Festa Holding is planning to invest considerable funds in hotel construction and is on the way of becoming major figure in Bulgarian tourist market. The holding will build hotels in Sofia and Bansko, aiming to close its tourist service cycle. By the end of May, new hotel complex from the Iberostar chain of hotels will be open in Nesebar. Festa Holding also has a share there. The Spanish company Iberostar, specialized in hotel management, is a subsidiary of the tooroperator Thomas Cook. The new complex will be called Ibero Star – Festa Panorama, and the construction costs, amounting to EUR 6 million will be provided by Festa Holding and the German tour operator Thomas Cook.
Source: Dnevnik (23.01.2003)

Sliven District Court imposed distraint on two accounts of ViK (Water Supply & Sewerage) - Stara Zagora in Bulbank and UBB, on the insistence of the private water supplying company Asenovetz. The measure was undertaken after the claimant stated there were unpaid bills in the amount of BGN 298 000 for the water used from the Chervenyakovo station over the past four months.
Source: Dnevnik (24.01.2003)

The meat processing plant Tandem-V was announced Bulgaria’s 2002 number one producer by the “Made in Bulgaria” union. During the official ceremony for the granting of the annual Golden Martenitza awards. The Deputy Prime Minister Mr. Nikolai Vasilev also granted a Golden Lion diploma to the Director of Tandem Mr. Kiril Vutev for the increased production program and sales, as well as for the introduction of new capacities in the meat plant.
Source: Monitor (28.02.2003)

The European Bank for Reconstruction and Development will grant EUR 112 million as a part of the loan at total value of EUR 348 million which is needed for the reconstruction of TPS Maritza Iztok 3. The investor in the project is the joint venture between NEC and the American company Entergy. Part of the loan will be covered by the Bulgarian Financial institutions Bulbank, United Bulgarian Bank, Biochim and SG Erxpressbank.
Source: Dnevnik (04.03.2003)

The Italian investor Enel Produkcione acquired 60 per cent from the American share in the joint-venture company Energy company Maritza Iztok 3, created for the realization of the project of the same name. The joint-venture company was a property of the Bulgarian National Electric Company and the American giant Entergy through its subsidiary Entergy Power Holding Maritza. The Italian company promised to pay between EUR 110 and 140 million. The memorandum for agreement between the President of Enel Mr. Nujdi and the Executive Director of NEC Mr. Vasil Atanassov was signed yesterday.
Source: Duma (06.03.2003)

On March 14 the Sliven Regional Court rejected the rehabilitation programme proposed by Dynamo AD, terminated the operation of the enterprise and the rights of the its managerial bodies, and ordered the trustee in bankruptcy Snezhana Madjarova to begin cashing its assets. This act can be appealed at the Bourgas Court of Appeal, but the eventual protests of Dynamo AD and AKB Corporation (owner of a 67-percent stake in the enterprise) won't stop the work of the trustee in bankruptcy. Thus, after about half a decade UBB already has the opportunity to collect at least part of its receivables of BGN19.8MN from its debtor Dynamo AD. The bank's receivables have been guaranteed by mortgages on the land and the buildings of Dynamo AD and by special pledges on the enterprise's machines and equipment. The State Receivables Agency is next on the list of creditors with receivables exceeding BGN1.15MN. The other creditors of Dynamo AD are: Dynamo In OOD, Transimpex, Elma AD and Bimas AD - companies connected with AKB Corporation. Their aggregate receivables amount to BGN409,000. It is AKB Corporation that has tried to implement a financial scheme for gaining control on the general meeting of creditors of Dymano AD and thus accept a rehabilitation plan to its own liking. In the period between the opening of an insolvency procedure (October 30, 2002) until the enterprise was adjudicated bankrupt various firms connected with AKB Corporation (Dynamo In OOD among them) had offered UBB to buy out its receivables from the electric motors producer. The candidate-buyer's offers have not exceeded BGN1MN. A similar offer was moved in February 2003 by the Luxembourg company Swiss-Shem Trade, said to had been contracted as a mediator by AKB Corporation. The bank has flatly refused all offers for the purchase of its receivables from Dynamo AD. UBB can get about BGN3MN from the sale of the mortgaged land and buildings alone. The financial institution has received offers to that amount from potential buyers, ready to pay immediately. Had UBB accepted any of the proposals from the firms connected with AKB Corporation, the latter would had been Dynamo's biggest creditor. The bank's relentlessness has also given the State an opportunity to retain its interests. Had the firms controlled by AKB Corporation gained the upper hand in the general meeting of Dynamo AD's creditors, they would certainly had imposed the rehabilitation plan, proposed by the enterprise's managerial team. And the plan projected that repayment of the liabilities within at least ten years without any interest. Being the biggest creditor, UBB rejected that rehabilitation plan and the Sliven Regional Court did not accepted it for consideration. Initially, the magistrates had recommended Dynamo AD's managers to eliminate the lapses in it, namely: to reach an agreement with the company's creditors and more precisely with the Finance Ministry, and to present guarantees for the fulfilment of the repayment plan. As Dynamo AD's representatives failed to cope with the task within the term set by the court (February 18, 2003) a month later it adjudicated the company bankrupt.
Source: Banker (24.03.2003)

