N. Macedonia's ESM absorbs TEC Negotino

The change was registered by North Macedonia's Central Registry on February 29, ESM said in a bourse filing.

The company also increased its capital to 32.3 billion denars ($573 million/523.8 million euro) from 31.8 billion denars through a new share issue for the purpose of merging with TEC Negotino. ESM's capital is currently divided into 32,311,373 shares with a par value of 1,000 denars each.

In 2020, North Macedonia's then prime minister Zoran Zaev said that TEC Negotino will be either sold or converted to natural gas. TEC Negotino, which started operating in 1978, was restarted in 2021 to address increasing energy demand following a 12-year hiatus primarily attributed to high production costs.

(1 euro = 61.66 denars)