Bulgaria's financial regulator appeals court ruling on Energoni case

Aug 19, 2011 - Bulgaria's Financial Supervision Commission (FSC) has appealed an order by the Supreme Administrative Court (SAC) to allow for trade shares in renewable energy company Energoni on the Bulgarian Stock Exchange (BSE).

On August 9, SAC overturned a preliminary decision of the financial regulator to prohibit Energoni from launching a BGN 547 million (USD 401m/EUR 279.7m) share issue on the bourse, with FSC citing concerns about the assessment of the company's patent for a wind farm construction method.

Following the imposed ban, Energoni has traded only a small portion of its shares on BSE. The larger deals with the company's stock were conducted on the over-the-counter segment of the BSE, which prompted an investigation from the State Agency for National Security into Energoni over suspicion of money laundering.

After SAC's decision, the bourse is obliged to admit for trade the entire share issue of Energoni on the regulated market. FSC's appeal will be heard by a five-judge SAC panel, which will make the final decision on the issue.

Currently, Energoni has a registered capital of BGN 547.563 million, while its market capitalisation is estimated at BGN 3.285 billion, which is more than a quarter of the total capitalisation of the BSE.

(BGN 1.0 = USD 0.733/EUR 0.511)

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