BSE MAKES PROFIT FOR THE FIRST TIME IN THREE YEARS
Vladimir Vladimirov, CEO of ROSEXIMBANK, Atanas Bangachev, adviser of the Minister of Economy Lidiya Shouleva, and the London banker Filip Pashov are the new members of the Board of Directors of the Bulgarian Stock Exchange (BSE). The changes, voted at the general meeting of the exchange on September 4, increased the number of BoD members from six to nine.After the changes, the management of the stock exchange includes representatives of both state institutions and private businesses, the BSE Executive Director Georgi Draichev said. Vesselin Ralchev, Executive Director of Dealing Financial Company, and Assen Yagodin, member of the Post Bank Management Board, were elected members of the commission established to the BSE under art. 26 of the Public Offering of Securities Act. The commission acts as an adviser on important issues such as the dismissal of members of the exchange, for example. The shareholders also voted for changes in the exchange's statute, which are coordinated with the amendments to the Commercial Code. The expanded board of directors was authorised to manage assets of the company which total value in the current year exceeds one half of all of its assets. Last month, the stock exchange sold a building on Vazrazhdane square. The buyer - Central 52 company, is owner of the Sofia Central Hotel and paid BGN1.65MN. The managers of BSE are going to search for a new building of at least 500 square metres in the centre of Sofia for the needs of the stock exchange. At present, the BSE is located in the building of the Confederation of Independent Trade Unions in Bulgaria and pays a rent which is kept secret.The BSE posted a profit of BGN180,000 for 2002. This amount will cover most of the 1999 losses (worth BGN190,000). The stock exchange reported a profit for the first time in a three-year period. The exchange is expected to finish 2003 at a double profit. However, it will again cover previous losses (currently reaching BGN220,000). Operating revenues of the BSE for 2002 amount to BGN1.28MN. The large amount of free resources - BGN811,000, is quite impressive. They will be invested in deposits and government securities, Georgi Draichev explained.