Банкеръ Weekly

Briefs

MINISTRY OF AGRICULTURE STOPS LONGOZA'S SALE

The Privatisation Agency (PA) stopped the sale of 100% of the capital of the Varna-based Longoza EAD. The company was about to be sold within the third centralised tender which started on the stock exchange on February 11. Initially, it had to be traded at BGN705,000 at least. The privatisation was interrupted because the principal of the company, the Ministry of Agriculture and Forestry, decided to take out some of its assets first. Before the company is offered to the investors, the forestry lands in Varna and Suvorovo owned by the ministry will be transferred to the National Forestry Directorate.Longoza was the only company offered entirely for sale on the centralised tender. Other 110 minority state-owned stakes were offered, as well. Stakes of 32 companies were bought on the first tender day alone. Other 13 companies sold shares in return to 7 million investment vouchers (estimated by face value) and BGN40,000. On the second day of trading, shares were sold for 2.6 million investment vouchers. Most attractive turned out to be the shares of Balkanpharma Razgrad AD and M-S Hidravlik AD, all of which were bought. The price of the Razgrad-based company shares varied between BGN6 and BGN10.20 worth investment vouchers. Investors also paid attention to the shares of Agromachinaimpex AD and Sheraton Sofia Balkan AD. The 23.7% stake of the capital of the Sofia-based spinning factory Bulgaria 29 was sold, too, and its shares grew considerably expensive on the second day of their trading - from BGN17.47 worth investment vouchers per share up to BGN25.25. According to some brokers, attractive shares are already running low. However, other brokers predict that active acquisitions will go on.

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