United Bulgarian Bank and Solun Stock exchange will present today the opportunities for investment banking offered by both institutions. United Bulgarian Bank will present a special product for lowering the risk in currency operations, treasury operations and the opportunities for investment banking. Solun Stock exchange will present the opportunities in provides for issuers of securities and for investors.
Source: Pari (08.04.2003)

The Premier Saxe Coburg-Gotha appointed Mr. Marin Atov to the position of Deputy Minister of Transport and Communications. The appointment was signed on April 4, was reported from the Ministry of Transport and Communications. The position was vacated in the spring of 2002, when Mr. Nikolay Nikolov left for a CEO position with MobilTel. The new Deputy Minister was a dealer at the United Bulgarian Bank /UBB/. It is rumoured that he enjoys the friendship of Minister of Finance Milen Velchev Mr. Atov graduated in International Economic relations at the Sofia University for World and National Economy in 1992, and obtained his masters degree in business administration at the William Simon business administration school of the Rochester University of New York. Between 1991 and 1993 Mr. Atov was an expert of the Bulgarian National Bank. In the last 5 years he headed the UBB treasury department.
Source: Pari (08.04.2003)

After the general meeting of Bulbank became clear that it finished 2002 with a net profit of BGN 95.6 million. This financial result is calculated in accordance with the National Accounting Standards (NAS) while in accordance with the international it is BGN 79.1 million. In 2001 the profit of Bulbank on NAS was BGN 179 million but then in this amount were also included reserves in amount of BGN 137 million. The total capital adequacy of Bulbank now is 38.7 per cent and the adequacy of the prime capital - 19.7 per cent, was reported from the bank.
Source: Dnevnik (21.04.2003)

12.8% of the Bulgartabac shares will be put on the stock exchange on May 12. The papers will be sold against compensatory instruments, Privatization Agency (PA) sources informed. This is the first venture of the so called 'Dream-Pool' whose shares will be traded at the stock market. The bidding will last till June 6 and small packages of shares will be released initially, Christos Katsanis - CEO in the United Bulgarian Bank (UBB) said. The exchanger together with the National Bank of Greece and Bulbrockers enter the consortium - broker in the sale. As early as June, compensatory vouchers of two other companies will also be released by the 'Dream-Pool' - 20 percent of DZI (State Insurance Institute) and 49% of 'Neft$Gas' - Pleven. Currently, the sales' strategy is being specified, which PA will further approve. 'We expect interest both by the institutional investors and of small owners of compensatory vouchers,' Katsanis elaborated. Compensatory instruments worth of some 72 million levs were utilized in 185 deals ever since end-2002, when the stock marketing started off, Georgi Draichev - chairman of the stock exchange, informed. These are some 8% of the papers registered.
Source: Standart (23.04.2003)

