MORE THAN 5 PER CENT IN MEDICA PURCHASED BY A FOREIGN INVESTOR
The State finally succeeded to sell its shares in Medica of Sandanski in the quickest possible way - on the privatisation segment of the Bulgarian Stock Exchange on Wednesday (February 27) - and got proceeds of BGN244,079. Most of the sold 5.66% of the company's capital was purchased by a client of First Finance and Brokerage House at BGN12 apiece. The Manager of the investment underwriter Nedelcho Nedelchev declined to announce any details, but the BANKER weekly learned that 5.05% of Medica's shares were bought by a foreign investor. The bid was placed in the evening on February 26, several hours prior the auction for the pharmaceutical enterprise's state securities.Shares in Medica were also purchased by six investors at prices between BGN11.50 and BGN12.51 apiece. Contrary to the expectations, Medica's majority owner Doverie Holding did not take part in the bidding. The sale of the stocks was brokered by the financial house Ever, 25% of which is in the hands of Doverie Holding. Obviously, Doverie does not intend to increase its share, which is presently about 59% of Medica's capital. The other larger shareholders in the pharmecetical enterprise are the European Bank for Reconstruction and Development (EBRD), with a 16.2% stake and teh Czech Europa Capital Management, holding 5.4% of the company's stocks. They acquired their shares when Medica increased its equity capital in 2000. They also extended an investment credit of EUR11.19MN to Medica through the Post Privatisation Fund, whose owners they are. One more investor is no entering the paly of the big in Medica now. However, the important news about the enterprise's restructuring are expected in spring. According to rumours, Doverie will then sell its shares in the company or will otherwise buy out the packages, held by the EBRD and Europa Capital Managers.