Producer of meat products Bozmov opened a new enterprise Still another new meat processing enterprise started work in Northeastern Bulgaria- a company under the name of Bozmov, based in Rousse. The new production will enhance the company for meat products’ capacity and will help in covering the increased demand. The official opening took place in Rousse on the 17th of December. The real production in the new facility has already begun from the start of the present year. The investment is assessed to slightly over BGN 2.3 million, as funding is insured by both equity capital and a loan from Unicredit Bulbank. At present the new enterprise is working at half its capacity. The production is about 5 tons daily at existent capacity of 10 tons. More than 90% of the used raw material is Bulgarian meat, mainly from Brushlen pig farm. The company produces the full range of meat products. The old production facility of the company that is also located in Rousse will turn into its warehouse. For now Bozmov’s has about 120 employees.
Source: Capital (09.01.2015)

Bulgarian banker: The euro will reduce interest rates If Bulgaria adopts the euro, this will lead to a drop of loan interest rates, Levon Hampartzoumian, CEO of UniCredit Bulbank, said at the Euromoney annual meeting in Vienna. The banker was unwilling to forecast how much interest rates would drop, but supposed that mortgage loan rates might amount to 4%-5%, 24 Chasa daily reports. According to Mr Hampartzoumian, Bulgaria should strive for adopting the euro and joining the European Banking Union (EBU) as soon as possible. What is important for Bulgarian banking sector in 2015 is to guarantee that what happened in Corporate Commercial Bank (Corpbank) will not repeat, Kristofor Pavlov, Chief Economist at UniCredit Bulbank, said. Therefore, one of the most important events is the forthcoming inspection into banks’ balances by a foreign consulting company. Presa daily quotes Mr Pavlov as saying that Bulgaria may join the euro area only after the country carries out a judiciary reform and is excluded from the Cooperation and Verification Mechanism.
Source: Sega (21.01.2015)

Arco paid off loan for Manastirski livadi complex earlier Company for investment in properties under the name of Arco Manastriski, which is part of the Estonian group Arco Vara paid off earlier a bank loan for the second stage of a residential complex in Sofia’s neighborhood Manastirski livadi. The loan from Unicredit Bulbank is with a limit of EUR 4.85 million and due date on the 30th of May 2016. It is paid off 16 months earlier due to good sales of apartments in the project. Until now about 80% of all residential and commercial areas in the complex are either sold or preliminary contracts for their sale are signed. Residential complex Ìanastirski L!VD apartments is assessed to EUR 4 million. Average contracted price for the complex is by 10% higher than the expected. It is EUR 815 per square meter. In a month’s time construction of the last stage of the project starts. It consists of 70 apartments. Manastirski L!VD apartments comprises of a complex of three residential buildings with a total of 284 apartments and 25 commercial sites. Total built up area is 35 500 square meters. The first stage of the project was completed in 2012, as all apartments were sold.
Source: Capital (22.01.2015)

Bank profits in Bulgaria reached BGN 746 million in 2014 Although 2014 was challenging for Bulgaria and one of its biggest banks went bankrupt, Bulgaria’s banking system reported a profit of as much as BGN 746 million, or up 27.6% from 2013, BNB data show. At the same time, household income is decreasing. Depositors received less than BGN 1 billion from interest on their deposits for the first time in 6 years. BNB data as of end-2014 showed that deposits reached record-high BGN 41 billion. However, interest income amounts to only BGN 952 million compared to BGN 1.369 billion in 2013. Deposits in 2013 amounted to BGN 39.248 billion. BNB data show that deposits of physical persons in Corporate Commercial Bank (Corpbank) were redirected mainly to UniCredit Bulbank and First Investment Bank (Fibank). Central Cooperative Bank and Societe Generale Expressbank also attracted a lot of funds from Corpbank.
Source: Sega (09.02.2015)

