Bulgaria to start selling minority stakes in EVN on bourse on December 21.

By bne IntelliNews December 14, 2011
Bulgaria's privatisation agency said it is launching the sale of the state's 33% stakes in the Bulgarian units of Austria's EVN on the local bourse on December 21. The agency will offer for sale 51,612 shares of EVN Bulgaria Elektrorazpredelenie and 62,106 shares of EVN Bulgaria Elektrosnabdiavane, it said in a statement. The auctions will last for up to 30 days. The initial price of EVN Bulgaria Elektrorazpredelenie is set at BGN 1,373.92 per share placing the total market capitalisation of the company at BGN 215mn (EUR 109.9mn). The initial price and the respective market capitalisation of EVN Bulgaria Elektrosnabdiavane are set at BGN 120.31 and BGN 23mn. Thus, the state aims to raise at least BGN 78.5mn from the sales. The financial commission approved the sale prospects last week. EVN Bulgaria runs the power distribution network in south-east Bulgaria and services more than 1.5 million clients.

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