France's Dalkia International and Bulgaria's Privatisation Agency Tuesday signed the sale contract for the Varna district heating company.
The deal will have to be reviewed by the PA supervisory board.
The buyer, which paid 6.78 mln euro for a 100% stake in the utility, is barred from lowering his equity below 51% over the next 3 years without the prior consent of the Post Privatisation Control Agency.
The same time-frame applies to the ban on changes to the core business of the utility and on liquidation or transformation proceedings.
The new owner of the utility will have to align its operation to the relevant EU directives on environmental protection and large combustion installations.
Dalkia said it will focus on providing affordable and transparent services.
One of the first goals of the new owner will be to increase the market share of the heating utility which services 10% of the Varna population.
(Dnevnik)