Four banks to distribute EUR 8 billion of government debt Four banks will distribute Bulgarian bonds on international markets in the next three years at the total value of EUR 8 billion. This transpired from the document tabled at Parliament for ratification by the Council of Ministers. The dealership contract between Bulgaria in its capacity of issuer and Citigroup Global Markets, HSBC Bank Plc, Societe Generale, and Unicredit Bank AG in their capacity of organisers and dealers of the Global Medium Term Note (GMTN) programme at the total value of EUR 8 billion was signed on February 6, 2015. The programme will be registered on the Luxembourg Stock Exchange in order to increase investor interest towards Bulgarian bonds, the Standart daily reports. In the end of last week it transpired that the international rating agency Moody's Investors Service has assigned a provisional Baa2 rating with a stable outlook to the GMTN.
Source: Trud (10.02.2015)

Financier Lubomir Mitov is the new Chief Economist for Central and Eastern Europe (CEE) of the Unicredit banking group. He will take office in March, while his workplace will be based in London, the institution announced, as cited by Capital Daily. Up until now Mr Mitov was chief economist for Emerging Europe at the Institute of International Finance (IIF) in Washington. His previous post was senior economist at the World Bank's Resident Mission in Sofia. “UniCredit has a leading position in economic research for CEE and the rest of Europe, and I look forward to joining the team in a leadership role, especially at a time when understanding these regions is crucial to many of our clients' risk management and investment strategies,” Mr Mitov said on occasion of his appointment. In an interview with the Capital Daily in August 2014 Mr Mitov emphasised on the importance of implementing reforms and securing additional external financing for Bulgaria.(focus)
Source: Capital (10.02.2015)

Private enforcement agent is selling properties of Montag complect engineering Private enforcement agent has announced at a public sale properties of Montag complect engineering. The announcement is at the request of Mayak TM. The announced initial price of the tender is BGN 2.67 million. For it the new owner will get two properties in the Sofia’s neighborhood of Kremikovtsi. The two lots are located next to each other. The first one has a total area of slightly over 41 thousand square meters and has 13 buildings with different purpose constructed on it. The other one has a total area of 21.3 thousand square meters and has warehouses on it. The two lots are mortgaged in favor of Unicredit Bulbank. Montag complect engineering is founded in 1991. The company is specialized in production of metal constructions with industrial use. Among its clients are KCM-Plovdiv, Lukoil Neftochim Burgas as well as the public TPP Maritsa East 2.
Source: investor.bg (11.02.2015)

Profits of banks in Bulgaria up to BGN 196 million The profit of banks in Bulgaria in end-February 2015 was formed mainly by the profits of the first five banks. They were put in the first group by BNB and include UniCredit Bulbank, DSK Bank, First Investment Bank (Fibank), United Bulgarian Bank (UBB), and Raiffeisen Bulgaria. They account for 80.6% of the total positive result of the system, or BGN 158 million. The third group includes six branches of foreign banks in Bulgaria. Their profit amounts to BGN 7.4 million. The total amount of bank profits for the first two months of the year stood at BGN 196 million, or BGN 47 million more than the same period in 2014, BNB reports.
Source: investor.bg (01.04.2015)

Bulgaria's UniCredit Bulbank updated its economic growth forecast to 1.9% The euro area recovery and the slide of the euro currency provide ground for higher economic growth forecasts in Bulgaria, the Capital Daily reports. This is what the spring report of UniCredit Bulbank on the country’s economic prospects shows. The bank’s forecast is for a 1.9% growth of GDP in 2015, while three months earlier the forecast was for 1.5%. The analysis also notes that domestic demand, individual consumption in particular, will remain the main driving force behind growth, while the contribution of net export should be neutral. According to the bank’s economic team the update is the result of an improvement of euro area growth prospects (which increased to 1.4% from 1%), where nearly half of Bulgaria’s export goes to. The lowering of oil costs turned out to be considerably higher that forecast in UniCredit’s latest January figures and is likely to lead to more notable support of household purchasing power in 2015, the report says. This will compensate for the relatively lower growth of crediting forecast in 2015. The largest bank in Bulgaria forecast that pressure upon private banks with local owners to lower their indebtedness will be „stronger than expected three months ago”. The negative impact that political insecurity, the frozen EU funds, and the bank crisis from June had upon the economic recovery was compensated by the long-term recovery of the number of persons employed in export-oriented economic sectors as well as the transition to a fiscal policy providing stronger support, UniCredit’s economists believe.
Source: Capital (20.04.2015)

