(ADPnews) - Dec 6, 2010 - Bulgarian renewable energy company Energoni has sealed a cooperation agreement with Switzerland-registered Evi Distribution, the Sofia-based company said last Thursday.
Under the contract inked in Italy's capital, Energoni will allow the Swiss company to implement projects that are part of its portfolio, including 2,271 MW of wind parks and 400 MW of solar power plants.
The company, which is facing a probe by national security agency DANS over suspicion of money laundering through share transactions, will call an extraordinary meeting to discuss the business proposal.
Energoni came into the spotlight after turning itself into a stock market heavyweight with a capital of BGN 547 million (USD 369m/EUR 279.7m), the largest equity capital among all companies listed on the Bulgarian Stock Exchange (BSE).
Earlier in 2010, share transfers worth BGN 20 million of some Energoni shareholders triggered an alert by the Financial Supervision Commission (FSC) to the country's national security agency DANS on suspicion of money laundering.The two share transactions took place at end-September on the unregulated segment of the BSE through investment brokerage Mac Cap.
On September 23, Greek national Dimitrios Aivaliotis, who held a 43.3% stake prior to the transaction, sold to his compatriot Michail Georgopapadakos 28.5%, or a total of 128.65 million shares, for BGN 16.7 million, or BGN 0.13 per share. Then the latter, who serves as the company's executive director, sold more than 64 million shares to a company bearing the same name as the brokerage, Mac Cap PLC, for over BGN 2.5 million, or BGN 0.04 per share. From this transaction alone, Georgopapadakos incurred a loss of some BGN 5.8 million.
The buyer and the eponymous brokerage are both owned by Maksim Dimov, who is a board member and shareholder in Energoni through Mac Cap Holding (11.7%).
Although the company was allowed to go public on BSE, its shares were banned from trading two times by FSC on suspicious of inaccurate financial reports.
(BGN 1.0 = USD 0.675/EUR 0.511)
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