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CEZ plans to sell all its Bulgarian assets, receives local interest
April 19, 2017 / 11:24 AM / 7 months ago

CEZ plans to sell all its Bulgarian assets, receives local interest

PRAGUE, April 19 (Reuters) - Czech utility CEZ aims to sell all of its Bulgarian assets and has received expressions of interest mainly from investors in the Balkan country, a company official said on Wednesday.

In January CEZ said it was testing market interest for its Bulgarian operations, including an electricity distributor that provides power to more than 2 million clients in western Bulgaria.

Bulgaria’s Socialist party had said it would look at options for the country if it won last month’s election, but the party failed to gain power and is not part of coalition talks now under way.

Though CEZ board member Pavel Cyrani said on Wednesday that Bulgarian investors had shown interest in its Bulgarian assets, which also include a coal-fired power plant in Varna, two renewable energy plants and an electricity trader, he said that no talks had begun with the country’s new government and no sale timetable had been set.

CEZ acquired 67 percent stake in the power distributor in western Bulgaria in 2004 after placing the highest bid of 281.5 million euros ($303.65 million) in a privatisation tender.

Reporting by Jason Hovet; Editing by David Goodman

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