Asset management companies Pioneer Investments and Santander Asset Management merge Italian banking group UniCredit achieved an agreement for the merger of its investment subsidiary Pioneer Investments with Spanish Santander Asset Management (SAM). The name of the merged company remains Pioneer Investments. Following the merger the new Pioneer Investments, which attracts investments from Bulgaria as well, will manage total assets of EUR 400 billion. The company is now among the 35 largest asset management companies on a global scale and occupies a position in the top 10 ranking of companies in Europe in terms of assets, UniCredit Bulbank announced. Yavor Achev, Manager of Pioneer Investments for Bulgaria, explained that cooperation between Pioneer Investments and UniCredit remained unchanged with its current parameters, fees, commissions, and other conditions offered to clients in Bulgaria.
Source: Capital (28.04.2015)

Nilana’s factory in Poduqne remains without buyer Attempt for sale of the ex-bread factory of Nilana failed again. In Friday auction for Hlebni izdeliq-Poduqne with initial price of BGN 13.1 million had to take pace. No candidate appeared, though. After judicial authorization the factory will be offered at a tender again, this time at a price equal to 80% of the present one. Production buildings, warehouses, administrative part, auxiliary facilities with located in their equipment for production of bread as well as office furniture is announced for sale. All this is located in Sofia’s neighborhood of Hadji Dimitar. The other factory that produces bakeries under the brand of Nilana was in Sofia’s neighborhood of Knqjevo. That factory though is not announced in bankruptcy. That is way its assets might be sold by private enforcement officer. The request is made by creditor Unicredit Bulbank. Hlebni izdeliq-Poduqne is officially declared bankrupt in October last year, then began sale of the property. The starting date of insolvency is set at 31st December 2008.
Source: Capital (22.06.2015)

Unicredit Bulbank raises Bulgaria's 2015 GDP growth fcast to 2.1% Bulgarian lender Unicredit Bulbank said it has raised its outlook for the country's economic growth in 2015 to 2.1% from 1.9% on the back of stronger exports, lower energy prices and weaker euro. Unicredit Bulbank has also revised Bulgaria's 2016 economic outlook to 2.4% from 2.3%, the bank said in a press release. Against the backdrop of shrunken capital flows and limited space for further relaxation of the fiscal policy, the main engines of growth in 2015 and 2016 will be stronger exports, the gradual growth in employment and better absorption of EU funds, Unicredit Bulbank also said. The Bulgarian government has finally undertaken part of the painful measures needed for the stabilisation of the country energy sector and there is a significant chance that Bulgaria will curb its dependence on Russia as its sole source of natural gas to manageable levels by the end of the current decade, it noted. Another good news is that Bulgaria's revenue agencies have managed to limit contraband which has made it possible for the country to post a significant current account surplus. Bulgaria's current account showed a surplus of 163.8 million euro in January-April compared to a deficit of 436 million euro a year earlier. Exports increased by 15% on the year to 7.2 billion euro in the first four months of the year.
Source: Standart (23.06.2015)

Milk-processing factory Codap is being sold at an auction by Unicredit Bulbank due to unpaid debts. The company is more popular by its brand MyDay. The bank announced for sale the commercial enterprise without its industrial assets. The minimum price for Codap is EUR 5.1 million, against which the candidate buyer may get the rights, obligations and actual relations. The price is not bound with VAT. Offers for purchase will be accepted till 12 o’clock on the 17th of July, solely in a written form. Codap is enshrined in UniCredit Bulbank and, according to the notice for sale production assets are provided as collateral to still another lender. That is the reason why only the company is put for sale without its manufacturing capacity. The very company commented that its production facility in Sofia is to continue to produce. There are two pledges established on the company’s business, both of them in favor of Unicredit Bulbank. The first is from January 2013 and is for a debt of BGN 11.023 mln. The other contract is from February of last year and is for a debt of EUR 639 thousand.
Source: Capital (14.07.2015)