The full amount of the net profit of United Bulgarian bank will be distributed as dividend. The profit of the bank as of 2002 was BGN 35.7 million. It is expected that the decision for the distribution of the dividend will be made at the General Meeting of the shareholders, which will be conducted today. The income per share will 47 per cent. The net profit of the bank has grown with 29.2 per cent as compared to 2001. United Bulgarian Bank reported a sharp growth in the credit portfolio, transformation of its currency deposit assets and successful realization of the programme for reducing and optimization of the expenditures over the last year.
Source: Duma (30.04.2003)

The General Meeting of the Central Depository released as a member of the Board of Directors Mr. Apostol Apostolov , who became a Chairman of the Financial Supervision Commission in March. The former Procurator Mrs. Tzvetelina Bondarenko will occupy his position in the Board of Directors. The other members of the Board of Directors are Mr. Victor Papazov from Bulgarian Stock Exchange, Mr. Stilian Vatrev – Executive Director of United Bulgarian Bank, Mr. Lyubomir Tzekov - Bankservice, Mrs. Mariela Nenova and Mrs. Nikolina Micheva - BNB and Mrs. Gergana Beremska from the Ministry of Finances.
Source: Dnevnik (15.05.2003)

The shares of Bulgartabac which at the moment are being sold on BSE may be bought by Deutsche Bank and to be launched through American Depository Receipts /ADR/ at foreign stock exchange markets. The investment fund of the German bank took interest in this operation but the idea is still in its initial phase and has to be discussed with PA and the management of Bulgartabac. A consortium obetween UBB, Bulbrokers and National Bank of Greece sold 12.84 per cent of the cigarette holding on BSE-Sofia.
Source: Pari (23.05.2003)

The Spanish hotel chain Ibero star, a subsidiary of the touroperator Thomas Cook, takes the management of the new luxury and hotel complex Tiara beach in Sunny beach. The complex is property of Epos Ltd.-Haskovo. The hotel is 6-floored and includes inside and outside swimming pool, dinner places and a 680-bed hotel building. The representative of Thomas Cook for Bulgaria Mr. Hristo Kolev did not announce the exact amount of the investment.
Source: Dnevnik (23.05.2003)

The intermediaries for the privatization of the “dream-pull” - the consortium between NBGI, United Bulgarian Bank DZI and Bulbrokers plan that the for the sale of the minority stakes of the capital of State Insurance Institute and the Pleven-based company Oil and Gas Exploration and Production will be used as it follows BGN 32 million and BGN 16 million in Compesatory Vouchers. It is expected that the stake of 20 per cent of the capital of insurance company will be launched for trade in the end of June. DZI is already registered as a public company.
Source: Dnevnik (29.05.2003)

The Greek insurance company National Insurance intends to penetrate the Bulgarian market, announced the President of the company Mr. Teodoros Pandalakis after the General Meeting of the company. The insurance company is a subsidiary of National Bank of Greece, which as of 2000 holds 89.9 per cent of the capital of United Bulgarian Bank.
Source: Dnevnik (03.06.2003)

The Aquapark in Zlatni piasatzi was opened by Mr. Nikolai Vassilev on June 14. The investment in the park amounts to BGN 10 million. 200 workers will take care for the safety of the visitors, 35 from them will be lifeguards. Aquapolis is similar to this one in Valencia. For the Bulgarian object was attracted Actionpark – Multiforma which is based in Valencia. Main executors of the project are the Bulgarian companies Express garantion and Metal constructions – Devnia. The complex is financed with credits from Hebrosbank and UBB with a payment period of 5-6 years.
Source: Duma (16.06.2003)

