Bulgaria plans to float its minority stakes in three power distributors by the end of the first quarter of 2012.
The government aims to sell its 33 per cent stake in electricity supply company EVN Bulgaria, a subsidiary of Austria’s EVN, in the next two weeks, Sofia stock exchange chief executive Ivan Takev has told Reuters. But the listing could be pushed back to mid-January by “unexpected delays” in gaining regulatory approvals, he said.
The other two stakes the government plans to sell – in power and gas utility E.ON Bulgaria and energy distributor CEZ Bulgaria, controlled by Czech CEZ – are expected to be floated in the first quarter of next year, said Takev.
The government expects the sale of its stakes in the three companies to raise “a few hundred million euros”, added Takev.
In 2004, the Bulgarian government sold 67 percent stakes in the companies to CEZ, EVN and E.ON for a combined €693m ($933m).
German power utility E.ON announced last week it would sell its two-thirds stake in E.ON Bulgaria to Energo-Pro, a Czech firm, for €133m.
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