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3CZ - CEZ Distribution Bulgaria AD News Story

BGN256 4.0  1.6%

Last Trade - 15/01/21

Sector
Utilities
Size
Small Cap
Market Cap £224.3m
Enterprise Value £239.6m
Revenue £170.9m
Position in Universe 146th / 638

Bulgaria wants controlling stake in CEZ's Bulgarian assets

Thu 1st March, 2018 8:29am
SOFIA, March 1 (Reuters) - The Bulgaria government wants a
controlling stake in Czech utility CEZ's  CEZP.PR  Bulgarian
assets, which are being sold, Finance Minister Vladislav Goranov
said on Friday.
    CEZ has signed a contract with small Bulgarian solar energy
producer Inercom to sell a power distributor that provides
electricity to over three million Bulgarians along with other
assets. urn:newsml:reuters.com:*:nL8N1QD3QF
    The deal has sparked concerns in Bulgaria over Inercom's
ability to finance and operate strategic energy assets.
 urn:newsml:reuters.com:*:nL8N1QH66Q
    "The talks are at quite an early stage. We expressed clearly
our will that we want to participate in this deal, one way or
another," Goranov told reporters after a meeting between Prime
Minister Boyko Borissov and Inercom's owner, Ginka Varbakova. 
    When asked what stake Bulgaria would like to have, he said
"At least a controlling stake," Goranov said.
    Varbakova said she was leaving for Prague to hold talks with
CEZ and said she was willing to let the Bulgarian state in the
deal, given that CEZ agrees.
    "If it will calm down the final consumers, yes, I am willing
to accept state participation in the deal. I am willing to
transfer the contract I have if the seller would agree to that.
These talks are pending," she said.     

 (Reporting by Tsvetelia Tsolova. Editing by Jane Merriman)
 ((tsvetelia.tsolova@thomsonreuters.com; +359-2-93-99-731;))
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