In the end of June or in the beginning of July on Bulgarian Stock Exchange will be launched for privatization 20 per cent of the capital of State Insurance Institute DZI, announced Mr. Dimitar Alexandrov from United Bulgarian Bank. The sale of 20 per cent of the capital of DZI was included in the annual list of the companies, which will be privatized for non-monetary instruments. The Supervisory Board of PA approved the contract, concluded by PA and a consortium between National Bank of Greece, United Bulgarian Bank JSC and Bulbrokers JSC for a consultant for the sale of the minority stake of 772 000 shares from the capital of DZI..
Source: Dnevnik (18.06.2003)

The shares of State Insurance Institute DZI were registered in the Central Depository by a request of the intermediaries for the sale of the minority stake from its capital. The consortium between the National Bank of Greece, United Bulgarian Bank and Bulbrokers will apply by the end of the week the documentary for listing the capital of the insurance institute in the stock exchange registers. 80 per cent of the capital of DZI are property of Contract Sofia and the other 20 per cent were included in the dream-pull.
Source: Dnevnik (24.06.2003)

Several banks have approached the European Bank for reconstruction and Development with the intentions to purchase its share in the project for modernization of TPS Maritza Iztok 3, announced the Minister of Energetics mr. Milko Kovachev. The Minister was on a visit in London for the meeting of the donors of the International Fund for putting NPS Kozloduy out of exploitation During April the American company Entergy and the Italian Enel produkcion initiated the reconstruction of the station. The value of the project was EUR 580 million. The Bank for Reconstruction and Development granted a credit of EUR 112 million for its execution. In the financing of the project participated Societe Generale, Credi Agricole, Black Sea Bank for Reconstruction and Development, Bulbank, United Bulgarian Bank, Biochim and SG Express bank as well.
Source: Dnevnik (26.06.2003)

The Council of Ministers has deposited BGN 200 million from the reserves with several foreign banks. The money were withdrawn from the account in Bulgarian National Bank, confirmed the Minister of Finances Mr. Milen Velchev. His Deputy Mr. Krasimir Katev explained that finances from the national reserves are deposited in the foreign banks in order to have higher yield.
Source: Standart (30.06.2003)

The Bulgarian touroperator Alma tour BG invested BGN 12 million in the construction of a new hotel in Zlatni piasatzi resort, announced the Executive Director of the company Mr. Lubomir Pankovski. The four-star complex Atlas was opened on May 31, 2003. The funds for its construction are own, through a credit and a co-financing from foreign touroperators. Mr. Pankovski added that the credits are provided by UBB and trade bank Bulgaria invest.
Source: Dnevnik (01.07.2003)

Credit card shopping was not possible in Bulgaria until recently. A couple of years ago, a product, called credit card emerged on the market. This product, however, was actually a debit card. In Europe, they are also known as charge cards. In the end of last year, the first real credit cards appeared in Bulgaria – issued by UBB, Transcard and BRS. Currently, their number is already 76 000.
Source: Dnevnik (01.07.2003)

The former privatization fund Petrol JSC was one of the companies, which most quickly accumulated resources for participation in the first wave of the privatization and thus managed to gain serious number of stakes from the Bulgarian industry. The new name of the company is Sinergon holding and at the moment it is not related to the distribution of fuels company Petrol, after which it was called. Chairman of the Supervisory Board of holding is the former Executive Director of the oil company Mr. Bedo Dogonyan. Mr. Dogonyan is also a manager of a significant part of the shareholders in the holding. The biggest stake of shares of the holding is property of Omega B D holding – 23 57 per cent of the capital, Petrol In holds 22.86 per cent, Kratos 22 – 6.30 per cent.
Source: Dnevnik (11.07.2003)