FSC licensed new investment company with Spanish shareholders A new investment intermediary will work on the Bulgarian capital market, becomes clear from a decision made by Financial Supervision commission. The authority issued license for activity of Matador Prime, an investment intermediary, owned by several Spanish natural and legal entities. The company will be able to start operation, after it proves before Financial Supervision commission that it has the capital that is required and after it makes initial deposit at the Fund for compensation of investors in securities. Matador prime has a capital of BGN 250 thousand. It is the average in size capital, allowed for operation of an investment intermediary. The very company was founded last year. The CEO Voiko Odlazek took part in the board of directors of SEE securities and had a 33.4% stake in its capital. The ex-investment intermediary terminated its activity back in 2010, after the Supervision commission took back its license at its own request.
Source: Capital (13.08.2015)

Malls no longer built, only seven reported a profit for 2014 Construction of malls in Bulgaria halted. For 2014, our country shows poor results as compared to Europe’s average with just over 26,000 square meters. At present there is just one bigger project-Plaza west, located in Sofia’s neighborhood of Lulin, which is froze. Last year revenues of the larger shopping center age going down, prices of rents also decrease, moreover huge percentage of malls reported losses. Just seven of the operative malls registered profit. In 2014 Sofia-based The Mall registered the largest total revenues-assessed at nearly BGN 32 million. Average price of a rent per square meter in the mall is nearly BGN 36 monthly. The end financial result is a loss of over BGN 4.4 million. The second place is taken by mall Paradise with revenues to the amount of BGN 31,873. The mall registered a loss assessed at almost BGN 1.4 million. Average rent per square meter is BGN 32. The first three positions are supplemented by Serdika mall, which reported revenues from rents of commercial areas assessed at BGN 23.27 million. Serdika reported a profit to the amount of slightly over BGN 3 million for 2014. Revenues of the rest Sofia-based shopping centers are significantly smaller than the first three best presenting trade centers. Rents per square meters in Mall of Sofia are about BGN 55. Sofia ring mall repots total revenues of BGN 2.36 million and a loss of more than BGN 6.1 million. Sky city has impressing revenues, assessed at more than BGN 94.5 million. Yet the sum includes revenues from other activities of the owner Europa-VN, which hold retailer Fantastico. Outside the capital city Varna-based Grand mall reports the highest revenues. For 2014 they are calculated at BGN 23.176 million, while its profit is BGN 2.16 million. Burgas-based Galeria also boasts with a profit to the amount of more than BGN 2.8 million in terms of revenues assessed to BGN 14.6 million. Mall Plovdiv is also one of the few malls that have a profit for last year-BGN 1.8 million, in addition to revenues of more than BGN 12 million. Park mall Stara Zagora also reports high revenues at more than BGN 27 million, though they come from sale of assets. In May this year the mall filed application for insolvency due to unattended loan from Unicredit Bulbank to the amount of EUR 24.4 million. The greatest loss is recorded by Mall Varna- over BGN 44 million. The results of malls in the country suggest that the market in Bulgaria is already saturated and there is no room for new shopping centers.
Source: 24 chasa (25.09.2015)

Blizoo turned out to be the biggest deal in the telecommunications sector in Bulgaria for the year (in case BTC is not sold in the remaining months). Its value continues to be kept secret after the Commission for Protection of Competition (CPC) gave its approval for it. According to sources, Mtel will pay just under EUR 120 mln for 100% of the company. Blizoo was established more than five years ago through the merger of Eurocom Cable and Cabletel and the purchase of the two by the Sweden-based fund EQT V for EUR 120 mln. In fact, the deal was financed with a syndicated loan from Unicredit Bulbank, and as a result the Bulgarian company was pledged to the bank. According to the Commercial Register, Blizoo has a credit of EUR 185 million. According to Harald Roche, CEO of the company, the real obligation is already below half that amount, and according to sources it is about EUR 83 mln.
Source: Capital (28.09.2015)

Unicredit Bulbank raises Bulgaria's 2015 GDP growth fcast to 2.3% Bulgarian lender Unicredit Bulbank said on Monday it raised its outlook for the country's economic growth in 2015 to 2.3% from 2.1% on the back of the significant progress made in the absorption of EU funds, low petrol prices and the continuing recovery of the labour market. For 2016, the outlook for Bulgaria's economic growth has been revised to 2.6% from 2.4%, the bank said in a press release. The bank also said it expects annual deflation in the country to slow down to 0.2% in 2015 from 1.4% a year earlier. According to Unicredit Bulbank, in 2016 Bulgaria will post annual inflation of 0.4% as economic growth accelerates.
Source: money.bg (29.09.2015)

