Eurohold Now Owns over 96% of CEZ Distribution, CEZ Electro Energy Companies

NW 15:54:31 23-03-2022

Eurohold Now Owns
over 96% of CEZ Distribution,
CEZ Electro Energy Companies

Sofia, March 23 (BTA) - The energy subholding of Eurohold Bulgaria AD - Eastern European Electric Company B.V. (EEEC), which acquired the companies of Czech energy group CEZ in Bulgaria in 2021, increased the stake it holds in the capital of CEZ Distribution Bulgaria AD and CEZ Electro Bulgaria AD to nearly 99 per cent and 97 per cent, respectively, Eurohold said in a press release Wednesday. The increased stake in the two energy companies is a result of transactions on the Bulgarian Stock Exchange (BSE) on March 18 with a total value of over 100 million leva.

On that date, EEEC acquired 207,107 shares (10.74 per cent of the capital) in CEZ Distribution and 1,379 shares (27.58 per cent of the capital) in CEZ Electro.

EEEC will commence a tender offer to purchase the remaining interest it does not already own in both energy companies. The proposal will be submitted to Bulgaria's Financial Supervision Commission within the legally defined 14-day term. The majority shareholder also intends to take action to delist both companies from the register of public companies and the BSE in accordance with the law.

As of the end of April 2022, the CEZ companies in Bulgaria will have a new name, Electrohold.

In July 2021, EEEC acquired seven subsidiaries of CEZ in Bulgaria for 335 million euro, thus becoming the owner of 67 per cent of the largest power grid operator (CEZ Distribution) and power supplier (CEZ Electro) in Bulgaria, as well as the owner of 100 per cent of the largest licensed electricity trader (CEZ Trade), the press release recalls. In October 2021, Eurohold's energy subsidiary made a takeover bid for the acquisition of the remaining 33 per cent interest it had not owned in CEZ Distribution and CEZ Electro for nearly 230 million euro, thus increasing its interests in both companies to 88.2 per cent and 69.3 per cent of the capital, respectively./PP/DS