A new 6MW turbine was connected after 72-hour tests in the thermal power plant (TPP) of the Sugar Plants JSC sugar plant of Gorna Orykhovitsa. The new capacity, worth BGN 2 million, was built thanks to a very beneficial investment loan extended by the Stara Zagora branch of the United Bulgarian Bank, the plant CEO Roumen Ivanov told the PARI daily. After the turbine reaches its full capacity the sugar plant will be able to sell part of the power produced by its TPP in the process of crude sugar refining. The investments made in Sugar Plants in the first six months of this year exceed USD 1.1 million. The investment process will continue with the installation of new module installation for jelly bean casting and a brand new machines in the packing facility. The Gorna Oryakhovica refinery is the only one in Bulgaria that process sugar cane this year and for the first time in the last 90 years the plant did not sign contracts with the Bulgarian sugar been producers, after the cabinet refused to support the sugar been production in the country. Over 41,000 tonnes of crude cane sugar were refined this year. demand is soaring in this season, yet we are not tempted to rise prices, Roumen Ivanov says. By end July Sugar Plants will launch its facilities in Kameno and Rousse.
Source: Pari (17.07.2003)

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)

The state-owned share from DZI will be launched on BSE on August 11. 20 per cent from the shares of the company will be offered in a stake by the investment broker – a consortium between the National Bank of Greece, UBB and Bulbrokers. The papers will be traded against Compesatory Vouchers. This is the second company from the so called dream pool that is privatized on the exchange. 80 per cent from the shares of DZI were bought by the banker Mr. Emil Kujlev last year. Now the company is a part of the biggest Bulgarian financial group – DZI-Rosseximbank.
Source: Standart (24.07.2003)

The biggest company for manufacture of textiles in Bulgaria stopped working because it could not pay one of the installments on its new credit line to UBB. The delay of the payment is connected with a wreck in the plant, caused by a lightning in the central transmission line in Svilengrad. Koprina works with many companies which are connected with the trade with textiles, the manufacture and distribution of clothes in Bulgaria and abroad. Svilengrad-based plant has a contract with UBB for a credit in amount of BGN 2.5 million, guaranteed with a contract for pledge of the trade company.
Source: Pari (24.07.2003)

The international agency Fich rose the credit rating of United Bulgarian Bank from BB to BB+. The perspective remains positive. The change was made after raising of the state long-term international rating in foreign currency to BB+. The rating in local currency remained BBB minus. Fich will review positive changes in the operating environment of the Bulgarian banks. The company expects that the growth of 4.7 per cent of the Gross Domestic Product will continue.
Source: Dnevnik (28.07.2003)

The trading of shares of Pleven-based Oil and Gas Exploration and Production will start on August 11. On this date, the state, through the mediators from the consortium NBGI - UBB Bulbrokers, will offer at the privatization segment 49 per cent from the company's capital at an initial price of BGN 76 per share, payable in compensatory vouchers. For the time being, the company is 100-per cent owned by the state. PA is expected to organize competition for the majority stake.
Source: Dnevnik (06.08.2003)

UBB, Post bank and First Investment Bank (FIB) will sign the contract for credit of EUR 12 million that will be granted to the wine company Domain Boyar. The sign of the contract has to be executed by August 13. In the consortium UBB will take part with EUR 5 million, Post bank – with EUR 4 million and FIB – with EUR 3 million. The syndicated credit will be guaranteed with extraordinary pledges on companies from Domain Boyar group. The loan has to be paid by 2010 and during the first two years the wine company will pay only the interests.
Source: Banker (11.08.2003)

The International Rating Agency Fitch Ratings raised the long-term rating of United Bulgarian Bank from BB to BB+. The perspective of the rating remains positive. Meanwhile the Agency defined the short-term rating of the bank to B, the rating of the potential support – 3 and the individual rating – C/D. The raising of the rating is a result of the raising of the long-term foreign currency rating of Bulgaria from BB to BB+ and the rating in local currency from BBB- to BB+. As for the first six months of 2003 United Bulgarian Bank reported net profit in amount of BGN 22.729.
Source: Pari (15.08.2003)

The Greek technological company Informer concluded a contract with United Bulgarian Bank at a value of EUR 1.6 million, by which both companies will continue their traditional cooperation. In accordance with the contract Informer will supply sub-systems for automation and improvement of the work of the dealers’ department of the bank. At the moment United Bulgarian Bank works with the bank software of Informer – Globus.
Source: Dnevnik (29.08.2003)

