Deals with shares of Sheraton Balkan Sofia JSC at a value of BGN 4 million represented almost the total turnover of the first issue of Bulgarian Stock exchange in the first day of the new year. About 11 per cent of the capital of the Sofia-based hotel were sold by Albena invest holding to the majority Greek owners at the extraordinary high single price of BGN 72. With emotions started the privatisation of Bulgarska roza pull at the Stock Exchange. In the first day were purchased about two thirds of the state shares in the capital of Karlovo-based rose oil factory.
Source: Pari (03.01.2003)

The subscription term for initial offering of Overgas's bonds was extended by two months, until February 25, since foreign investors who showed interest in the issue could not take decision by the December 27 deadline, the Bulgarian company said. The maximum amount of Overgas's debt securities is set at BGN 20 million: the biggest ever corporate bond issue floated in Bulgaria. We extended the subscription by the maximum period permitted by the law but we expect offering to finish successfully before the new deadline, Overgas financial director Borislav Stoyanov told the PARI daily. We informed the Bulgarian investors who had already subscribed bonds not to hurry with the payment so that they do not block their funds, he added. According to unofficial information, two foreign investors which are not Russian and not connected with Gazprom are willing to buy between BGN 12 and 14 million of the issue. Their decisions are expected this month. The five investment intermediaries that sell the bonds have collected subscriptions for about half the whole amount of the issue from local institutional investors.
Source: Pari (03.01.2003)

A consortium between First Financial Brokerage House JSC and Fina - S JSC won the competition for an investment intermediary for the Energetics pull, was reported from PA. The contract will be adopted by the Supervisory Board of the Agency and will be efficient for six months. The consortium will sell on the Stock Exchange for Compesatory Vouchers shares of the Energoremont holding SPJSC, Sofia, Energoremont - Rousse JSC, Rousse, Energoremont - Bobovdol JSC, Bobovdol, Energoremont - Varna JSC, Varna, TPS Marista 3 SPJSC, Dimitrovgrad, Sofia Film JSC, Sofia and Bulgarian River Navigation SPJSC, Rousse.
Source: Dnevnik (06.01.2003)

The securities giving right to subscribe shares with a par value of BGN 1 from the new issues of two Kardzhali-based companies Bentonit JSC and OTsK JSC sold like hot cakes on Bulgarian Stock Exchange /BSE/ yesterday. A special auction was organised for the sale of the unsubscribed rights, where the price rose from BGN 0.05 to BGN 2.50 for Bentonit JSC and from BGN 0.05 to BGN 0.71 for OTsK JSC. All the 5,934 units of Bentonit JSC and 54,651 of OTsK JSC were sold. The reason for the active bidding is that sooner or later the subscribed shares from the capital increase of the two companies, which were bought at a par value, will be able to be sold at a much higher price, brokers commented.
Source: Pari (07.01.2003)

One of the smallest rest stake of shares that are offered for sale against Compesatory Vouchers on Bulgarian Stock Exchange - Sofia, is the shoe company Vega-Pleven. The stake includes 247 shares that are only 2.01 per cent from the capital of the company. This per centage is calculated at a capital of BGN 12 298. The minimum selling price of the shares is BGN 30 in Compesatory Vouchers. This stake is included in the first privatisation pool with leading company Zlatni piasatzi with investment broker Aval in.
Source: Dnevnik (09.01.2003)

BSE - Sofia is convening Extraordinary General Meeting of the shareholders on March 5 2003 for a change in the membership of the Board of Directors. The reason is that the former member of BSE's board Ms. Bistra Ilkova was elected as Chairperson of the State Securities Commission a month ago. Ms. Ilkova herself asked to be dismissed from this position in order to avoid interest conflict. On March 5, after Ms. Bistra Milkova is dismissed, the Board of Directors will most probably remain with 5 members. At the last General Meeting of BSE, Mr. Vladimir Karolev, who filed his resignation, was also dismissed.
Source: Pari (21.01.2003)

A special segment of Solon Stock Exchange will be created for companies from the Balkan region. Bulgarian companies with Greek capital participation will be listed on it. This became clear after the visit of the Director of this exchange Mr. Vasilius Margaris in BSE - Sofia this week.
Source: Pari (24.01.2003)

PA opened a procedure for the election of an investment intermediary for the sale at an auction with open bid tenders of the shares from Chimco pull. The pull includes 96 021 shares, representing 1.438 per cent of the capital of Chimco JSC, Vratza, 36 673 shares, representing 18.077 per cent of he capital of Latex group JSC, Sofia, 24 654 shares, representing 0.762 per cent of the capital of Trakia Papir JSC, Pazardjik, 14 159 - 5 per cent of the capital of Eztur JSC, Pravetz, 8 059 shares - 14 per cent of the capital of Mebelsystem JSC, Pazardjik, 3 375 shares, representing 4.873 per cent of the capital of Stomaneni profili JSC, Popovo, 2 111 shares, representing 0.639 per cent of the capital of Electronica JSC, Sofia, 229 shares - 0.105 per cent of the capital of Elpo JSC, Nikolaevo. The shares will be traded at the privatisation segment for payment with Compesatory Vouchers of the Bulgaria Stock Exchange
Source: Privatisation agency (29.01.2003)

Pazarjik-based company Elektrometal realised a profit for 2002 when for the first six months reported a loss, according to preliminary data. A main part of the production is sold in Bulgaria but there is also a low export to Russia. One of the company's aims for this year is to begin the manufacture of new products and to sell them at new markets. The activity of the company includes design and production of metal constructions, modul trade objects, elements and extraordinary equipment. For the whole 2001 the result from the activity was a profit of BGN 12 000.
Source: Dnevnik (31.01.2003)

Economic and Investment Bank acquired 6.7 per cent from the capital of Pamporovo resort and in this way the share of the bank and the close to it Swiss company Tourist invest reached 66.7 per cent. This stake of shares is enough for many important decisions for the resort at its general meeting on February 11 will take the General Meeting of the company and will be offered the capital of Pamporovo to reach BGN 1 076 100. However EIBank and the other investors won’t have the right to vote at the meeting because according to the Public offering of shares act such a right may have only those shareholders that possess shares from the company 14 days before the date of the meeting.
Source: Dnevnik (03.02.2003)

The profit of Albena JSC increased with 14.3 per cent up to BGN 15 million in 2002, according to the not final report. For 2001 the resort reported a positive result of BGN 13.161 million. The net sales increased with 4.7 per cent and reached BGN 73.769. The fixed assets of Albena JSC raised with BGN 11 million over the last year that is due mainly to the purchase of MMZ Primorsko for BGN 9.42 million. The debts on bank loans also increase with BGN 10.4 million up to BGN 29.6 million.
Source: Pari (05.02.2003)

