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From Bulgaria
20.08.2014 17:33
© BEH
The Bulgarian Energy Holding (BEH) has voted the raise of capital of two of its subsidiaries – Kozloduy NPP and Maritsa East 2 TPP, while reducing the capital of gas company Bulgargaz and optic communications supplier Bulgartel.
Much like the raise of capital of BEH-Gazprom joint venture “South Stream Bulgaria”, the decision was submitted at the Trade Register with the approval of ex-energy minister Dragomir Stoinev from August 4.
According to the board meeting minutes available in the registry Bulgargaz, the state owned gas supplier which buys gas from Russia and then resells it at the national market, will see a capital reduction of BGN 51.3 million (about EUR 25.5 million) down to BGN 206.2 million, due to the need to “partially cover accumulated losses”. Negative results of more than BGN 98.2 million from past years will also be met through the net earnings and the Bulgargaz reserve fund.
Bulgartel will also have its capital reduced from BGN 11.5 million to BGN 8.03 million.
BEH also approved a capital raise for Kozloduy NPP with BGN 11.1 million up to BGN 165.6 million and for Maritsa East 2 TPP with nearly BGN 1.6 million. The decision was submitted at the register on August 18 and is yet to be officially published on August 21.
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