Central Cooperative Bank Acquires Minority Share in Bulgarian Utility CEZ

Business » ENERGY | February 15, 2013, Friday // 14:57
Bulgaria: Central Cooperative Bank Acquires Minority Share in Bulgarian Utility CEZ A minority stake in CEZ, the power utility in Western Bulgaria, has been bought by Central Cooperative Bank, which is linked to the Varna-based group TIM. File photo by BGNES

Central Cooperative Bank, which is connected with controversial Varna-based security and business group TIM, has acquired a minority share of 9.9% of the capital of Czech-owned Bulgarian electricity distributor CEZ Electro.

Central Cooperative Bank bought the minority share in CEZ Electro, which is the power utility in Sofia and Western Bulgaria, from UniCredit Bulbank on November 29, 2012, investor.bg reported Friday.

In a related development, on November 30, 2012, UniCredit Bulbank also sold a total of 5.4% from the capital of CEZ Razpredelenie, a subsidiary of CEZ Bulgaria, to unnamed investors, with the investors being more than one with none acquiring more than 5%.

In addition, Central Cooperative Bank has increased its share in Holding Varna – another of the controversial holdings of the TIM security and business group – from 9.64% to 10.76%, also on November 30, 2012.

In 2012, CCB served as the intermediary in the privatization of the 33% minority share of the Bulgarian government in CEZ Electro and CEZ Razpredelenie through the Bulgarian Stock Exchange.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Energy » Be a reporter: Write and send your article
Tags: CCB, CCBank, Central Cooperative bank, TIM, Holding Varna, CEZ Bulgaria, CEZ Razpredelenie Bulgaria, CEZ Distribution Bulgaria, power utility, Western Bulgaria, UniCredit Bulbank, CEZ

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria