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Eurohold Bulgaria lifts majority stake in CEZ Distribution to 88.2%

Eurohold Bulgaria lifts majority stake in CEZ Distribution to 88.2% CEZ

SOFIA (Bulgaria), November 25 (SeeNews) - Power grid operator CEZ Distribution Bulgaria [BUL:CEZD] said on Thursday that the majority stake held by Eastern European Electric Company (EEEC) in its capital has reached 88.1905% on November 22, following the closing of a buyout deal with minority shareholders.

Dutch-based EEEC, a wholly owned unit of Eurohold Bulgaria, currently holds 1,700,312 shares in CEZ Distribution Bulgaria, the power grid operator said in a bourse filing. Prior to the buyout process, EEEC controlled a stake of 67%.

The deal with CEZ Distribution Bulgaria's shareholders cost EEEC 118.9 million levs ($68.2 million/60.8 million euro), Eurohold Bulgaria said earlier this month.

EEEC said earlier this month that its offer to acquire the remaining 33% interest in CEZ Distribution Bulgaria it does not already own was partly accepted by minority shareholders. EEEC acquired 408,552 of 636,240 shares in CEZ Distribution Bulgaria in its buyout bid.

As at 10:18 CET on Thursday, shares in Eurohold Bulgaria traded flat at 2.10 levs on the Bulgarian Stock Exchange. Shares in CEZ Distribution Bulgaria also traded unchanged at 280 levs by that hour.

(1 euro = 1.95583 levs)