CEZ intends to sell its business in Romania - report


BUCHAREST (Romania), May 22 (SeeNews) - Czech energy group CEZ is planning to sell its business in Romania, local media reported.

Regulatory authorities in Romania have already been informed about the intentions of CEZ to sell its operations in Romania, Ziarul Financiar daily  reported on Tuesday, quoting unnamed market sources.

According to the media report, CEZ shareholders are dissatisfied with the group's strategy in Eastern Europe and claim that the management cannot ensure long-term profitability in some economies such as Romania, Albania, Bulgaria and Turkey.

A CEZ official is set to arrive in Bucharest later this week for discussions with Romanian regulators, Ziarul Financiar added.

CEZ have not come up with a comment on the media report by Wednesday afternoon.

CEZ Group has been present in Romania since 2005, when it took over national distribution company Electrica Oltenia. It currently serves over 3.5 million customers locally through nine companies: Distributie Oltenia, CEZ Romania, CEZ Vanzare, CEZ Trade, CEZ ESCO Romania, Tomis Team, MW Invest, Ovidiu Development, and TMK Hydroenergy Power.

In April, financial and insurance group Eurohold Bulgaria [BUL:4EH] launched exclusive talks for the acquisition of CEZ' assets in Bulgaria.


More stories to explore
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription