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The Bulgarian Stock Exchange, together with InvestBulgaria Agency and leading energy companies, will conduct a series of forums in major European financial centres.
Starting from 29 November 2011, the Bulgarian Stock Exchange and Invest Bulgaria Agency, as well as senior representatives from Bulgarian government and the leading Bulgarian energy companies, will be holding investor meetings in four European financial centres – Vienna, Zurich, London and Frankfurt. The London investor event will be taking place on 6 December 2011 at the London Stock Exchange from 9am until 10.30am.
The long-term plan of the Bulgarian government, which owns 33% in each of the three Bulgarian energy-distributing companies – EON Bulgaria, EVN Bulgaria and CEZ Bulgaria, is to privatise the government-owned stakes through the Bulgarian Stock Exchange by the end of 2011. The goal of the forums is to present the investment opportunities in the country in light of the upcoming privatisation in the energy sector.
Mr. Vasil Golemanski, co-CEO of the Bulgarian Stock Exchange, said:
“The listing of the Bulgarian subsidiaries of three leading European energy companies is further evidence of the vitality of the Bulgarian capital market. In 2011 we have seen more optimism in the local investment community and we believe that these new listings will further strengthen the Bulgarian Stock Exchange’s offerings to international investors.”
In 2004 the Bulgarian government privatised 67% of the country’s energy distribution network to Germany's E.ON, Austria's EVN and Czech CEZ for €693 million. The government kept ownership of 33% in each company and in 2011 it took measures towards their sale through the Bulgarian Stock Exchange. 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. In 2010 CEZ and E.ON had revenues of €598.2 million and €373.6 million respectively.
By the end of the third quarter of 2011, the Bulgarian Stock Exchange had a total market capitalisation of more than €6 billion. Since January 2011, the Bulgarian Stock Exchange has been a public company, majority owned by the Bulgarian government. The government is expected to start the privatisation of its stake in the Bulgarian Stock Exchange and close the deal in the first half of 2012.
According to the Ministry of Energy, Economy and Tourism of Bulgaria 2009 report, EVN Bulgaria, E.ON Bulgaria and CEZ Bulgaria have 28%, 18% and 31% market share for electricity distribution to the end consumer.
Vienna’s investors meeting will be on 29 November, Zurich on 2 December, London on 6 December and Frankfurt on 14 December.
To register for the London investor event, please email rsvpbulgarianse@broadgatemainland.com