As of today the bonds of Autobohemia JSC will be traded secondary on the Bulgarian Stock Exchange - Sofia. This is the first issue of the company. The amount of issue is BGN 1 million, distributed in bonds with face value of BGN 100. The income per share is in amount of 10 per cent annually. The issue is with a term of two years and maturity on October 7, 2004. Autobohemia JSC is specialized in sale of the cars of Skoda by financial leasing
Source: Pari (12.02.2003)

The Internet system COBOS (Client order book online system) was tested on Bulgarian Stock Exchange - Sofia. Five investment intermediaries will test it for a 10 days. The general project will start in two weeks , when all intermediaries will join COBOS by their Internet sites.
Source: Banker (17.02.2003)

The Sofia-based company Vipeg JSC purchased 22 066 shares from the capital of Slanchev Bryag holding. The stake is in amount of 5.73 per cent of the former privatization fund. The deal for the purchase was concluded on February 3, was reported from the Bulgarian Stock Exchange – Sofia. On the same date on the stock exchange were registered two deals with large stakes from the capital of the fund. On the block segment of SSE were sold 18 713 at a price of BGN 5.11. At the same price were purchased another 19 138 shares on the ordinary trade segment. Slanchev Bryag is one of the small former privatization funds, but its shares has high liquidity on the stock exchange.
Source: Pari (17.02.2003)

International fair - Plovdiv SP JSC and Minproject - Sofia are extracted from the list of the companies that can be traded on the stock exchange against non-monetary payment funds, was reported from the Ministry of Economy.
Source: Duma (19.02.2003)

The issue of the bonds of Overgas will be registered on the Stock Exchange for their secondary trade, was reported from the company. The registration means that the bonds may be purchased by all who want, not only by institution investors. The value of the issue of corporate bonds is BGN 20 million. The annual interest rate is 10 per cent. The loan will be paid in term of 5 years.
Source: Sega (26.02.2003)

The member of the Board of Directors of the Central Depository has adopted the amount of the fees, which will be paid for concluding deals with Compesatory Vouchers out of the Stock Exchange. The lowest sum is BGN 20. It will be paid for deals with face value of the instruments up to BGN 1000. The amount of the fees will raise gradually, as the maximum amount of the fees will be BGN 1000 for deals with face value of the instruments in amount of over BGN 100 000.
Source: Dnevnik (26.02.2003)

During the last day of its existence the State Securities Commission conducted an Extraordinary meeting at which was registered the issue of bond of Overgas Inc.The value of the issue is BGN 20 million. The subscription of the biggest corporate issue of bonds was successfully finalized on February 24.
Source: Pari (04.03.2003)

Half of the memebers of the Board of Directors of Bulgarian Stock Exchange were exchanged at the General Meeting of the institution, which was conducted on Wednesday. Only about 50 per cent of the capital were represented at the General Meeting. Over 43 per cent of the capital are property of the Ministry of Finances.The new members of the BSE-Sofia Board of Directors includes the Executive Director of UG Market JSC – Plovdiv Mr. Plamen Georgiev, the Manager of FFBH Ltd. – Sofia Mr. Todor Breshkov and the Director of Tax Policy Department of the Ministry of Finance Mrs. Ludmila Elkova.
Source: Dnevnik (06.03.2003)

The smallest rest stake, which is sold for restituition instruments consists of thrtee shares, representing 0.01 per cent of the capital of the wood-processing factory Venetz - Oreshetz. These three shares were included in the pull with leading company Riviera. The also includes rest stakes of the capital of Yambolen - Yambol, Komex - Kaspichan, Bioeco - Varna, Transstroy - Bourgas, Miziya 96 - Pleven and Vaptzarov - Pleven. There were no applicants for investment intermediaries for this pull. Venetz - Oreshetz reported a loss in amount of BGN 30 000 as of 2002.
Source: Dnevnik (06.03.2003)

The Board of Directors of Bulgarian Stock Exchange-Sofia has decided to remove the issue of shares of the chemical fertilizers manufacturer Chimco JSC - Vratza from the formula for calculating the SOFIX stock exchange index. The changes will become effective with today's end-of-session quote. At the same time, two new companies will be added - Biovet JSC – Peshtera and Neochim JSC - Dimitrovgrad, whose stock has been very actively traded for several months. Thus the total number of the companies used to calculate SOFIX was increased from nine to ten. The results of today's stock exchange session will be used to calculate the capitalization of Chimco JSC, Neochim JSC and Biovet JSC. Respectively, the capitalization of Chimco JSC will be deducted, and the capitalization values for the two new companies will be added to the total sum for the stocks used for SOFIX. The operation will not affect the representative character of SOFIX as its value is set by dividing the total capitalization of the companies for two successive days.
Source: Pari (19.03.2003)

The stake of 12.838 shares of the capital of Bulgartabak holding, which is included in the pull of the most attractive companies, will be soon launched for sale for Compesatory Vouchers on the Stock Exchange, announced the Executive Director of PA Mr. Iliya Vasilev at a meeting with investors yesterday. The shares of Bulgartabak will be the first securities which will be launched for trade on the Stock Exchange. After that will be traded the shares of State Insurance Institute DZI. The shares of Oil and Gas Exploration and Production SPJSC will be launched for trade when the problem with company’s concessions is solved.
Source: Dnevnik (04.04.2003)

Deals with Compesatory Vouchers at a value of over BGN 100 000 can be concluded at the Stock Exchange only with the personal signature of the owner of the securities,. The payment with Compesatory Vouchers and notes in operations at a value of over BGN 1000 will be executed by bank transfer, announced the Chairman of the Owners of Compesatory Vouchers Mr. Valentin Hristov
Source: Standart (07.04.2003)

At the General Meeting of the shareholders of SFB - Capital market JSC was decided that the profit of the company in amount of BGN 15 718 will be used for covering the losses of the company as of the previous years. As members of the Board of Directors were re-elected Mr. Krasimir Stoyanov - Chairman, Mt. Manio Moravenov - Deputy Chairman and Mr. Zhechko Dimitrov - Executive Director.
Source: Capital market (09.04.2003)

In the beginning of next week will start the offering of the first stakes of shares from Energetics pool. The Board of Directors of BSE-Sofia registered for trade at the non-official market the issues of four from the seven companies in the pool – TPS Maritza 3 – Dimitrovgrad, Energoremont holding and the subsidiary energetic-repair companies in Russe and Bobov dol. Meanwhile BSE admitted to the privatization exchange market only TPS Maritza 3 and defined April 21 for a date of the first auction. The initial price is fixed at BGN 1080 face value of the Compesatory Vouchers.
Source: Pari (17.04.2003)

Sofia International Securities concluded yesterday 2 clients’ deals with Compesatory Vouchers with face value of BGN 2 million. The securities were registered to the name of the owner from Montana Mrs. Juliana Tzekalova. The securities were sold with a power of attorney, which Mrs. Tzekalova claimed was false. Thus the intermediary satisfied the requirements of the Central Depository to restore the Compesatory Vouchers to their initial owner.
Source: Pari (17.04.2003)

