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Eurohold Bulgaria offers 112 mln euro for remaining 33% of CEZ Distribution, CEZ Electro

Author Radina Veleva
Eurohold Bulgaria offers 112 mln euro for remaining 33% of CEZ Distribution, CEZ Electro Eurohold/All rights reserved.

SOFIA (Bulgaria), August 5 (SeeNews) - Financial and insurance group Eurohold Bulgaria [BUL:EUBG] said that it aims to acquire the remaining 33% shareholding interest in Sofia-based CEZ Distribution and CEZ Electro it does not already own for a total of 219.2 million levs ($132.6 million/112 million euro).

Eurohold made the public tender offers to the minority shareholders of the two companies, both of them listed on the Bulgarian Stock Exchange, through its wholly owned subsidiary Eastern European Electric Company B.V. (EEEC), the direct owner of the units that the holding acquired from Czech energy group CEZ in Bulgaria, Eurohold said in a statement on Wednesday.

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EEEC offered to the minority shareholders of electricity distribution company CEZ Distribution 276.88 levs per share, or a total of 176.2 million levs for a little over 636,000 shares of 1 lev in par value each.

As at 13:45 CET on Thursday, shares in CEZ Distribution traded flat at 280 levs on the Bulgarian Stock Exchange.

The tender offer to the minority shareholders of power supplier CEZ Electro stood at 26,070 levs per share or a total of 43.02 million levs for 1,650 shares with a nominal value of 10 levs apiece.

Shares in CEZ Electro closed at 28,000 levs on the Bulgarian Stock Exchange on Wednesday.

Last month, Eurohold finalised the acquisition, through EEEC, of 67% interest in CEZ Distribution Bulgaria and CEZ Electro Bulgaria [BUL:CZD] from Czech energy group CEZ, as well as 100% of the shares of 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, the coordinator of CEZ Group’s units in Bulgaria, for a total of 335 million euro .

Under the Public Offering of Securities Act, Eurohold has been obliged to make public tender offers to the minority shareholders of CEZ Distribution Bulgaria and CEZ Electro Bulgaria.

The Financial Supervision Commission has not yet expressed its opinion on the public tender offers, Eurohold said.

As at 12:45 CET on Thursday, shares in Eurohold traded 1.59% higher at 2.56 levs on the Bulgarian Stock Exchange, bourse data showed.

(1 euro = 1.95583 levs)

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