PETAR TERZIEV HAS SOLD HIS STOCKS IN PHARMACO
Petar Terziev sold his share in the Icelandic pharmaceutical firm Pharmaco, the company's website announced. The former manager of Balkanpharma Holding and incumbent member of Pharmaco's Board of Directors (BoD) so far held a 5.14% stake in the Reykjavik-based firm. The new owner of this package is the local holding company Amber International, controlled by Pharmaco BoD's Chairman Birgilfur Tor Birgilfson and BoD's member Birgilfur Gupmundson. Thus, Amber already holds 35.29% of the Iceland firm's capital and remains its biggest shareholder.Mr. Terzev sold his stocks in Pharmaco because of his participation in the privatisation of the Plovdiv-based cosmetics manufacturer Alen Mak AD. He is a representative in Bulgaria of the company with Swiss capitals Effecten und Finantz, which was picked by the Privatisation Agency to purchase 57% of the enterprise against USD5.5MN. However, Mr. Terziev will remain a member of Pharmaco's BoD, according to the official information in the company's website.The Icelanders own 100% of Balkanpharma Holding, which holds almost entirely the pharmaceutical works in Doupnitsa, Troyan and Razgrad. All Bulgarian structures of Pharmaco are expected to be incorporated in a single company by mid-2002. The fact that the three enterprises' shares are still traded on the stock exchange has been so far an impediment to the merger. However, this matter has been almost settled. Within a month the shares are expected to be withdrawn from trade on the floor of the stock exchange and written off the register of public companies, kept by the State Securities Exchange Commission (SSEC). This became possible after the publication (permitted by the SSEC) of tender offers for the sale of paper, owned by the small shareholders of Balkanpharma-Doupnitsa and Balkanpharma-Troyan.