Банкеръ Weekly



With enviable persistency the public company Khan Asparouh of Isperih has been posting profit for several years now from the sale of majolica and terracotta tiles. The enterprise's annual profit is around BGN2MN. For the first six months of 2004 alone the company (which is presently the number one domestic producer of tiles), posted a positive financial result amounting to BGN2.4MN. Its owners, however, prefer to not distribute dividends and have already accumulated BGN9MN in reserves, while its non-distributed funds for the first half of the year total BGN4.4MN.The plant has outpaced the other companies within the branch by sales of almost BGN18MN for the January-June, 2004 period. The bulk of its output (54%) is exported. The enterprise's products are well-known on the markets in the UK, France, Benelux, Romania, Germany, Italy, Macedonia, Sweden and Greece. Khan Asparouh is owned by two offshore companies - Estimon Investment Ltd. (33%) and ЕСМ Holdings Ltd. (9%) - and one Bulgarian firm Roslin Partners Bulgaria, also controlled by an offshore company and a group of natural persons. The enterprise's major competitors in Bulgaria are the Shoumen-based Khan Omourtag and Rocca Bulgaria of Kaspichan. Contrary to logic, interrelations between the firms in that branch are not based on severe rivalry. Quite the opposite, Khan Asparouh and Khan Omourtag have set up a joint distribution network and maintain common shops and exhibition halls in the bigger Bulgarian towns. The link between the two plants is still more evident in the company MLB Assets, in which Khan Asparouh's CEO Ivo Evgeniev and Khan Omourtag's former executive director Gergana Georgieva are partners.

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