Austria's EVN boosts stake in Bulgarian units
Austrian electricity utility EVN increased its stake in two Bulgarian subsidiaries by buying the bulk of state-owned shares put on sale on the Bulgarian Stoch Exchange on December 21.
At the end of the first day of the auction, in which the Bulgarian state is selling its 33 per cent stakes in the two companies, EVN increased its stake in the electricity transmission subsidiary to 97.75 per cent and its stake in the power distribution unit to 99.73 per cent.
The company said that it paid about 90 million leva to buy the state's shares.
"Our decision to participate in the acquisition of these shares is the result of our presence in Bulgaria over the past seven years. It confirms once again EVN's commitment to developing Bulgaria's energy sector and will allow us to continue our policy of improving the quality of our service," EVN country manager Jörg Sollfelner said in a statement.
EVN's investment in power grid improvements and power generation capacities in Bulgaria have exceeded 900 million leva since the company entered the market in 2005, when it acquired the majority stakes in state power distribution companies serving southern and southeastern Bulgaria.
Text and photo: sofiaecho.com
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