Thursday, January 10, 2013

CEZ announces sale

CEZ announces sale
Despite the warnings from the Ministry of Economy, CEZ, the Czech Company that owns the energy distribution network in Albania has started the procedures for expanding the business in Albania.

Two days ago CEZ published on the prestigious financial times an invitation to express the interest of possible investors who want to by their shares. The announcement says that CEZ is considering to sell 76% of the shares and invites buyers to bid within January 15th.

According to the announcement, the investors must present detailed information about the consortium companies and other activities of the businesses they own, the financial guarantees for the possible purchase of CEZ and any concern or uncertainty that they might have regarding the process. After this initial phase will be over, CEZ announces that they will inform the interested companies for the further steps. After the long conflict with the Albanian government, CEZ warned that they will sell their activity first.

But right after this declaration, the Ministry of Economy declared that they will not allow the sale, since it is considered an illegal move for as long that the company has not notified the state and the license is under review by the ERE. But despite this warning, the Czech group seems determined to sell the shares by taking the first step of the process.

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