Банкеръ Weekly

Briefs

ALBENA WILL BE LOOKING FOR BGL15MN FROM THE CAPITAL MARKET

Albena JSCo., one of the most liquid companies at the stock exchange, is on its way of reviving the feeble stock market. On the company's General Assembly which will take place on June 23, 2001, the shareholder will vote a new bond issue. According to the suggestions made till now the papers will amount to totally BGL15MN with 10 years term-to-maturity and interest rate upto 10%, said Ivelina Grozeva, Albena JSCo. Financial Director. The face value of each paper of the new issue will be BGL1000.
The final parameters of the issue will be defined at the General Assembly, taking into consideration the opinion of the shareholders, added Grozeva. The biggest of them are Albena Invest Holding and the MEBO unit Albena 2000. Funds received from the new bond issue will be used for investments in the resort. The terms for buying the papers will be specified at the General Assembly as well.
On June 23, 2001, shareholders will also vote on the former Albena JSCo. debt issue to be publicly traded. It was sold in August 2000 to a limited number of institutional investors. It amounted to BGL5MN, and the papers issued were 5000 with BGL1000 apiece. Half of the papers were bought by DSK Bank, and the remaining part - by UBB, DZI, Armeetz Insurance Co. and Rodina Pension Insurance Co. The bonds have two-year-term-to-maturity and an yield of 9%. Should the General Assembly votes in accordance with the expectations, that would mean that the first issue of debt papers will be registered at the stock exchange in the middle of the summer.
Yet it is almost certain that there will not be serious trading of these papers. Issue owners will hardly decide upon selling the papers, having in mind that there are no other attractive shares offered at the stock exchange. And despite of some intermidiaries' enthusiasm, Albena JSCo.'s bond trading will probably be rather limited.
Small shareholders should not expect dividents, as no distribution of dividents was planned. That is the opinion of Lydia Shouleva, Albena Invest Holding Executive Director. The holding company is the majority owner of the resort. The reason is that the holiday village rate of endebtednes is rather high, due to the large scale investment programme.

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