×

Bulgaria raises $43 mln in Energo Pro share sales

By Tsvetelia Tsolova

SOFIA, Oct 3 (Reuters) - Bulgaria has sold the bulk of its 33 percent holding in two newly listed local power distribution companies controlled by Czech power firm Energo-Pro, raising 64.67 million levs ($43 million) in a public share offer, data from the Bulgarian stock exchange showed on Wednesday.

Energo-Pro acquired the two companies which provide electricity to 1.1 million customers in northeastern Bulgaria from Germany's E.ON in June.

The Balkan country has sold 94 percent of the total of 930,270 shares which it held in the two companies, Energo-Pro Grid and Energo-Pro Sales , with the listings aimed at injecting new life into the Sofia bourse.

"The market showed interest and the achieved prices are fair and in line with our expectations. The state should be pleased," said Alexander Zahariev at Bulgarian brokerage FFBH, which is managing the sales.

The average price paid for Energo-Pro Grid shares was 139.35 levs, up 27 percent on the minimum offer price, while Energo-Pro Sales was sold at 13.89 levs, 25 percent above the minimum, bourse data showed.

Shares in Energo-Pro Sales had last traded at 16.999 levs by 0920 GMT on Wednesday, while Energo-Pro Grid changed hands for 160 levs, according to Thomson Reuters data.

The remaining 55,262 shares still held by the state will be offered for sale on Thursday, with the offer running until November 2.

Sofia also plans to sell stakes in energy distributor CEZ Bulgaria, controlled by Czech group CEZ next month.

($1 = 1.5122 Bulgarian levs)

(Editing by Greg Mahlich)

((tsvetelia.tsolova@thomsonreuters.com)(+359-2-9399-731)(Reuter

Messaging: tsvetelia.tsolova.thomsonreuters.com@reuters.net))

Keywords: BULGARIA ENERGOPRO/SALE