Bulgaria will put up for sale its 33 percent stakes in two Bulgarian power distribution companies controlled by Czech power utility CEZ in November, after the financial regulator approved the sale documents.
The Balkan country hopes to raise over 100 million levs ($66.4 million) from the sale, which will be carried out on the Sofia bourse in the beginning of November, an official familiar with the process said on Monday.
The sale will help provide much-needed funds to back government plans to increase state pensions next year and comes after the regulator earlier this month approved the sale of 33 percent stakes in two power distribution companies controlled by Czech utility Energo Pro.
The state will offer 63,624 shares of CEZ Power Distribution Bulgaria and 1,650 shares of CEZ Electro Bulgaria at a minimum price to be set by the Bulgarian Privatisation Agency.
CEZ’s Bulgarian companies supply electricity to over 1.9 million clients in the capital and northwestern Bulgaria and their combined assets stood at 938 million levs at the end of 2011. ($1=1.5057 Bulgarian levs)