The third issue if mortgage bonds of Bulgarian-American Credit Bank was registered for trade on the secondary market of Bulgarian Stock Exchange. This is the third bond issue of the bank. The total value of the issue is with face value of EUR 10 million and face value of EUR 1000 per bond. The interest rate is 7 per cent at annual base. The issue is with five-year maturity on January 31, 2008.
Source: Pari (18.04.2003)

Doverie united holding registered a profit of BGN 718 000 for the first quarter of 2003. It is a result of BGN 1.032 million positive differences from operations with financial assets and instruments. Just for comparison, the holding reported a loss of BGN 87 000 for the same period of the last year.
Source: Dnevnik (21.04.2003)

Gabrovo-based company Mehatronika works preliminary for export as during the last year about 95 per cent of the production of the company was sold on the foreign markets. The economic situation in Bulgaria does not allow our production to be sold on the domestic market, explained the Investors Relations Director of the company Mrs. Maya Ivanova. The main markets of the company were in Europe and Asia.
Source: Dnevnik (22.04.2003)

It is expected that the trade with the shares of Energoremont-Rousse will be initiated by the end of this or in the beginning of the next week. This is the smallest company in the systems, of the companies, which will be sold for Compesatory Vouchers. The State offers for sale 24 500 securities of the company. The face value of the shares is BGN 20. These shares represent 49 per cent of the capital of the capital of Energoremont holding.
Source: Dnevnik (23.04.2003)

As the bigger stakes, which the State owned in the capital of over 700 companies were sold on the Stock Exchange for Compesatory Vouchers, the smaller stakes will be sold at centralized public auctions. One of these stakes consists of shares from the capital of Autobohemia – the former Mineralsuvenir-98 Sofia. The company is specialized in the sales of Skoda on leasing. The profit of Autobohemia as of 2002 was BGN 373 000 and for 2001 – BGN 442 000. According to the Investors Relations Director of the company – Mrs. Natalia Zaneva the financial leasing is becoming a leading services on the car market, therefore it is expected that the sales and the incomes of Autobohemia will grow with about 180.8 per cent.
Source: Dnevnik (24.04.2003)

The Privatization Agency made the following decisions: The privatization of 717 companies among which are the Bourgas based: PS Group, Autotraffic – Bourgas, Aptechno Bourgas JSC, Bulgarian Sugar Factories JSC, Bourgas Shipbiulding JSC, Ecofilter JSC, Ecoclima JSC, Elpribor JSC, Keramika Bourgas JSC, Leseksport JSC, Metal panels and constructions JSC, Minstroy, Pirgosplod JSC, Productional-technical base JSC, Ropotamo JSC, Freshwater Fishery JSC, Black Sea Salt Mines JSC to be performed on a public auction procedure.
Source: State Gazette (29.04.2003)

The pharmaceutical companies Biovet and Sopharma are the sole in SOFIX with increased net sales over the first quarter of 2003. The sales of Biovet reached BGN 19.2 million, with 55 per cent more than the first quarter of 2002. The net profit of Peshtera-based company rises from BGN 1.1 million to BGN 2.5 million. For Sopharma the growth of the sales is 5.4 per cent up to BGN 26.8 million.
Source: Pari (14.05.2003)

Zagora Holding filed a new tender offer for purchase of the shares of Hraninvest-HMK of Stara Zagora for the purpose of delisting the company from the register of securities issuers, the Bulgarian Stock Exchange said. The offer has to be approved by the Financial Supervision Commission (FSC). Last week the majority owner of Hraninvest-HMK succeeded to buy about 60% of the minority stakes in the Stara Zagora-based factory, thus acquiring control over more than 90% of its capital. Some of the bigger portfolio investors, including foreign funds, voiced disapproval of the BGN 1.04 price per share offered, but the offer was approved by the FSC. Now Zagora Holding initiates a new procedure for the purchase of the remaining 100,256 shares (9.89%) and offers BGN 1.10 per unit. If Zagora Holding succeeds to buy more than half of the remaining shares, it will be able to take a decision on delisting Hraninvest-HMK.
Source: Pari (27.05.2003)

Restitution instruments at a value of over BGN 1 billion will remain unused as nine months ago was initiated the pull-privatization on Bulgarian Stock exchange, announced the Chairman of the Restitution Instruments Holders’ Association Mr. Valentin Hristov. According to Mr. Hristov by this moment has been used about BGN 150 million instruments and bonds which is about 12 per cent of the total amount of the issued Compesatory Vouchers.
Source: Monitor (30.05.2003)

All 113 767 shares of Roca Bulgaria - Kaspichan were bought in the first day of their offering at BSE. The shares are approximately 16 per cent from the capital of the former company Faience JSC – Kaspichan. The shares were sold in 13 deals at BGN 6,65 per share. The major shareholder in the company is Ceramic Holding that holds 77 per cent from the capital of the company.
Source: Dnevnik (12.06.2003)

PA chose the winner in the competition for investment mediator in the sale of shares from pull Golden Sands among three candidates. This is Neftochim Invest Finance JSC. The investment mediation contract is due to be signed within a 7-day term and should be approved by PA’s Supervisory Board. The most attractive part of the pull are 729 926 shares or 11.24 per cent of Golden Sands JSC.
Source: Pari (01.07.2003)

The companies with Greek capital Promota Bulgaria SP JSC and Promota Aeropack SP JSC are the newest public companies in Bulgaria. The owner of the first company is Promota Helas – one of the leading Greek producers of promotional presents. Promota Aeropack is owned completely by the US-registered Promota International Inc. So far, the amount of investment made by the two companies in Bulgaria totals to EUR 3 million. Promota Bulgaria is planning to build a supermarket from the Bargain chain of stores (for sale of furniture and other household items). Promota bought 100 per cent from the capital of Bitex in the beginning of the year. Therefore, if the shares of the Internet provider are transferred to one of the two public companies, it will practically become the first IT company to be traded at the Bulgarian Stock Exchange – Sofia.
Source: Dnevnik (03.07.2003)

After Bulgartabac, for the time being only State Insurance Institute (DZI) from this attractive pool will be traded at the Bulgarian Stock Exchange – Sofia with Compesatory Vouchers. This was announced by the Director of Bulbrokers Mr. Ivan Nenkov. The documents of DZI will be ready by the end of July.
Source: Sega (08.07.2003)

The stake of around 640 000 shares of Chimco is still be traded at BSE – Sofia at different prices, according to Exchange statistics. This stake is as big as the port folio of the investment company Zlaten lev, but is not the same, commented brokers. Yesterday, within a number of deals, the stake (which grew by another 9 000 shares) reached an average price of BGN 0.19 per share. Two weeks ago, it was traded at a price of BGN 0.42 per share, and last week – BGN 0.13 per share.
Source: Pari (09.07.2003)

