The Government to receive BGN 64.7 mln from its shares in Energo-Pro

The Government raised more than BGN 64.7 mln through the sale of its shares in the energy units of Energo-Pro Grid and Energo-Pro Sales (formerly known as E.ON Bulgaria), the Bulgarian Stock Exchange announced. The combined offer price for the two packages was about BGN 53 mln. On Wednesday, the state received BGN 64.7 mln in payment for the assets but, after the sale of the rest of the shares, the amount could reach BGN 68 mln, provided valuations stay the same. First Financial Brokerage House Ltd. managed the offering.

The Czech company Energo-Pro acquired a 59% share in E.ON Bulgaria at the beginning of 2012, 8% are owned by the European Bank for Reconstruction and Development, with another 33% held by the Bulgarian Government.

Some 96% of Energo-Pro Grid stocks on offer and 92% of Energo-Pro Sales stocks were sold in the first hours of the auction on Wednesday, according to BSE. The highest price was BGN 169.1 per share and the lowest – BGN 137.88, with an asking price of BGN 109.87. Market orders, the biggest chunk of the bids, were settled at BGN 139.35 per share for Energo-Pro Grid and BGN 13.89 for Energo-Pro Sales.

The number of transactions exceeded 359, with 26 investment firms buying shares. A total of 434,940 shares were offered on Wednesday, with 16,280 shares, or just 4%, left for Thursday.

The auction is the latest step of BSE-Sofia's strategy to restore interest in the country's capital market, commented Vasil Golemanski, Chief Executive of BSE-Sofia. "Today's success is the result of nearly two years of work for many companies and state institutions," Golemanski said.
The electricity distribution company Energo-Pro operates in Northeast Bulgaria, in the areas of Varna, Dobrich, Silistra, Russe, Razgrad, Gabrovo, Veliko Tarnovo, Shumen and Targovishte.

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