Bulgarian Constitutional Court rejects application against contracts with banks on foreign debt issue Bulgaria’s Constitutional Court has rejected an application by a group of members of Parliament for the annulment of the contracts with four intermediary banks on an eight billion euro foreign debt issue. The contracts, regarding the issue of the eight billion euro foreign debt over a period of three years from 2015 to 2017, were challenged by MPs for the opposition Bulgarian Socialist Party and socialist breakaway party ABC on the grounds, the MPs claimed, that the provision of the constitution that Parliament should give prior consent to agreement on contracts for government loans, had been violated. The MPs also argued that the vote on the foreign debt had been unlawful because it had been approved after two readings, while they said that the constitution required three. The Constitutional Court said that it had agreed unanimously that these arguments were unpersuasive and there had been no violation of the constitution in the adoption of the vote on the foreign debt issue. The court is to provide a detail explanation of it reasoning at a later stage. Parliament endorsed in February the Cabinet’s plan to borrow eight billion euro on foreign markets between 2015 and 2017, but only after heated debates that saw the socialists claim the government was pushing Bulgaria into a “Greek scenario”. The Finance Ministry argued that the money was needed to refinance old debt and to cover planned Budget deficits over the three-year period, with the government having assisted the Deposit Insurance Fund to pay out guaranteed deposits in relation to failed Corporate Commercial Bank. The opposition had claimed that the debt would “bury the state”.
Source: Sega (30.09.2015)

Bulgaria's Lukoil Neftochim Remains Third Biggest Company in Southeast Europe Lukoil Neftochim Burgas, the largest crude oil refinery in Southeastern Europe and the largest industrial enterprise in Bulgaria, retained its third position in the latest annual ranking of SeeNews released on Tuesday. The company which specialises in the production of fuel, petrochemicals and polymers retained its ranking from 2013. Its total revenue for 2014 exceeded EUR 3.3 B, the company registering a net loss of more than EUR 272 M. The Top 100 list ranks the 100 biggest companies registered in Albania, Bosnia-Herzegovina, Bulgaria, Macedonia, Moldova, Romania, Slovenia, Serbia, Croatia and Montenegro. Two Romanian companies – Automobile Dacia SA and OMV Petrom SA occupy the first two positions with the car manufacturer having ousted the oil and gas producer from the first place in 2014. The other Bulgarian companies on the list are: Aurubis Bulgaria AD (8), Lukoil Bulgaria EOOD (13), the National Electricity Company (15), Bulgargaz EAD (41), CEZ Elektro Bulgaria AD (47), OMV Bulgaria OOD (49), Kaufland Bulgaria EOOD & Co KD (61), Saksa OOD (82), AETs Kozloduy EAD (92) and the Bulgarian Telecommunications Company AD (95).
Source: Standart (07.10.2015)

Bulgarian software companies Magic solutions and Merar are to merge Bulgarian software companies Magic solutions and Merar investment network will merge. A new associate enters the future joint venture-lawyer Richard Cleg. New investment will be used for expansion of activity and development of new products. The Joint venture will combine Magic solutions’ experience in development of software products for financial companies with network of investors and companies from growing markets of Merar investment network, which uses the former services. The united group will strive for expansion on the markets in the UK, Ireland and the US. Magic Solutions is a developer of software applications for the financial and investment sector, mobile applications and complete solutions for corporate banking and international institutions. Its customers are companies such as Bulgartabac, Unicredit Bulbank, Sirma Group Central Cooperative Bank and others. Merar Investment Network is also a client of Magic Solutions, but it started as an online investment network for emerging markets, before introducing the software platform for the exchange of documents and information in a secure environment for business. Its customers are mainly investors and companies from the region of Asia and the Middle East.
Source: Capital (12.10.2015)

