(ADP news) - Oct 2, 2008 - Czech power utility CEZ (PSE: BAACEZ) plans to invest over EUR 420 million (USD 584m) in Albanian state-owned electricity distribution company OSSH, Albania's privatisation adviser, IFC, said Wednesday.
The power utility won the tender for the sale of 76% in the Albanian distribution company on Monday, as it remained the sole bidder, offering EUR 102 million for the stake. Within the next five years CEZ will channel EUR 200 million in the company and pay off its debts of EUR 122 million, according to Reuters. Italian sector company Enel (BIT: ENEL), was disqualified in the privatisation tender over technical flaws in its offer, while the third potential bidder, Austria's Energie Steiermark, withdrew from the auction.
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