The Association of the Bulgarian trade banks requested to have its own representative ion the Board of Directors of Bulgarian Stock Exchange – Sofia JSC. The Executive Director Rosseximbank Mr. Vladimir will be offered for representative of the Association..
Source: Capital (14.07.2003)

We hope that the shares of Oil and Gas Exploration and Production SPJSC, Pleven and DZI JSC will be launched on the privatization segment of Bulgarian Stock Exchange in the beginning of August, stated representatives of the consortium, which will sell the state stakes from the capital of both companies - NBGI-UBB-Bulbrokers. The administrative obstacles for the sale were overcome as the Pleven-based company received nine concessions for extraction of fuel and the shares of DZI were registered at the Stock Exchange.
Source: Dnevnik (18.07.2003)

During yesterday’s session, 26.30 per cent (62 506 shares) of Kramex JSC – Sofia were sold. The price per share was BGN 0.85. Another serious stake of shares, that has a new owner, is Simat JSC – Gabrovo. 9.54 per cent of the company’s own capital (28 165 shares) were sold at a price of BGN 0.20 per share.
Source: Pari (22.07.2003)

20 per cent of the shares of BTC may be offered at the stock exchange right after the concluding of the deal for the privatization of the company. This will happen no later than three months after the signing of the contract with the buyer. Foreign investors have demonstrated interest in buying shares from the telecommunication company, but, according to them, currently there is not enough ready money on the Bulgarian market at the moment. The Turkish consortium Koc Holding-Turk Telekom, which signed a contract with PA for the sale of BTC, has established a new company, which shall manage BTC, announced PA’s Executive Director Mr. Iliya Vasilev.
Source: Pari (22.07.2003)

There is a change in the major shareholders of the investment company Nadejda JSC when were transferred 196 146 shares or 35.50 per cent from the capital of the company on BSE through the agency of First FBK. So far the investment fund has been managed by its founders – the Austrian consulting company EPIK. The shareholders’ equity of IC Nadejda is divided into 551 800 shares with face value BGN 3. The company registered a loss for 2002.
Source: Pari (29.07.2003)

The main interest rate for next month remains 2.52 per cent. This is the average annual profitability of three-month state securities, reached at today's auction. The Ministry of Finance offered for sale treasuries for BGN 12 000 000 face value. 17 primary dealers of state securities too participated in the auction.
Source: BTA (29.07.2003)

The bonds of Varna municipality will be listed on the Stock Exchange, announced the Director of Budget and Finances Department in Varna Municipality Mr. Dimo Stoev. Mr. Stoev explained that it is expected that debt securities of the municipality will be registered on the Stock Exchange in the middle of September.
Source: Dnevnik (06.08.2003)

Bulgarian Stock Exchange will launch for trade on the unofficial market segment the issues of Promota Bulgaria SPJSC and Promota Airpark SPJSC. Both companies, which are property of the Greek company Promota Helas JSC were listed in the register of the public companies in the beginning of July. Promota Helas JSC is the biggest Greek company in the sector of production of advertising materials.
Source: Pari (07.08.2003)

Buying shares at the stock exchange against Compesatory Vouchers turns out to be quite a good investment, said the chairman of the Association of the owners of Compesatory Vouchers Mr .Valentin Hristov at a press conference, organized in relation with the auctions for privatization of 20-per cent stake in the capital of State Insurance Institute (DZI) and 49 per cent from the capital of Pleven-based Oil and Gas Exploration and Production, starting Monday. The shares of Bulgartabac Holding were sold at the restitution segment at a price of BGN 80 apiece, while their current price is over BGN 27 in cash. This means a 35 per cent profitability. That is why, Mr. Hristov is optimistic about the forthcoming selling of the two companies from the dream pool. He hoped that by the end of the year, the tenders for the other two companies from the pool – BTC and Navigation Maritame Bulgare, would start.
Source: Dnevnik (08.08.2003)

On August 6 the Board of Directors of BSE suspended temporarily from stock exchange trade BNP Pariba Bulgaria. The reason is that at the moment the bank does not have a broker who has to represent it at the stock exchange sessions. The measure will be canceled when this problem is solved.
Source: Banker (11.08.2003)

The privatization of the minority stake from the capital of State Insurance Institute DZI is practically finalized as on Friday on the market interfered a client of the investment intermediary Eurofinance, who bough-out 4.77 per cent of the capital of the company at the price of BGN 55 per share. The financial house gained totally 5 per cent of the capital of the insurance company. Eurofinance raised the average price of the session to BGN 54.99 per share, which could be paid in Compesatory Vouchers.
Source: Dnevnik (18.08.2003)

Bulgargas will accumulate a part of the finances, the company need for the investment programme by a bond issue, announced the Deputy Minister of Energetics Mr. Ilko Kotzev. The details for the bond issue will be announced after the election of an agency, which shall estimate the credit rating of the Bulgarian gaz Monopoly.
Source: Sega (19.08.2003)

The shares of State Insurance Institute (DZI) were sold at prices between BGN 62.80 and BGN 80.64 per share at the non-privatization segment of BSE. For comparison, a week ago investors could buy the shares at a price of BGN 54. Currently the situation is more tranquil, after the demand at the normal market as well is firmly above BGN 13.
Source: Dnevnik (21.08.2003)

State Insurance Institute DZI is already 100 per cent private company as of yesterday. On the Stock Exchange were privatized the last 36 shares from the capital of the company. The investors paid BGN 65.2 in restitution instruments per share. Thus was sold the whole stake of 20 per cent of the capital of DZI, which was launched for sale last Monday. On the free market the price of the securities declined from with BGN 0.67 to the level of BGN 13.31 per share. DZI is the third company from the so-called “dream-pool”, whose shares are privatized on the Stock Exchange.
Source: Standart (22.08.2003)

Five applicants for investment intermediaries for the privatization of the stake of 51 per cent of the capital of the Pleven-based company Oil and Gas Exploration and Production SPJSC have purchased auction documentary, was reported from the Privatization Agency., The deadline for applying the offers is 4 o’clock on Monday. The deposit for participation is BGN 15 000. If there are share, which remain unsold and the investment intermediary does not purchase them, he will not receive his fee and the Privatization Agency will keep the deposit, he applied as a default.
Source: Dnevnik (01.09.2003)

Compensatory bonds and vouchers at a value of BGN 850 million remain unused on the Stock Exchange, announced the Chairman of the Association of the Owner of Compensatory Instruments Mr. Valentin Hristov. It is expected that the sale of BTC will revive the market of non-monetary instruments. It is expected that at the sale of the telecommunications company will be used compensatory instruments and vouchers at a value of BGN 350 million.
Source: Novinar (03.09.2003)