Overgas started to pay the first interests from its issue of bonds, was reported from the company. The annual interest rate that will be paid to the holders of the papers is 10 per cent. BGN 1 000 000 have already been transferred to the holders. The physical entities who do not have bank accounts, will be able to take their money from each branch of UBB, was reported from Overgas. The bond loan that was launched by the company on November 8, last year, is for BGN 20 million.. Most of them were bought on green by institutional investors and the rest was launched on the stock exchange in February. The face value per bond is BGN 100 and its issue value is BGN 101,5 .
Source: Sega (02.09.2003)

Teximbank is the only financial institution, which reported a loss as of the end of the first six months of the year. The bank, which is managed by the daughters of the late Mr. George Naidenov reported a loss of BGN 1.197 million as of the first half of the year. The banks have reported a profit of BGN 218.487 million, which is about 82 per cent of the profit of the bank system as of 2002. The main part of the profit is due to the re-integrated provisions because of the implementation of the international accountant standards. The data show that Bulbank has reported a profit of 33.5 per cent of the net profit of the bank system, followed by DSK Bank with 12.4 per cent and United Bulgarian Bank - 11.4 per cent of the profit in the sector.
Source: Capital (08.09.2003)

United Bulgarian Bank will grant between BGN 5 000 and BGN 50 000 for small enterprises on its new product Business Energy. The term of payment of loan for investment projects is 5 years and operative capital – 3 years. At the moment Business Energy is offered in several branches of the bank in Sofia, Russe, Razgrad, Stara Zagora and Sliven. The service will soon be launched in all branches of the bank.
Source: Standart (11.09.2003)

The average insurance in the 20 most loyal companies insuring a staff to 15 employees is BGN 898, the National Social Security Institute’s information showed. 263 people work in these companies. The companies with a staff of 100 to 250 people employ a total of 4252. The average insurance income there is BGN 699. Top 20 of the most loyal employers in these criteria includes the names of Media Holding, Sheraton ­ Sofia-Balkan, publishing house 168 Hours, Tax Administration, Central Cooperative Bank, Bulgartabac Holding, Economic and Investment Bank, Municipal Bank, Privatization Agency. Etc.
Source: Pari (17.09.2003)

200 workers blocked Dynamo plant in Sliven and the syndic Ms. Snejina Majarova could not leave the company. The workers protested because of the demand of the syndic to close the company, said the leader of KNSB in Sliven Mr. Todor Ivanov. Dinamo-Sliven was declared in insolvency by Burgas Appeal Court because of a debt of over USD 4 million to UBB.
Source: Standart (19.09.2003)

United Bulgarian Bank AD (UBB) declared Ravda Holiday Village for sale. The village was built in 1995 and 1996 to serve as a holiday place for the bank's employees. It was put in exploitation in 1997. Since UBB was sold to the National Bank of Greece in 2000, it was decided that such an establishment was not necessary. In April 2000 Ravda Holiday Village was rented to Varna Tourist Company for a period of four years. In August, the same company took the management of the Dobritch-based Bulgaria hotel, which is part of the tourist assets of Radosvet Radev, owner of Darik Radio. Together with another company controlled by Mr. Radev - Prokon 90 (which owns Bankya Palace), Varna Tourist Company runs nine hotels along the Black Sea coast. The Varna-based company was established by Dimitar Dimitrov, known as the former manager of Grand Hotel Varna. The rent agreement for Ravda Holiday Village expires in April 2004. Under the contract's clauses, the lessee is more privileged compared to the other candidate-buyers. In practice, when the offers are ranked and the best one is chosen, the Varna-based company will be the first candidate invited to buy the establishment at the price fixed by the winner. In case that Varna Tourist Company refuses, an agreement will be signed with the top-ranked applicant. Offers will be accepted by September 30, and the lowest price required by UBB for the holiday village is EUR2MN. The holiday complex consists of seven sectors with 7,827 sq. m of built-up area, and almost 9-dca of land. There are 193 beds, 31 of them in separate houses. It facilities include a parking lot, garages, a swimming pool, a tennis court, a restaurant, two snack bars, a cafe, etc.
Source: Banker (23.09.2003)

