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25.08.2017 12:02- IBEX logo in the cyrillic alphabet
© IBEX
Bulgarian Stock Exchange-Sofia (BSE) is expected to approve on September 26 the acquisition of Independent Bulgarian Energy Exchange (IBEX), a subsidiary of the state-run Bulgarian Energy Holding (BEH) that operates the country’s power trading exchange. The market capitalisation of IBEX stands between BGN 4.831 m and BGN 9.682 m, while the deal will be concluded at BGN 5.2 m (EUR 2.66 m).
According to a press release on the website of BSE, an extraordinary general meeting of shareholders is expected to approve the acquisition of 217,664 common, registered and voting shares with BGN 10 nominal value each, representing 100% of the capital of Independent Bulgarian Energy Exchange EAD.
In the absence of a quorum, the general meeting of shareholders will be held on 12 October 2017.
The acquisition of IBEX by BSE for the amount of BGN 5.2 m received formal governmental approval earlier in August. The unbundling of the energy exchange operator from the state-owned BEH was part of a settlement between the holding and the European Commission (EC) for the termination of an infringement procedure.
IBEX ownership was to be transferred to the Bulgarian Ministry of Finance but talks with the EC yielded approval for the BSE deal.
Its conclusion should take place by end-October 2017.
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