EVN buys State share in its two Bulgarian subsidiaries

The majority shareholder in EVN Bulgaria – Austria’s EVN AG, succeeded to purchase the State package of shares put up for sale at today’s auction on the Bulgarian Stock Exchange. The trade session did not last long – just an hour. At the end, nearly 100% of the shares of EVN Bulgaria Electricity Distribution JSC and EVN Bulgaria Electricity Supply JSC, part of EVN Bulgaria, were sold for BGN 92 mln. Thus, EVN increased its stake in the electricity distribution company by 30 75% (48,100 shares) to 97.75%, and in the electricity supply company – by 32.73% (to 61,600 shares) to 99.73%. The State had planned to get BGN 78 mln from the deal.

”The decision to participate in the purchase of these shares is a result of our presence in Bulgaria in the last seven years and confirms EVN’s long-term commitment to the energy sector,” said Joerg Zolfelner, Managing Board Chairman of EVN Bulgaria. At the opening the trade session on BSE, Zolferner commented that the day is very important for EVN not only because of the public offering of the State’s shares, but also because the company has already reached BGN 900 mln of investments in this country.

According to the BSE, 98.85 of the electricity distribution company’s shares and 99.4% of the electricity supply operator’s shares were sold during the auction. The average selling price of EVN Bulgaria Electricity Distribution JSC was BGN 1,632.56, or nearly 19% more than the minimum price asked by the State. The shares of EVN Bulgaria Electricity Supply JSC were sold at an average price of BGN 156.60 per lot, or 30% above the initially asked price.

“The proceeds from the sale of the minority State’s stake in EVN Bulgaria amounted to BGN 92 mln, up from the projected minimum of BGN 78 mln. However, there are still 600 shares to be sold. Thus, our initial estimated will be exceeded,” Minister of Economy Energy and Tourism, Traicho Traikov said after the meeting of the Council of Ministers.

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