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Survey - Inernom: We signed the contract, we passed inspections in the Czech Republic

Survey - Inernom: We signed the contract, we passed inspections in the Czech Republic

The contract between the companies of the CEZ Group and Iernom Bulgaria was signed on 23 February 2018. This was announced by Innerm in a letter to the media. According to the letter, the sale procedure, which attracted many international participants, was conducted under the laws of the Czech Republic. The deal is due to be approved by the Bulgarian regulatory authorities, only afterwards it will be finalized.

Upon receiving the approval of the regulator and the successful completion of the deal, it is expected that Ierncom will make a commercial offer to the minority shareholders of CEZ Electro Bulgaria AD and CEZ Distribution Bulgaria AD. The companies subject to the transaction are: CEZ Bulgaria EAD, CEZ Electro Bulgaria AD, CEZ Distribution Bulgaria AD, CEZ Trade Bulgaria EAD, CEZ Information and Communication Technologies Bulgaria EAD, Free Energy Project Oreshets, EAD and Bara Group Ltd. 

"We are aware of the social importance of the business we will acquire. We are proud that we are among the few Bulgarian companies that invest in such a large project in the energy sector. The primary task is to develop the achievements of CEZ in terms of dialogue with all stakeholders, "said Ginka Varbakova, owner of the Innercom group companies. study stages and covered many requirements of the seller ČEZ, as and the majority owner in the face of the Czech state. "We have provided the documents, audits, financial and commercial information requested in the procedure. We have proven that we have the experience and capacity to acquire and manage the companies in Bulgaria in a very difficult procedure with many international competitors. We thank the entire team of consultants on the deal - law firm Allen and Overy, our lawyers in English law, as well as Spasov and Bratanov Law Firm and Mane Capital financial advisor as well as partners from the banking and financial institutions, "said Milena Stoeva, Chairman of the Board of Directors of Iernom Bulgaria EAD.

The letter also says that "Iernom Bulgaria" EAD is a company specially established for the purpose of acquiring CEZ, is part of and is fully supported by a large group of companies that have been developing for more than 10 years in the field of energy, energy infrastructure and construction. The companies are members of the sectoral business organizations - the Bulgarian Photovoltaic Association and the Chamber of Builders.

The family began with trade and construction

Ginka and Slavcho Varbakov have been living in Sofia for years. Their homes in Pazardjik were sold 2 years ago, and now only their business is connected with this end because their company owns three photovoltaic parks in Bulgaria - in Apriltsi, in the village of Elshitsa and the Hadzhiiski Livadi near Pazardzhik, pzdnes.bg Ginka has completed pedagogy at the Southwest University, where she is also the mathematician's diploma for her husband Slavcho.

The first family business is trade. During the construction boom of 2003, Varbakov invested in construction projects and built several residential and office buildings in Pazardzhik. At the moment, the family has a dozen companies, according to the Commercial Register.

In the board of directors of "Yernom Group" are Ginka Varbakova, Malina Varbakova and Petra Paitakova, and two former Czech citizens - Pavlina Filipi and Magdalena Mrachkova - representatives of the partner who acquired 50% stake in the company in June - a fund controlled by the Slovak metallurgic magnate Zdeněk Zemec.

Since almost half a year ago, Ierncom has a contract for the renovation of a block in Pazardjik for BGN 1.6 mln. There are information in Pazardzhik sites that the municipal parking lots are held by a company of Varbakov.

Varbakovi have a business with a Slovakian tycoon

Ginka and Slavcho Varbakov have a common business with Slovenian metallurgical magnate Zdeněk Zemec, whose main business is in the Czech Republic. It is also the most solid name the Pazardjik group has contacted, Capital reported. The main asset of the owners of "Iernom" is four solar parks, built with money from Zemeck.

Varbakov's interest in renewable energy sources is from 2008. In 2012, with the help of Zemeck, photovoltaic park Hadjiiski Livadi has been built, and the funding is just over EUR 22 million. The project combines four photovoltaic plants with a total area of ​​400,000 square meters. They are owned by various companies - ULER 2009 (with a total installed capacity of 4,703 MW), Diana Hunt (with 4.736 MW), Euro Concrete 4.780 MW) and "Eco-Stroi Engineering" (4.680 MW). They all did not do this before, and in the beginning of 2012, companies related to Zemeck acquired a 76% share in each of them at a nominal value of BGN 3,800. In Diana Hunt the share was bought by the Czech company Promabyt, the governors are Zemeck himself and his two sons Alexander and Zdenek Jr.

Immediately after the deal, three companies controlled by Zemeck (Z group, Zelezarny Vesely and HESCO) are lending to the Bulgarian companies against which they are listed as pledged creditors. A few months later, in August 2012, all four loans were refinanced by the Slovak Postova banka. "Diana Hunt", "Uler 2009", "Euro Concrete" and "Eco Engineering Engineering" receive each 7.5 million EUR loan. After that, Zemeck's companies were written off as pledged creditors, but he remains the majority owner. This is altered until mid-2015, when 76 percent of the shares were returned to Solar Green Energy, the owner of the Rial Stats, whose manager until 2016 is Varbakova. Zemeck reappeared around Innercom last summer. For a short-controlled fund, it acquires 50% of the Innercom Group. A few months later, however, the shares were returned to the Varbakovs' family, and the purchase of CEZ's assets was through another company in the group - "Iernom Bulgaria".

Along with the Verbakov family in Sofia, around the Zemeck family in the Czech Republic there is another development. After a long-term court saga, the two sons of the Magna were sentenced to six years and nine months in prison on charges that in 2010 two of their photovoltaic power plants were unlawfully connected to the local power system and contracts to buy more expensive electricity were concluded this accused was also a former head of the Czech energy regulator. The day before the CEZ deal had a published interview with Zemeck in which he stated that his two sons are innocent and will continue to fight for justice before the Supreme Court and, if necessary, in European courts.

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