All options for sale of Bulgarian assets 'still viable' - CEZ Group

“Both options – selling the bulk of our assets or selling only a part – are still viable,” CEZ Group told SeeNews in an e-mailed statement.

“We are still in the process of assessing the offers,” CEZ Group added.

On Thursday, Czech business newspaper Hospodarske Noviny reported that CEZ Group is not satisfied with the offers it has received for its Bulgarian assets and will not sell if the offers are not improved.

The company has received a 50 million euro ($59.8 million) bid for its Varna thermal power plant, Hospodarske Noviny reported. The newspaper also said that CEZ is seeking 300 million euro for its power distribution unit CEZ Distribution Bulgaria [BUL:3CZ].

The assets of CEZ Group in Bulgaria comprise CEZ Distribution Bulgaria, the public supplier of electricity and a licensed trader CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria and Varna thermal power plant. The operations of those companies are managed and coordinated by CEZ Bulgaria.

In August, CEZ Group said it has received binding bids for its assets in Bulgaria from several candidates. It did not name the candidates.

In May, CEZ Group said it has started negotiations with selected investors on the sale of its assets in Bulgaria. In June, another Czech group operating on the Bulgarian power market, Energo-Pro, told SeeNews it has submitted an offer for CEZ assets.

In January, CEZ Group announced it has decided to study the options related to its equity investments in Bulgaria, based on the interest of several unnamed investors. It did not elaborate.

($ = 0.8355 euro)