KCM invests BGN 2 million in a facility for a new product Plovdiv metallurgical factory KCM prepares construction of a small facility for production of clear silver nitrate for crystals. That will be a new product of the company, which is to better its economic efficiency in processing of silver and will extend furtherly its production range. The planned investment is for about BGN 2 million, as construction work will take up two months. The facility will be part of production of precious metals and will be located in a separate building to the workshop for the processing of silver-gold alloy called "Dore". At present the smelter produces silver nitrate as well, but in a liquid form. In the same time after processing and purification the compound may have commercial application, too. It is used mainly in glass industry in production of some types of glass and mirrors, as well as in production of sun batteries. The installation will have a maximum capacity for production of 50 kg of salt per day, and its load will depend on demand. The project will be the first such plant in the country. Currently in Bulgaria there are no small and medium-sized enterprises for the production of silver salts. The product of the new installation will be silver nitrate with a purity exceeding 99.8. The equipment will be supplied by an Italian company.
Source: Capital (21.10.2015)

Sofia’s new skyscrapers Four giant towers with more than 50 floors with a lagoon in the middle. Investment assessed to EUR 1 billion. Investor-Turkish company Garanti Koza. Past-factory for motor cars. Present owner of the land-Kiril Domuschiev. Location- close to Sofia’s central part. It’s presentation of the largest project in the sector of real estate not only in Sofia but in Bulgaria as a whole. From the second part of October land envisaged for construction of the project is ownership of the Turkish company for EUR 39 million. Before the crisis Spanish company Riofisa wanted to build 110 meter tower on the plot of the ex-railway factory. Lithuanian company VP Group wanted to invest in urban construction project in the place of Balkancar 6th September factory. Both projects failed though. Domuschievi brothers have high aspirations, too. They were ready to build major construction which is 180 meters high, which was not even, initiated. Now Garanti Koza has a different plan-lower, with more buildings and built-up area. For sure Garanti Koza transcends itself with a second project assessed at EUR 1 bn. The company acquired almost unique in terms of area free plot in the wide center of the capital- located at the corner of Academic Ivan Evstatiev Geshov Boulevard and general Totleben Boulevard. The deal has been prepared since August. Back then Europe Park center and Este properties, part of Advance properties, owned by Domuschievi Bros transferred via apportation two sites of Balkancar to a specially founded company under the name of GK. In Balkancar Sredets’ privatisation in 2006 Kiril Domuschiev bought the site with area of 122 acres for BGN 91.1 million. Now he is selling a plot of 99 acres for BGN 76 million. It’s one of the three projects developed jointly by Benoy and Garanti Koza. The other two are Koza Plaza Istanbul and Paradise Residence Sofia, which is entirely residential. Benoy has 11 offices and manages projects in more than 60 countries. The company designed the world famous mixed-use complex as Plaza Singapura in Singapore, The Beach in Dubai and others.
Source: Capital (30.10.2015)

Bulgarian Banks Jan-Sept Profit Up 32% Y/Y Commercial banks in Bulgaria posted BGN 795 M net profit for the first nine months of 2015, an increase of 32% year-on-year and 7% above the figure for the whole of 2014, the central bank has said. The nine-month profit of the 28 commercial banks doing business in Bulgaria was also higher than the earnings of BGN 780 M posted for the post-crisis year 2009, investor.bg noted in its coverage of the news. The Bulgarian banks’ profit had been falling for five years in a row starting in 2008. The first increase was registered in 2013. The banks’ profit rose last year as well. The Bulgarian National Bank (BNB) attributed the improved profitability of the banking sector on an annual basis in January-September mainly to lower interest expenses as well as higher income from commission and fees and decreased impairment costs. The assets of the banking system increased in the third quarter with the balance sheet total of the sector increasing by BGN 1.6 B, or 1.9%, to BGN 85.5 B. The liquid assets of the banking sector increased by BGN 1.4 B between end-June and end-September, reaching BGN 25.1 B.
Source: Capital (02.11.2015)

