Czech energy giant sings electricity privatisation contract with Bulgaria

The Czech Republic's state-run utility company CEZ signed a contract with the Bulgarian government for the privatisation of the electricity distribution network in the capital Sofia and two other regions of the country. Under terms agreed in July, CEZ will pay 281.5 million euros for a 67-percent stake in the electricity distributor. The company has agreed not to resell or restructure any of its shares until the end of 2008.