Банкеръ Weekly

Briefs

FIRST DEAL ON ELECTRICITY DISTRIBUTION COMPANIES APPROVED BY MINISTERS

The first contract for the privatisation of Bulgarian electricity distribution companies was approved by the Government. On Thursday (October 14) the Cabinet gave its consent for the sale of 67% of the electricity distribution facilities in Gorna Oryahovitsa and Varna, grouped in Northeast Bulgaria pool, to the German company E.ON Еnergie AG. The Germans offered to pay EUR140.7MN. On the day of signing the conclusive contract the buyer will deposit in an escrow account at least EUR28,140,000 (20% of the purchase price). The condition for the final transfer of the ownership rights on the companies' stocks is to pay the entire price. Till December 31, 2008, E.ON Еnergie AG won't be allowed to transfer the ownership on the shares or let thirds persons to shareholder participation in the companies' capital. By end-November the Government is expected to approve as well the draft contracts with the two other buyers. The Czech CEZ was preffered as buyer of Southwest Bulgaria pool (including Stolichno, Sofia-Area, and Pleven electricity distribution companies) against EUR281.5MN, and the Austrian EVN will pay EUR271MN for the package of Southeast Bulgaria poll (including Plovdiv and Stara Zagora electricity distribution facilities). The final contracts with the three foreign companies will be signed afterwards.

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