INVESTMENT VOUCHERS TO WAIT UNTIL AUTUMN
The Privatisation Agency (PA) sold the whole state-owned stakes in 48 companies within the days of the seventh centralized tender which took place on the stock exchange between 2 and 16 August. Only one of these stakes was a majority one, however. A hundred per cent of the capital of the Agruassu company, based in the village of Parvenets, was traded on the very first day. The price paid amounted to BGN299.99,000 and was BGN30,000 above the minimum one announced. There were other three 100% stakes offered for sale, but no one declared interest in them. More attractive among the companies sold appeared to be the Veliko Tirnovo-based Momina Krepost, Petar Karaminchev, Chimco, and Maritsatex. Only parts of the state-owned shares in other five companies were sold as well.Traditionally, centralized tenders are expected with impatience by the holders of investment vouchers. It is quite logical, considering that these tenders are the vouchers' only chance to be applied. Thirty-five out of 123 enterprises were offered in return to vouchers and compensatory instruments on the latest tender. Payments totalling BGN520,515 in non-cash instruments and BGN776,530 in real money were negotiated for the 53 companies traded on the market floor. The general financial effect of the privatisation in the period 2-16 August is almost BGN1.3MN. Much of this result was attained in the first few days of the tender. Then trading on the privatisation segment of the exchange almost declined.State-owned shares that failed to find a new owner will reappear on the stock exchange on the next centralized tender, but at a lower price. Some of them will even be offered for a minimum price of BGN0.01. The PA adopted this practice and it may be the reason why investors don't want to buy and prefer to wait for a better moment. However, the agency is not preparing a new tender now. There will be a tender for sure, but it will probably be announced in autumn.