The companies Dynamo In, Dienand Dynamo Gama Motors, which has rented production capacities in the declared I n insolvency company Dynamo-Sliven already has no access to the factory for dynamos and starters. The syndic of the Sliven-based company Ms. Snejina Madjarova closed the factory and announced the rent relations are ceased by a demand of the greatest creditor of the factory – United Bulgarian bank.
Source: Dnevnik (24.09.2003)

Bank Consolidation Company and the Hungarian OTP Bank announced in Plovdiv that the deal for the privatization of Bank DSK finalized. The transfer of the shares was executed yesterday in front of the journalists, as the Hungarian bank demonstrated the transfer of the rest of the sum for the deal. The price of the deal was EUR 311.1 million, 10 per cent of which were paid in the day the contract was concluded and the other 90 per after BCC transfer the shares of DSK to the purchaser.
Source: BTA (03.10.2003)

A new deal outlining the consolidation of dairy industry in Bulgaria, will probably be concluded by the end of the year. United Milk Company (UMC) will buy 99.95 per cent from the capital of Varna-registered Vitalakt Milk. UMC is equally owned by Industrial Holding Doverie and the Greek investment risk capital fund Global Finance. The major shareholder of the industrial holding is Doverie United Holding. Vitalakt Milk is ownership of another Greek company – Delta Ice Cream. This is the former Serdika – Varna and produces fresh milk and yogurt. Currently, UMC holds 30 per cent of the market of sterilized milk and 20 per cent of the market of fresh milk in Bulgaria. The company accounts for 30 per cent of Bulgarian white and yellow cheese exports to countries outside EU. Last your UMC reported BGN 27 million revenues. The enterprises owned by the company are Serdika-Plovdiv, Stara Zagora, Burgas and Shumen. They were acquired by Doverie United Holding through the mass privatization.
Source: Dnevnik (13.10.2003)

The machine-building plant Dinamo-Slivenhas been announced for sale through a tender, said the syndic of the company Ms. Snejina Majarova. She specified that the deadline for submitting offers is November 3. The assets will be sold as a whole and their initial price is a little over BGN 12 million. The candidates for the plant have to submit a deposit of 10 per cent from this price. Sliven-based company for manufacture of starters was declared in insolvency on March 14, this year and, following request made by the plant's biggest creditor – UBB, the plant was closed in the end of September.
Source: Dnevnik (15.10.2003)

Electronika JSC (Sofia-based maker of cash registers) announced it had reached an out-of-court agreement with United Bulgarian Bank (UBB). The commercial argument with the credit institution has ended with an agreement for the company to pay to the bank BGN 12 000 in three instalments.
Source: Banker (20.10.2003)

United Bulgarian Bank has sent to the Financial Supervision Commission and to the Bulgarian National Bank requests for permission for participation in the establishment of two insurance companies – United Bulgarian Bank – General Insurance and United Bulgarian Bank – Life insurance. The majority owner of the capital of United Bulgarian Bank with 89 per cent of the capital is the National Bank of Greece. The Bulgarian subsidiary of the Greek bank intends to gain 50 per cent of the capital of the two newly established companies.
Source: Banker (27.10.2003)

IRJSC Bulstrad and the Hungarian Bank OTP are negotiating for re-distribution of the property in the insurance company Bulstrad DSK Life. Bank DSK, whose sole proprietor is the Hungarian credit institution, owns 36.36 per cent from life-insurance company. The Hungarians, however, want to hold major share in this or another Bulgarian insurance company.
Source: Banker (27.10.2003)

