Банкеръ Weekly



The 9th remote tender on the Bulgarian Stock Exchange will be held from 13 to 27 July. Stakes in eleven limited liability companies will be offered for sale there. Eight of the stakes will be traded for non-cash means of payment and the other three will be sold in return to cash funds. In fact, compensatory instruments remained the only non-cash means of payment as investment vouchers from the second round of the mass privatisation are no longer valid since June 30. Still, not so many compensatory notes are likely to be spent, considering that only minority stakes will be offered for privatisation.Among the companies that draw attention there are the Plovdiv-based Iskra-Electro (37.32% of its shares are offered for sale), Protex based in Provadia (20%), and Agromechservice located in Lovech (10 per cent).The Plovdiv-based Iskra-Electro is the assignee of the assets and liabilities of Elprom - Sofia (a company including Elprom EAZ - Plovdiv, the Iskra-Plovdiv appliances factory, and subsidiaries located in Sofia). The company produces thermal relays, home appliances, buttery starters and illuminants. Apart from the state, Georgi Vassilev Penkov and Katya Petrova Dobranova hold shares in it, too. It should be noted that the company was already subject to insolvency proceedings that ended on December 19, 2003. However, the recovery included transferring it as an aggregate of rights, obligations and actual relations in favour of Filcab joint-stock company. The company ended last year at a loss amounting to BGN67,000 and reported no revenues from sold production.The Protex limited liability company produces linen thread and technical textile. Its capital amounts to BGN45,000 divided in 450 stakes of BGN100 par value. The stakes are held by the state represented by the Ministry of Economy (20%) and the Textile Factory OOD - Provadia (80%). The company ended each of the past three years at a loss that varied between BGN20,000 and BGN28,000. The loss registered for the first half of 2005 amounts to BGN1,000. Its operating revenues are falling drastically - they amounted to BGN230,000 in 2001 and to BGN102,000 in 2003. Total revenues for the first half of 2004 amounted to BGN60,000.Agromechservice offers mechanized agricultural, construction and installation services, repair and technical maintenance of tractors, cars and agricultural equipment. The capital of the company amounts to BGN34,000. In 2004 its operating revenues were up from BGN153,000 to BGN232,000 compared to a year earlier. The profit reported at the end of 2004 amounted to BGN64,000.Stakes that fail to attract investors by July 20 will be offered at prices twice lower than the current ones.

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