CEZ Distribution shareholders to vote on new supervisory board and audit committee (NEUTRAL)

CEZ a.s., as a majority shareholder of CEZ Distribution and CEZ Electro, has proposed additional items for the GSM’s scheduled for 27 November. Among them are changes of the Supervisory Boards and the Audit Committees of the two listed companies. The changes are taken on the condition that Inercom Bulgaria acquires the majority stakes and would take forces on the date when such condition is fulfilled. The new agenda items are pending approval by the Commercial Registry. Recall that the Competition Protection Commission declined twice the Inercom’s acquisition of CEZ Bulgarian business as the second time it stated that it won’t evaluate the deal due to the ongoing lawsuit over the previous decision. Both decisions have been appealed to the Supreme Administrative Court.