February 22 (SeeNews) - Shares of CEZ Distribution Bulgaria [BUL:3CZ] closed higher on Thursday after its majority owner, Czech power utility CEZ Group, announced that it has agreed to sell the company and six other of its units in Bulgaria, bourse data showed.
CEZ Distribution Bulgaria's shares closed 6.87% higher at 280 levs ($176.6/143.2 euro) in a trading volume of 91 shares on the stock exchange in Sofia.
Earlier on Thursday, CEZ Group said its supervisory board granted consent to the sale of the group's Bulgarian assets to Inercom Bulgaria for an undisclosed sum.
The package comprises seven companies - CEZ Distribution Bulgaria [BUL:3CZ], power supplier CEZ Electro Bulgaria [BUL:1CZ], 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, which manages and coordinates the operations of the group's Bulgarian units, CEZ Group said in a statement.
The contract is expected to be signed in a few days, CEZ said.
Settlement for the transaction is subject to approval by Bulgaria's Commission for Protection of Competition.
(1 euro = 1.95583 levs)