Biochim Bank manages its human resources by the HeRMeS system of TechnoLogica SP Ltd. Apart from credit institutions like BNP Paribas (Bulgaria), Bulbank, Postbank, TB Allianz Bulgaria, companies, state authorities, companies HeRMeS automated all activities on planning, hiring, estimation, healthcare, organization, communication and use of the human resources.
Source: ComputerWorld e-Daily (29.10.2003)

The auction for the sale of the Sliven-based machine-building factory Dynamo failed, as there were no applicant-purchasers, announced the Syndic of the company Mrs. Snejina Madjarova. The procedure was conducted on November 3. The initial price in the auction was BGN 12 million. Mrs. Madjarova explained that there would be another auction for the sale on the factory, which was declared in insolvency. In accordance with the Trade Law the initial price in the second auction will be BGN 6 million, or half of the initial price in the first auction.
Source: Dnevnik (06.11.2003)

With a decision of the court United Bulgarian Bank, which is the main creditor of the Ruse-based poultry Galus Impex has made changes in the management of the company. Mr. Marian Jordanov will replace Mr. Ivan Getov as an Executive Director of the company. Mr. Getov will remain a member of the Board of Directors.
Source: Capital (10.11.2003)

The managers of UBB hope on November 23 to appear a buyer for the assets of its bankrupted debtor Dinamo JSC in Sliven. On this date for a second time will be held an auction for the sale of the administrative building and of the major production hall of the Sliven-based plant. They are evaluated at BGN 18 million and are pledged on behalf of the bank against a credit of USD 4.5 million. The syndic of the company Ms. Snejina Majarova reduced their evaluation two times when no one appeared at the first auction – to BGN 9 million. The bidding will start at the initial price of BGN 6 million.
Source: Banker (10.11.2003)

UBB's branch network IT servicing will be implemented by Bankservice following the outsourcing model. The contract will become effective on December 11. The company has two main responsibilities under the contract: to print the regular paper account excerpts (daily, weekly and monthly); the remove any hardware or software problems arising in the system.
Source: ComputerWorld e-Daily (15.12.2003)

United Bulgarian Bank (UBB) has sold Rousse-based poultry plant Galus Impex. The bank did not reveal the name of the new owner, but, according to unofficial information, the new owner is Stara Zagora-based company Gradus, which owns a number of poultry farms in the central and southern part of Bulgaria. Gradus did not comment on this information, explaining the company’s manager would be absent by the beginning of 2004, and nobody else was authorized to give information to the media.
Source: Dnevnik (18.12.2003)

United Bulgarian Bank (UBB) sold on December 16, 2003 Ruse-based plant for eggs and broilers Gallus impex to the company Bisser Oliva 98. The buyers paid to the bank BGN 2.5 million – amount, which completely covers its receivables from Gallus Impex. Owner of Bisser Oliva 98 is the company Gradus of the brothers Mr. Ivan and Luka Angelovi.
Source: Banker (22.12.2003)

On December 19 Ministry of Finance approved the list of the initial dealers of state securities, exclusively authorized to take part in the tenders for purchase of state securities. It includes Bulbank, Bank DSK, Hebrosbank, BNP Paribas (Bulgaria), Post Bank, Demirbank (Bulgaria, Eurobank, Investbank, ING bank – branch Sofia, Corporate bank, UBB, Municipal bank, First East International Bank, First Investment Bank, Raiffeisenbank (Bulgaria, Roseximbank, SG Expressbank, Citybank – branch Sofia, EIBank, Biochim, Allianz Bulgaria, Unionbank and Central Cooperative Bank. The financial houses Elana, Euro-Finance, and Bulbrokers, keep their statute of initial dealers for another six months.
Source: Banker (22.12.2003)

The representatives of the State were written off from the management of IPC Rodina after the General Meeting of the shareholders voted the representatives of the new owner – United Bulgarian Newspapers to entered the management of the printing and publishing complex.
Source: Dnevnik (30.12.2003)