Банкеръ Weekly



The Belgian concern Interbrew has finalized the process of consolidating its share participation in Bulgarian breweries. At the general meetings of Plevensko Pivo AD and Kamenitza AD, held on December 17, it was decided that the former company should merge into the latter. Thus, Kamenitza AD is already the owner of the breweries in Plovdiv, Haskovo, Bourgas, and Pleven. The individual enterprises, however, will continue to brew beer bearing the trade marks that are famous on the local market - Astika, Bourgasko Pivo, Plevensko Pivo, and Slavena. For the time being, however, the company will have an unified management structure with headquarters in Plovdiv.The breweries of Haskovo and Bourgas merged into Kamenitza AD back in November 2000. At that time Plevensko Pivo AD's problem was that it was a public company, and under the provisions of the Public Offering of Securities Act if one of several transforming companies is public the newly established company automatically acquires the same statute. Obviously, trade in the shares of Kamenitza AD on the stock exchange did not at all appeal to the Belgians. That's why they patiently waited for the completion of procedures for writing off the Pleven-based brewery from the register of public companies and effected the merger afterwards.After the consolidation of its property in Bulgaria, Interbrew will hold more than 80% of Kamenitza AD's capital. Although the stocks of the Plovdiv-based company are not traded on the capital market, its policy is presently an example for observing the rights of small shareholders. The dividend distributed for 2000 exceeded BGL40 per share, and that for 1999 exceeded BGL50 apiece. Taking into consideration the fact that a worker, currently or formerly employed at the Plovdiv-based brewery, owns 250 preferential stocks on average, the inevitiable conclusion would be that it's not so bad to be a small shareholder in certain cases.

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