5850 shares from the capital of Oil and Gas Exploration and Production were sold at the privatization segment of the Stock Exchange at a price a little higher than BGN 51 in compensatory vouchers. 1561 shares from the 49-per cent state stake (427 982 shares) in the company's capital are still for sale. On August 11, the trade of the shares started at a minimum price of BGN 76 in compensatory vouchers and most of the shares were sold at a price higher than the one initially set. Later, the minimum price dropped to BGN 51 in compensatory vouchers.
Source: BTA (10.09.2003)

The ninth Annual General Meeting of the Federation of the Euro-Asian Exchanges will be conducted in Sofia in 17-19 September. Host of the initiative will be Bulgarian Stock Exchange – Sofia. The Federation was established during 1995. Today it has 25 members from Southeastern Europe, Near East and Middle Asia.
Source: Sega (12.09.2003)

Privatization Agency elected Euro-finance JSC, Sofia for an investment intermediary for the sale at an auction with public offering of the shares of ten companies from Zlatny Pyasatzi pool. Euro-finance will be investment intermediary for the sale of the shares from the capital of the following companies – 11.24 per cent of the capital of Zlatny Pyasaztrzi JSC, Varna, 6.504 per cent of the capital of Ptitzevadstvo-Lomtzi, 3.719 per cent of the capital of Poligrafia JSC, Plovdiv, 11.49 per cent of the capital of Stakloplastic JSC Kneja, 7.08 per cent of the capital of Komex JSC, Kaspichan, 6.45 per cent of the capital of Trakiysko pivo JSC, Pazardjik, 11.56 per cent of the capital of Monolit stil JSC, Bourgas, 10 per cent of the capital of Izgrev 66 JSC, Plovdiv, 3.95 per cent of the capital of Wine Cellar Vrachanska temenuga JSC, Vratza, 0.639 per cent of the capital of Electronica JSC, Sofia. The shares of the companies will be sold on Privatization segment for privatization with compensatory instruments of Privatization market at then Bulgarian Stock Exchanges Sofia.
Source: BTA (16.09.2003)

PA will not be able anymore to require from the buyers any improvement of their offers. This fact envisages a change in the Decree for the tenders and competitions, adopted by the Government yesterday, several days before to be declared the sale procedure of the seven electricity distribution companies. The decree will include the negotiations with the potential buyers before submission of offers.
Source: Novinar (19.09.2003)

The Supervisory Board of Privatization Agency adopted the draft contract for investment intermediary for the sale by public offering of shares from the Energetics II pool. The elected investment intermediary is Fina-S JSC, Sofia. The shares of the companies will be traded on Privatization Segment for Cash Payment of Privatization market of the Bulgarian Stock Exchange.
Source: Privatisation agency (24.09.2003)

The Supervisory Board of Privatization Agency adopted the draft contract for investment intermediary for the sale by public offering of shares from the Zlatny Pyasatzi pool. The elected investment intermediary is Euro-Finance JSC, Sofia. The shares of the companies will be traded on Privatization Segment for Payment with Compensatory Instruments of Privatization market of the Bulgarian Stock Exchange.
Source: Privatisation agency (24.09.2003)

Within the next two or three months Roseximbank will become a public company and its shares will be listed on Bulgarian Stock Exchange, announced the Chief Procurator of the credit institution Mr. Emil Kiulev. Mr. Kyulev explained that there are even larger plans, according to which the whole DZI-Rosexim group will be listed on the Stock Exchange. It is expected that the group will not be listed on the Bulgarian stock exchange, because in Bulgaria there are no investment intermediaries, who can manage a company of that scale.
Source: Dnevnik (26.09.2003)

The shares of the only one actively traded bank in Bulgaria – Central Cooperative Bank were of extreme interest to the investors. Their price reached the limit of BGN 2.00 (defined by statute of Bulgarian Stock Exchange, in accordance to which the price of the shares on the official market could not exceed with more than 15 per cent the average price at the last trade session). The average price of the shares of CCB grew with 9.2 per cent and reached BGN 1.9. At the stock exchange were traded totally 9817 shares.
Source: Monitor (01.10.2003)

On September 29 Privatization Agency decided to sell 354 323 shares, or 43.276 per cent of the capital of IPC Rodina by public offering of securities of the Stock exchange. Thus was confirms initial intentions of the Agency to enter the company in the Register of the Public companies in the Commission for Financial Supervision. Thus the company will be in the power of the Public Offering of Securities Law.The sale on the Stock Exchange will not be executed soon. The auction for the election of an investment intermediary for the sale of the stake will be opened after the deal for the majority stake is finalized.
Source: Dnevnik (02.10.2003)

GTI Scopie Limited, which was the majority shareholder in the capital of Budeshnost – Chirpan JSC sold its stake of 133 299 shares or 49 per cent of the capital of the company to Paper Factory JSC, Sofia yesterday. Thus GTI Scopie remained an owner of only 30.39 per cent of the capital of the company. In the beginning of the year the company owned 41.44 per cent of the capital. Later it gained another 36.95 per cent from Eurofinance. The other large shareholder in the capital of Badeshnost is GTI Telefaxes JSC, which holds 8.15 per cent.
Source: Pari (14.10.2003)

The prices of the shares of Polimeri-Devnya fell with almost 30 per cent at the session of BSE – Sofia yesterday, after Bulgarian Holding Company sold all its 1 471 228 shares, representing 27.63 per cent of the company’s capital. The major stake of the share of the former biggest shareholder in the Devnya-based enterprise in the amount of 1 200 000 shares were bought by a client of East Finances, that wished to remain anonymous. Another 200 000 shares changed their owner through a cross deal, implemented by the mediator Sofia Invest Brokerage. As a result of the deal, the price per share fell from BGN 0.71 to BGN 0.50.
Source: Pari (21.10.2003)

The rest stake of 3926 shares from the capital of Ptitzevadstvo-Lomtzi was sold on Monday. The last securities from the capital of the state company were transferred with one deal on the privatization segment of Bulgarian Stock Exchanges. The price of the deal was BGN 2.50 per share in compensatory instruments. This was the highest price for the present sale of rest stakes, as during the last week the prices were between BGN 1.53 and BGN 1.91.
Source: Dnevnik (21.10.2003)

BSE is going to place the online trade system COBOS at the disposal of Macedonian Stock Exchange. This system will be later used for execution of trans-border deals. This became clear after BSE delegation returned from its visit to Ohrid by invitation of MSE. The directors of the two exchanges – Mr. Georgi Draychev and Mr. Evgeni Zografski, signed a Co-operation memorandum.
Source: Pari (21.10.2003)

Remaining shares in three energy repair companies will be offered at BSE on Friday, after the exchange’s Board of Directors decided to registrate them at the privatization market yesterday. 16 per cent of the energy repair companies in Rousse and Varna will be offered. The initial price is respectively BGN 15 and BGN 25 per share. The sale of the 40-per cent state share in Energoremont – Bobovdol will be conducted in three stages, according to the strategy approved by PA. Therefore, only 10 per cent of the company’s capital will be offered at BSE on Friday. The initial price is BGN 35 per share.
Source: Pari (22.10.2003)