Five banks attract 77% from deposits in last 12 months Five of the banks operating in the country have attracted 77% of household deposits in the last 12 months. Leaders in this regard are UniCredit Bulbank and First Investment Bank, whose deposits recorded a growth of over BGN 1 billion- BGN 1.522 billion and BGN 1.119 billion respectively. Savings of Central Cooperative Bank and SG Expressbank have grown by more than BGN 800 million. Top five of the ranking is completed by DSK Bank, followed by Raiffeisenbank, Invest Bank, International Asset Bank, CIBANK and Allianz Bulgaria, which together with Bulgarian-American Credit Bank and Piraeus Bank added BGN 100 million new deposits. Reflux of new funds in the period is reported at Alfa Bank (BGN 257 million less), Postbank (BGN 181 million less), ProCredit Bank (BGN 171 less) etc. At the end of the third quarter of 2015 household deposits in the country were BGN 42.984 billion as compared to BGN 42.48 billion about three months ago and BGN 36.79 billion a year ago.
Source: profit.bg (05.11.2015)

The best residential project on the market in Sofia this year A new closed apartment complex will be built in Sofia. Vitosha View will be located at the foot of Vitosha, between the mountain and the central parts of the capital city. At the first stage of the construction erection of two buildings with a joint yard and underground parking is envisaged. In possible density of 60% built-up area of premises will be slightly less than 50%. The aim is maximum space for landscaping, including a children's playground area with benches and a barbecue area to remain. Apartments are hardly 28, as there are basements, underground and ground parking lots. Prices start from EUR 48,750. The complex is located on a quiet street, crossing of Cherni Vrah Boulevard. The project is the worked up by Genig. It will be financed entirely by UniCredit Bulbank.
Source: profit.bg (11.11.2015)

According to the central bank's data about the condition of the banking system in Bulgaria, banks have registered profits exceeding BGN 900 million in the first ten months of 2015. They have made BGN 111 million in profits this October alone, compared to just BGN 60 million in October of last year. 2015 turned out to be one of the most profitable years for Bulgarian banks. Profits in the banking system have risen by 35 per cent on an annual basis. The topic is covered by most newspapers.
Source: 24 chasa (02.12.2015)

Private enforcement officer sells properties of Intercapital property development and Enemona’s headquarter Private enforcement officer announced for sale properties of Intercapital Property Development REIT and Enemona’s headquarter in Sofia. Five apartments of Intercapital Property Development REIT are put for sale, as the term for application is 10th of January 2016. All apartments are two-roomed and are located in Marina Cape complex in the town of Aheloy. Initial prices are respectively BGN 68 650,45, BGN 127 569,53, BGN126 507,92, BGN 133 939,16 and BGN 124 561,64 or a total of BGN 581 228,7. The building where these apartments are located is put into exploitation. Public sale is organized at the request of Telelink EAD.
Source: investor.bg (08.12.2015)

Milk factory for serial entrepreneurs Against EUR 6 million insured by the fund Empower Capital and Georgi Stoimenov, My Day’s factory will have a new future. Due to the bankruptcy of the Italian group Co.Da.P owner of the Bulgarian milk-processing company Codap and its obligations to local banks, assessed to EUR 50.1 million in the summer of 2015 the company was announced for sale by Unicredit Bank. Equity fund Empower Capital, which manages funds under the JEREMIE program, and Bulgarian investment company Uneeda Industries see the potential to refinance its obligations as against it they have an option to acquire nearly 50% stake in the newly formed company, named Kremio. The latter has already acquired commercial enterprise Codap. Empower Capital and Uneeda Industries grant mezzanine financing of EUR 6 million to Kremio so that the company acquires commercial enterprise from creditor banks (UniCredit Bulbank and UBB). Furthermore it repaid liabilities amounting to EUR 5.1 mln. The amount is shared equally between the two financial partners. Empower Fund manages EUR 15 million under the JEREMIE initiative of the European Investment Fund (EIF), investing in shares in small and medium-sized growing companies. Uneeda Industries invests in various companies. The plan now includes doubling turnover in the next 3-4 years from the current BGN 35 million and increase in profit before tax, amortization, interest and depreciation (EBITDA) to 18-20%. In the last year the index is about 14%. One of the particulars of the new targets for the dairy company is to more aggressively increase its sales (by about 10% per year) both on the domestic and foreign markets.
Source: Capital (12.12.2015)