Bulgarian Energy Holding Hikes Capital by BGN 336.7 M

Business » ENERGY | September 11, 2014, Thursday // 17:18
Bulgaria: Bulgarian Energy Holding Hikes Capital by BGN 336.7 M Photo by bnr.bg

The Bulgarian Energy Holding (BEH) is increasing its capital by BGN 336.7 M, according to a request of BEH filed with the Business Register.

As a result of the decision for the capital hike, the company's capital will increase from the current rate of BGN 2.61 B to BGN 2.94 B.

The resources will be provided from the "Other Reserves" fund of BEH, where the sum of BGN 336.7 M has already been accumulated, according to reports of econ.bg.

The capital hike was approved by caretaker Economy and Energy Minister Vasil Shtonov on September 4.

Loans provided by BEH to related parties within the group keep going up, reaching BGN 758.1 M by September 4, 2014, compared to BGN 650.3 M at the end of 2013.

Meanwhile, BEH's accounts receivable from heating utility Toplofikatsiya Sofia increased from BGN 188.2 M in the beginning of 2014 to the current rate of BGN 321.1 M due to the fact that BEH took over a part of the debt of the heating utility to its subsidiary, state-owned gas supplier Bulgargaz.

In September 2013, debts of BGN 129 M of the Sofia-based heating utility were transferred to BEH.

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Tags: Bulgarian Energy Holding, BEH, BEH Group, Bulgargaz, heating utility, Toplofikatsiya Sofia
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