Shifts among the minority shareholders of Central Cooperative Bank led to a cross-deal on the Bulgarian Stock Exchange. Object of the deal were 800 000 shares, representing 4.95 per cent of the capital of the bank. The minority shareholders in Central Cooperative Bank in general are related to the majority shareholder – Chimimport, but as the stake is in amount of less than 5 per cent of the capital, the new owner remained anonymous.
Source: Pari (24.10.2003)

Intransmash – Engineering is going to sign a contract for EUR 150 000 investment credit from Bulbank, the company announced. The loan will be secured with a note avalled by the major shareholder Razvitie Industry Holding.
Source: Pari (24.10.2003)

The whole capital of TPS Bobovdol and three heating plants – Pravets, Sliven and Vratza, will be sold through public offering of shares at the Stock Exchange. PA announced competition for selection of an investment mediator. A total of 83 087 from Toplofikatzia – Pravets shares with a face value of BGN 1000 each will be traded, 4 966 419 shares of Toplofikatiza – Sliven with a face value of BGN 1 each and 6 234 358 – from Toplofikatzia – Vratza; 25 140 shares, representing 100 per cent from the capital of TPS Bobovdol will be sold.
Source: Pari (27.10.2003)

The shareholders of Roseximbank have adopted the decision the credit institution to become a public company and its shares to be traded on the Stock Exchange, announced the Chief Procurator of the bank Mr. Emil Kuylev after the Extraordinary General Meeting of the shareholders on Monday. The shares of Roseximbank will become paperless and they will be negotiable. It is normal Roseximbank to become a public company, as the majority shareholder of the capital of the credit institution – DZI Bank is a public company, explained Mr. Kyulev, who was initially against the decision for the listing of the company, which became possible after the amendments in the law.
Source: Dnevnik (28.10.2003)

The investment intermediary Fina S published the first part of the strategy for the sale of the state-owned 51 per cent from the capital of Energoremont Holding at the Stock Exchange. It’s a multi-stage scheme, in each of the first three stages, 1 per cent of the company will be offered at a minimum price of BGN 8.75 in cash. The auctions at the exchange are starting October 31 (Friday). The remaining 49 per cent from the holding were privatized in this year’s spring against compensatory vouchers. One company bought a 34-per cent stake (the general opinion is that behind this company stands Risk Engineering).
Source: Dnevnik (29.10.2003)

The average price in the sale of the last 55 shares in the second stage for the sale of 11.24 per cent of the capital of Zlatny pyasatzi JSC on the Stock exchange yesterday was 26.5 compensatory leva. This deal finalized the sale of totally 500 000 shares from the capital of the company. Next Wednesday will be offered for sale the last 299 000 shares, or 3.5 per cent of the capital of Zlatny Pyasatzi JSC.The minimum price is BGN12 in compensatory instruments.
Source: Monitor (30.10.2003)

A non-existing company was traded on BSE. Tzelhart JSC-Stamboliiski is erased from the register of the trade companies by Plovdiv District Court on October 14 but its shares continued to trade on the stock exchange. 41 406 shares of Tzelhart were traded on the exchange on Thursday. The order was made through Kobos and we only confirmed it, said the broker of the buyer.
Source: Pari (03.11.2003)

The procedure for the sale of TPS Bobov dol and TPS Sliven will be ceased after the election of an investment intermediary, until the strategy for the development coal processing sector is prepared. The trade unions, the Mine Chamber, the Agency for Privatization and the Ministry of Energetics all support this decision.
Source: Dnevnik (11.11.2003)

100 per cent of the capital of TPS Bobov dol will sold on the Stock Exchange. Privatization Agency announced its decision on October 24. By public offering will be sold 25 140 shares, representing 100 per cent of the capital of the company. As Privatization Agency announced its decision the Minister of Energetics Mr. Milko Kovachev stated that was outrage and a violation of the energetics strategy. The procedure was temporary ceased. It was expected that first would be prepared the strategy for the development and protection of the domestic coal processing sector and the thermal power station will be sold after that.
Source: Pari (12.11.2003)

The rest stakes from the capital of 87 state companies will be launched for trade on Bulgarian Stock Exchange. The shares may be purchased with compensatory vouchers and bonds from the mass privatization, announced the Deputy Chairman of the Privatization Agency Mr. Stanislav Ananaiev. In the auctions may participate only investment intermediaries. The shares, which the State holds in a company may be purchased only as a stake.
Source: Sega (13.11.2003)

Financial Superivision Commission has frozen the procedure for the listing of BTC SP JSC in the Public Companies Register. This was announced by Prof. Milcho Stoimenov – member of the Commission and its Spokesman. The reason for this decision is the fact that the procedure for privatization of 65 per cent from BTC’s capital has been going on for over a year, Prof. Stoimenov explained. According to him, there is no administrative obstacle to the telecom’s listing in the register and the listing of its shares on the Exchange.
Source: Sega (13.11.2003)

Voluntary pension funds have invested 13.19 per cent of their assets in securities, according to data from the Financial Supervision Commission. The part of these instruments traded at the exchange is only 1.28 per cent. In the group of professional pension funds, the share of the investments at BSE is 5.41 per cent of the assets, and in the group of universal pension funds – 4.13 per cent. The growth in the amount of investments made by the pension funds at the exchange is chiefly due to the investments in shares of Bulgartabac. Voluntary pension funds have the biggest amount of assets as of September 30 – BGN 228.4 million from a total of BGN 453.5 million.
Source: Monitor (13.11.2003)

November 23 is the maturity for the payment of interest and a part of the principal of the bond issue of Svishtov municipality. Apart from the interest the issuer will also pay the face value of 7340 bonds, elected randomly. The bonds were chosen at a lottery, organized by the Central Depository.
Source: Pari (14.11.2003)

The mysteries, connected with the privatization in the energetic continue – on Tuesday the Supervisory Board of PA decided to stop the procedure for exchange sale of 100 per cent from TPS Bobov dol and Toplofikatzia Vratza. The Supervisors approve neither the method for their privatization, nor the selected privatization broker. The agency did not mention the candidates-brokers for the sale of the two companies.
Source: Dnevnik (19.11.2003)

The majority owner of the Pleven-based company Rubin – Derla com holding group sold yesterday one third of its stake of 79.26 per cent of the capital of the company. The price of the shares grew with 3.33 per cent, reaching BGN 3.10. The transaction was executed mostly by cross-deals of the intermediary – Dealing financial company. Rubin JSC, Pleven is one of the three main producers of glass products in Bulgaria. The profit of the company as of September 30, 2003 was in amount of BGN 1.313 million.
Source: Pari (19.11.2003)

