for a combined 64 million levs ($42.4 million/32.7 million euro) the bulk of the 33% stakes in the two local units of Energo-Pro which it offered investors in an auction on the local stock exchange. A total of 418,660 Energo-Pro Grid shares, equivalent to 96% of the state-owned stake in the company, and 456,348 Energo-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.

Energo-Pro also said it does not intend to make a tender offer for acquiring the remaining shares in the coming months.

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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