Bulgaria Grapples with Soaring Corruption Rates: New Report Reveals Shocking Data
Corruption in Bulgaria has soared to its third highest peak in history, according to a recent report by the Center for the Study of Democracy
Bulbrokers, a local financial and investment company, has been picked to broker Bulgaria's 33% stake sale in Austria's EVN AG unit, while Central Cooperative Bank - the same government's share in Prague-based CEZ AS unit.
This was announced on Wednesday by Bulgaria's sale body, the Privatization Agency, which selected the two providers of brokerage services in a competition, which assigned the greatest significance to the offered commission after a sale and the turnover of deals inked by the bidders over the last years.
First Financial Brokerage House, Bulbrokers, United Bulgarian Bank (a unit of the National Bank of Greece SA, Greece's biggest lender), Central Cooperative Bank and Capman submitted bids for CEZ AS units before the June 16 deadline.
These five, plus another two - South Market and Elana Trading - submitted bids for Austria's EVN AG units.
Bulgaria plans to sell the minority stake in the EVN and CEZ-operated electricity distributor on the Bulgarian Stock Exchange. Each of the units includes two companies in charge of sales and grid operation.
The contracts with the intermediaries will be signed within 14 days after they obtain the approval of the Supervisory Board of the Privatization Agency.
Earlier this month it was announced that First Financial Brokerage House has been picked to broker the sale of the government's stake in E.ON Bulgaria units.
At the end of last year Bulgaria's government announced it will list in two or three months its 33% minority stake in the three power distributors in the country in a bid to enliven the local stock exchange and boost revenues.
Bulgaria, struggling to cover its widest budget deficit in a decade, plans to sell minority stakes in other energy utilities as well.
In 2004, the Balkan country sold 67% in its three power distributors to Germany's E.ON, Austria's EVN and Czech CEZ.
E.ON serves households in North-Eastern Bulgaria, including the Black Sea city of Varna. Czech power utility CEZ supplies power to over 2 million households and companies in western Bulgaria, while EVN serves the south-eastern parts of the country.
Heavily criticized for its failure to rake in revenues into the budget by privatization, Bulgaria's government is expected this year to finally go ahead with the planned sale of minority stakes in the electricity distributors.
In 2011 Bulgaria's government should finally make its mind about how to restructure the energy holding, which groups the country's top energy assets, analysts have said.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
The Greek national electricity company, PPC, has announced plans to acquire 500 megawatts of photovoltaic capacity in Bulgaria
Oil prices have surged due to renewed concerns about the Middle East conflict. Brent crude futures increased by 0.32% to 90.80 USD per barrel, while American WTI crude rose by 0.3% to 86.50 USD per barrel
Bulgaria's state-owned energy company, "Bulgargaz," has suffered a significant setback, losing 27% of its market share as a result of a contract with the Turkish company "Botas"
A remarkable shift in Bulgaria's energy landscape has been unveiled in the latest report from the Commission for Energy and Water Regulation, submitted to the Bulgarian parliament
Natural gas prices in Europe experienced a significant spike, surpassing 2% to reach 29 euros per megawatt-hour (MWh) on Monday
Amidst Ukraine's urgent need for additional power sources following the closure of the Russian-controlled Zaporizhzhia nuclear power plant
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022