Send to Kindle
Bulgarian government representatives and CEZ management met in early September. Photo by Council of Ministers
Czech-owned power utility CEZ has formally approved the decision to pay a total dividend of BGN 41 M to the Bulgarian government.
The payment of the dividend BGN 41 M to the state for the period 2006-2009 has been approved at early general meetings of the boards of CEZ subsidiaries CEZ Razpredelenie and CEZ Electro, the company announced.
CEZ Razpredelenie AD will pay the Bulgarian government a total of BGN 26.74 M (BGN 420.36 per share), while CEZ Electro AD will be paying BGN 14.33 M (BGN 8 686.60 per share). CEZ is the electricity supplier in Sofia and Western Bulgaria; under a separate arrangement, the company also bought 100% of the Varna Thermal Power Plant (TPP).
In both companies, the Bulgarian state has a 33% stake through the Economy Ministry, while the other 67% are owned by CEZ. The government of the Czech Republic owns 69.4% of the international energy group CEZ.
The Bulgarian government will be receiving the cash from CEZ within 30 days.
"The redistribution of part of the profits of a company among its shareholders as dividends is a normal practice. Over the past four year our priority was to use the profit in order to invest in the development of the electricity distribution network and the payment of dividends was not on the agenda. Both companies have good liquidity, and the present decision will not affect our investment plans," explained Jan Vavera, regional manager of CEZ for Bulgaria.
The payment of the dividend was negotiated in September at a meeting of Prime Minister Boyko Borisov with the CEZ management.
Since entering the Bulgarian market five years ago, CEZ has invested BGN 370 M in the rehabilitation and development of the local power network.
Japan's Liberal Democratic Party President Sanae Takaichi was elected Prime Minister by parliament on Tuesday, becoming the country’s first woman to hold the position
"Everyone wants positions – in regulatory bodies and ministries," he emphasized.
Canadian Prime Minister Justin Trudeau announced on Monday that he would step down as the leader of the Liberal Party and as Prime Minister once a successor is chosen
Bulgarian President Rumen Radev has once again selected Dimitar Glavchev as the candidate for acting prime minister
Two of the candidates from the president's "home list" have agreed to serve as the next acting prime minister
Current Caretaker Prime Minister of Bulgaria, Dimitar Glavchev, has confirmed his readiness to serve as the next acting prime minister in a new caretaker cabinet, stating there are no obstacles to his appointment
Britain has introduced a temporary exemption that permits continued business with two Bulgarian subsidiaries of the sanctioned Russian oil group Lukoil
Lukoil has announced that all of its gas stations across Bulgaria are operating as usual and will continue to do so without interruption
Martin Vladimirov, director of the Geoeconomics Program at the Center for the Study of Democracy, said in an interview with the Bulgarian National Radio that the most beneficial outcome for Bulgaria would be for a strategic Western investor to acquire Luk
Energy Minister Zhecho Stankov has reassured Bulgarian citizens that the country’s fuel reserves are sufficient to cover domestic needs for several months
Bulgaria stands at a pivotal moment in its energy strategy, with the potential to become a major energy exporter if it navigates its geopolitical and domestic energy policies effectively
Bulgaria currently has gasoline reserves sufficient for around 35 days and diesel for over 50 days, according to Assen Assenov, chairman of the State Agency “State Reserve and Wartime Stocks”
Bulgaria's Strategic Role in the EU's Drone Wall Defense Initiative
When Politics Means Violence