Stakes from the capital of Electrometal and Mebelsystem, both based in Pazardjik, were included in the newly established pool Bulgarska zahar. The stakes will be traded for compensatory instruments at an auction principle on the privatization segment of Bulgarian Stock Exchange – Sofia. It is not clear yet when will be initiated the sales, as Privatization Agency has not concluded the contract with the investment intermediary - Brokers group.
Source: Dnevnik (20.11.2003)

Due to a technical error, the website of the Bulgarian Stock Exchange informed that Hraninvest – Hranmachincomplect has been erased from the Trade register. The announcement concerned the fact that the company had been delisted from the stock exchange, but indicated motive was its stoppage. The company is viable and working, Ms. Elka Petrov, Hraninvest official, stated. The only ground for stopping the trade in our stock is the erasing from the Public companies register, made by the Financial Supervision Commission last Wednesday. Following checks made after the signal, it turned out this was the case. The reason indicated in the decision of the company’s Board of Directors is “delisting from the public companies register”. This year, the majority shareholder in Hraninvest Zagora Holding made two tender offers this year. The first one took place in February, when a group of minority shareholders with a total of 16.78 per cent of the company’s capital sent a letter to the State Securities Commission, in which they stated the tender offer price of BGN 1.04 per share was too low and harmed their interests. The argument ended with an over-the-counter agreement, following which a total of 180 000 of the company’s shares were transferred on BSE at a price of BGN 1.15. After that, the majority shareholder gained control over more than 90 per cent of the company’s capital, and logically, the next step followed – tender offer for delisting.
Source: Pari (20.11.2003)

Toplivo JSC will remain a public company became clear with a decision of the Supreme Administrative Court. The court rejected the claim of the majority owner – Sinergon holding against the refusal of the Deputy Chairman of the Financial Supervision Commission Ms. Dimana Rankova for delisting of the company from the registers of the Commission. The court supported the decision of Ms. Rankova that there is s direct connection between the decision of the General Meeting of the shareholders of the company for delisting of the company and the raising of the capital of the company, which was executed only a week earlier.
Source: Dnevnik (21.11.2003)

On Bulgarian Stock Exchange was initiated the trade of investment bonds for BGN. During the first day of trade were sold 1.513 million investment bonds at an average price of 17.39 per cent of the face value. At the moment are available 134 million investment bonds with face value of BGN 1.
Source: Standart (25.11.2003)

A client of First Financial Brokers House has gained 16 per cent of the capital of IPC Rodina on Bulgarian Stock Exchange. The purchaser has paid BGN 2.11 million, probably in a consortium with United Bulgarian Newspapers. The consortium purchased a stake of 51 per cent of the capital from PA and it needed another 16 per cent in other to hold 2/3 of the capital. Other stakes in amount of less than 5 per cent of the capital were bought by different investors. Mr. Petio Blaskov was appointed as a Procurator in the Board of Directors of the printing house.
Source: Sega (25.11.2003)

Financial Supervision Commission listed TPS Bobov Dol in the register of the public companies, announced Prof. Milcho Stoimenov. The capital of the thermal-power station was distributed in 25 140 ordinary shares with face value of BGN 100. With a decision of Privatization Agency the company will be privatized on Bulgarian Stock Exchange.
Source: Dnevnik (27.11.2003)

A major stake from the Kazanluk-based enterprise Bulgarska Roza Sevtopolis will be bought by Sopharma, one of the company’s new owners – Mr. Nikolay Velkov, who is also chairman of Corporate bank’s Supervisory Board announced. The plant in Kazanluk is producing the medicine tempalgin which is exported to Russia to order by Sopharma. The biggest share in the company was bought by the Telecomplect. Mr. Nikolay Velkov holds 22.5 per cent of the capital, while Mr. Nikola Rachev owns 11 per cent.
Source: Dnevnik (02.12.2003)

The intermediator in the exchange privatization of the minor stake of shares from IPK Rodina – First Financial Broker House, bought 16 per cent from the company’s shares during yesterday’s exchange session, BSE-Sofia announced. Yesterday, 131 000 shares were traded at a minimum price – a total of BGN 656.3 thousand, which makes BGN 5 per share. The intermediator is also seller of the shares.
Source: Sega (04.12.2003)

Bulgarian Information Technologies JSC will apply its documentary for listing on Bulgarian Stock Exchange on Friday, was reported from the company. The company is known with its trade brand Bitex. The managers intend to list the shares of the company on official market segment C. The shares will be launched with a gratis period of 6-months because at the moment the company does not satisfy the requirement for this market because of small number of the shares, which are not property of the majority owner. At the moment the Greek Promota Hellas holds 92 per cent of the capital, which is totally BGN 2.9 million.
Source: Dnevnik (04.12.2003)

Bulgarian Information Technologies JSC applied its documentary for listing on Bulgarian Stock Exchange on Friday, was reported from the company. The company is known with its trade brand Bitex. The managers intend to list the shares of the company on official market segment C. The shares will be launched with a gratis period of 6-months because at the moment the company does not satisfy the requirement for this market because of small number of the shares, which are not property of the majority owner. At the moment the Greek Promota Hellas holds 92 per cent of the capital, which is totally BGN 2.9 million.
Source: Dnevnik (04.12.2003)

New 4685 shares or 5 per cent from the capital of Maritza-iztok 3 were sold on Friday at the privatization segment of BSE-Sofia. The average price per share was BGN 32 and totally BGN 149 920 were paid for the sold papers.
Source: Dnevnik (08.12.2003)

The Board of Directors of BSE - Sofia decided the last trading day for the Exchange this year to be December 23. The trade with securities will be resumed on January 5 2004.
Source: Banker (08.12.2003)

The minority stakes of 566 companies will be released on the Exchange in December and January. This was announced by the Deputy Director of PA Mr. Stanislav Ananiev. Shares from 86 limited liability companies will be sold through non-attendance tenders. The list for the centralized public tender includes 432 companies. For all of them, the payments will be made in compensatory instruments, investment bonds and in cash.
Source: Standart (09.12.2003)

The shares of Roseximbank will be traded at the Exchange. The Financial Supervision Commission listed the company in the Public Companies Register. The company’s legally registered capital of 40 000 000 common shares with a face value of BGN 1 each will be traded at the exchange.
Source: Standart (11.12.2003)

The newest hope of PA for boom of the weak trade with compensatory vouchers is the launching on the stock exchange of the shares of 24 companies, united in Metalik pool. Their sale is expected to start in January, 2004 and until then the papers from Bulgarska zahar pool have to be also sold. According to specialists, Metalik is the weakest union of companies for privatization against compensatory vouchers from the beginning of the process. That is why every sale of shares from it will be considered as success.
Source: Dnevnik (12.12.2003)

