Article from August 10 updated with new information. 

State-owned Bulgarian Energy Holding (BEH) has got the green light to sell the Independent Bulgarian Energy Exchange (IBEX) to the Bulgarian Stock Exchange (BSE), Bulgarian government announced.

Th Government of Bulgaria has announced that it has given its approval to the Bulgarian Energy Holding to sell 100 percent of IBEX to BSE. It was also announced that the sale will be carried out through direct negotiation and the starting price will be determined by a licensed evaluator.

IBEX to be sold for EUR 2.7 million

The Bulgarian Stock Exchange said on August 14 that it has reached an agreement with BEH to buy IBEX for EUR 2.7 million, the SeeNews portal reported.

The deal will be concluded after it receives the approval of BSE’s shareholders.

The transfer of ownership of IBEX was requested by the European Commission in order to prevent abuse of dominant position by the BEH.

First, the BEH has committed to transfer ownership of IBEX to the Ministry of Finance. Then, upon the request from the BEH, the European Commission has issued an opinion according to which the Bulgarian Stock Exchange would be a more appropriate buyer of IBEX than the Ministry of Finance.

The European Commission has also extended the deadline for transfer of the IBEX shares until the end of October 2017.