Up to 15% of Bulgarian Energy Holding May Be Sold on Stock Market

Minister Traicho Traikov has said that a 10-15% share of the Bulgarian Energy Holding may be sold on the stock market. Photo by BGNES

Traicho Traikov, Minister of Economy, Energy and Tourism, has said that the state may float a 10-15% share of the Bulgarian Energy Holding (BEH), on the stock market.

In his words, another option would be to sell minority stakes of the separate companies within BEH, the holding set up to manage the major state-owned energy assets.

Traikov went on to emphasize the successful deal sealed on Wednesday, when Bulgaria sold most of the state's 33% stake in the two Bulgarian units of Austrian power utility EVN.

He specified that a strategy was being drafted for the sale of minority stakes packages in almost all companies within BEH.

"Only stakes in Kozloduy NPP will not be listed. As regards the other major companies, a sale of up to 34% of the shares could be achieved, so that the state retains full control over the management of the companies," Traikov said.

The Energy Minister told journalists that the state-owned stake in the largest thermal power plant in Bulgaria, Maritsa East 2 TPP, could be one of the first to hit the Bulgarian Stock Exchange (BSE).

He explained that the state could retain a 51% stake in the plant because the private investor would be expected to build two new blocks.

Meanwhile, Deputy Prime Minister Simeon Djankov told news portal dnevnik.bg that preparations were underway for the privatization of minority stakes of the Electricity System Operator (ESO) and gas operator Bulgartransgas, both of which are part of BEH.

"One way to go about this would be to sell 20-25% stakes of these companies. Another option would be to float a small stake of BEH as a whole," Djankov stated, adding that the sale had to be wrapped up by end-2012.

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