PA announced competition for investment intermediary in the deal for sale of the remaining 13.62 per cent state stake, equal to 19 077 shares, in the insurance company Bulstrad. The shares will be released on the stock exchange at a privatization segment against cash payment. According to PA requirements, the selected intermediary should prepare a prospect of Bulstrad, with which the company will be listed in the Public companies register. The news, that PA is looking for intermediary in the Bulstrad deal refuted the previous market expectations that the major shareholder in the insurance company – BZP Group will take all necessary measures to make the company public. Bulstrad is currently the biggest Bulgarian general insurance company. Its capital is in the amount of BGN 14.1 million (it was increased with BGN 4.7 million in February). The main shareholder in the company is BZP Group (74.3 per cent of the capital), which is owned by the Netherlands-registered holding TBIH. Bulbank holds 8.5 per cent, and Navigation Maritime Bulgaria is a minor shareholder in the company. The first state share, amount to 31 per cent of Bulstrad’s capital, was sold in the spring of 1999 by the current major shareholder. The official stake price, announced by the state back then, was USD 7.56 million, which makes around USD 52 per share.
Source: Dnevnik (12.12.2003)

Centralized public auctions will be initiated again, but this time they will conducted directly by the Privatization Agency. The auctions will be executed by the Bulgaria Stock Exchange – Sofia. It is not clear yet what is the date of the next centralized auction, but it is expected that it will be conducted either in the end of 2003 or in the beginning of 2004. In the lists which are already published are included mostly small rest stakes, but there are also stakes, which represent significant part of the capital of the companies.
Source: Dnevnik (16.12.2003)

From January 5 to January 26 on Bulgarian Stock Exchange will take non-presence public tenders for sale of the state-owned stake of shares in 87 limited liability companies, was reported from PA. Orders can be submitted only for a whole stake of shares from any company. If there are not offerings, after January 15 the initial price of the shares will be reduced with 50 per cent, was specified from PA.
Source: Monitor (17.12.2003)

The international financial exhibitions Banks, Investment, Money will be held from 4 to 7 February 2004 in Plovdiv. The exhibition will be held under the patronage of Mr. Milen Velchev – Minister of Finance, and with the support of BNB, Financial Supervision Commission, BSE, Industrial Capital Association. All Bulgarian and international financial companies and providers of services and equipment, operating in the branch, have been invited. The leading topic will be The Financial sector in the process of joining the European Union.
Source: Pari (17.12.2003)

Elprom ZEM, the electric machine maker will become part of ZMM BULGARIA Holding by staged transfers of ownership of its majority shareholder, the Bulgaria Industrial Holding, holding a 60.87% stake, sources told the PARI daily. On December 18 some 19.43%, equivalent to 235,653 shares of the capital of Elprom ZEM changed hands on the BSE-Sofia. Privat Engineering, the BSE bulletin shows. This was probably the first stage of ownership transformation. We are in the process of restructuring our portfolio, aimed primarily at utilizing the experience and knowledge of our long-term experts in machine construction and in the same time take advantage of the benefits of common administration, the industrial holding CEO Borislav Gavrilov told the PARI daily. ZMM Holding is fully controlled by BULGARIA Industrial Holding. It was set up specially to develop our policy in machine construction, Gavrilov said. Elprom ZEM is the only machine construction enterprise in the industrial holding, which is not part of the ZMM structure. The BULGARIA Industrial Holding controls Machstroy of Troyan, ZMM of Sliven, LeyarMach of Sofia, and ZMM of Nova Zagora. When Elprom ZEM joins the BULGARIA industrial holding, the latter will become the largest machine construction entity in the country, experts commented. The papers in the Wednesday deal were traded at 4.44 leva per share against some 0.8 to 1.2 leva throughout the year. The company is burdened with heavy interest payments on debts made before it was privatised. Reducing these liabilities was the major goal of the public issuance of 750,721 shares, which ended up October 2. Then the shares were traded at one lev per share. Besides BULGARIA Industrial Holding, the other major investor was Zlaten Lev Holding, with 11.54% of the capital. The company posted a loss of BGN 270,000 for the three quarters of this year. It is in the process of negotiations with the Austrian Watech Hydro [ph] and also with an Italian company. The negotiations are expected to end up in the beginning of 2004.
Source: Pari (22.12.2003)

PA decided to sell 192 077 shares, representing 13.62 per cent from the capital of Bulstrad JSC - Sofia through public offering at the Bulgaria Stock Exchange - Sofia JSC, Sofia.
Source: State Gazette (22.12.2003)

Central Cooperative Bank (CCB) is the intermediary with the biggest turnover at the Bulgarian stock market over the past year, according to BSE statistics. CCB brokers have bought and sold shares to the total value of BGN 188 million. The second bank in this top list is Economic and Investment Bank with BGN 144 million. By number of trade lots, the leader is EIBank with 178 million shares, followed by Beta Corp with 119 million shares. The number one intermediary by number of contracted deals is IM Caroll (14 000), followed by Beta Corp with 11 000.
Source: Pari (23.12.2003)

For the fifth year in a row the Bulgarian Chamber of Commerce and Industry is making a rank list of Bulgaria’s leading 100 companies, using the world recognized assessment criteria such as Forbs and Fortune.The selection for 2002 has been made between 400 Bulgarian companies, distributed in two top lists. TOP 100 -1 includes companies, ranked on the basis of their incomes from sales, while TOP 100 – 2 has an additional criteria, excluding the companies whose debts to suppliers, employees or social funds exceed their profit. For the first time the experts from Bulgarian Commercial and Industrial Palace have prepared two more rank lists – TOP 50 of small and medium-sized enterprises and TOP 50 of the public companies. The first rank list includes companies with incomes from sales exceeding BGN 10 million in 2002, rated by their production capacity per employee working under labour contract. The second list includes winning companies, traded at the Bulgarian Stock Exchange – Sofia, rated by the return of the invested own funds in 2002 and by the change of this indicator compared to 2001. The private commercial companies are already pushing away the big state-owned enterprises from the top positions of the best developing companies in Bulgaria. Two industrial companies occupy the two top positions by profit, correlated to BGN 100 incomes from sales. The number one company is Pernik-based Stomana registering a profit of BGN 61 per BGN 100 incomes, and the number two company in the list is the cement factory Vulkan – Dimitrovgrad, which posted BGN 14 per BGN 100 incomes. Sofia-based company Telelink is number three with a result of BGN 13, followed by Hewlett Packard Bulgaria (BGN 10).
Source: Dnevnik (23.12.2003)

The State will initiate the sale of 100 stakes of shares on Bulgarian Stock Exchange in the beginning of next year, was reported from the Ministry of Economy. It is expected that by the end of June next year, when expires the term of efficiency of the investment bonds these shares will be already sold. The Centralized Public auction for the sale of the stakes from the capital of 432 companies will be initiated on January 7. The data for these companies will be published in information prospects, issued by the Privatization Agency.
Source: Novinar (30.12.2003)