Банкеръ Weekly



The fourth centralized public tender on the stock exchange will begin on March 1. State-owned shares of 348 companies will be offered at it. For 310 of them this will be the successive attempt for sale. By March 18 they will be offered against investment bonds, compensation instruments of payment or cash.One of the most attractive packages is the 30% stake of Beli Breg Mines. The company's profit for the first nine months of 2003 was BGN2.6MN, while its proceeds from sales for the same period amounted to BGN9MN. A majority shareholder in it is Mining Company EOOD, owned by Nikifor Vangelov, who is allegedly a confidant of the buyer of Atomenergoremontstroy Hristo Kovachki. Stocks of another company that is a part of these structures - Chukurovo Mines - will be offered as well. The state-owned share that will be sold against compensation instruments is 20 per cent. LM Impex (owned by Hristo Kovachki) is the majority holder with 54% of the company's shares. The companies Elshitsa 99 and Videx hold 13 per cent. The enterprise posted operating proceeds of BGN10MN-plus for the first nine months of 2003 and its profit for the same period was BGN109,000. Minstroy Holding which is one of the companies within the structure of MG Corporation is also among the firms, offered for privatisation. The state's share in it is 7.30 per cent. The balance of stocks are distributed between the MEBO Minstroy (60%) ), MG Elit Holding (29.58%), and natural persons hold 3.12 per cent. The company's proceeds from sales for the nine months of last year were almost BGN8.5MN, down from BGN44MN-plus in 2002. The profits by September 2003 totalled BGN55,000. The state-owned 21.67% package of the Plovdiv-based company Agria will be also offered to the investors. The MEBO company Agromanagement holds 53% and 25% are in the hands of the offshore company Ameloria, registered in Liechtenstein. Agria produces herbicides and netted sales proceeds of BGN 6.7MN for the first three quarters of last year, selling 53% of the output abroad. The Plovdiv-based company ended that period with a loss of BGN520,000.The second non-attendance public tender will be launched on the stock exchange on March 1 where the Privatisation Agency will offer 48 limited liability companies. Sales attempts for 12 of them have been made so far. From the new assets to be offered for sale Road Construction Sofia is worth noting, of which 32.986% will be sold at BGN13.40 apiece. The price is payable in cash. The company, whose biggest shareholder is Stroyinvest Holding (with a 40% stake) netted proceeds of BGN5.5MN by September 30, 2003 and had an insignificant profit in the last three years. The Rousse-based chemical enterprise Peter Karaminchev AD will also be listed on the stock exchnage. Its 33% state-owned stake will be sold at a minimum price of BGN1/share. The manufacturer of artificial leather, oil skin and foam rubber, is controlled by Sinergon Holding, which owns 55% of it. In 2003 the holding company managed to reduce its loss from BGN2.4MN to BGN180,000. 23% of Corecom will be offered against bonds, without setting a minimum purchase price. The company controlled by the Turkish businessman Sudi Ozkan (through Irada, registered in Liechtentein) counts mainly on the four duty-free shops, located at the border check-points in Koulata, Kapitan Andreevo and Kalotina, as well as two trade establishments in Sofia. Its profit exceeded BGN1MN by September 30, 2003, while the profit for the entire 2002 amounted to BGN740,000.Small investors may become partners in Bourgas Shipyard (the company is connected with the big businessman Vassil Bozhkov holds 80% of Bourgas Shipyards AD, 18.9% of which are offered on the stock exchange. The shipyard, which has recently acquired control over Moststroy, has considerably improved its financial results for the first nine months of last year, netting a profit of BGN1.3MN after being in the red the previous two years. An interesting scheme will be applied to several companies among which is the Veliko Tirnovo Winery. 16.37% of it will be offered for sale and 3,981 shares could be purchased against bonds, and 40 - against money. The winery, 67% of which is owned by Severcoop Gumza Holding, had a modest turnover of BGN1.2MN in the first three quarters of 2003 and a modest profit as well - BGN126,000.

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