Банкеръ Weekly

Briefs

PETROL LICENSED TO TRANSMIT DATA VIA SATELLITE

Petrol AD has set up a new company - Trans At - which has already been granted a public licence for transmitting information via a satellite from any part of the country, Petrol's Executive Director Svetoslav Yordanov announced at a press confeernce. The company will officially begin operations on August 15, 2003. It will enable all petrol filling stations of the company to maintain constant connection with the head office in real time. The satellite connection can also be used for vontacting at any time Petrol's agents amd partners.In addition, the company's managerial team has proposed a more efficient scheme for providing information for taxation purposes. Each fuel retailer will be able to directly contact the respective servers of the tax offices. Thus, transactionas can be registered in real time, Mr. Yordanov explained. According to him, this will result in a higher collectibility of direct and indirect taxes and will protect clients from unconscientious dealers in fuels. The general meeting of shareholders in Petrol AD, held on May 26, made a decision to raise the company's capital from BGN1.9MN to BGN109.2MN. The increase will be at the expense of the undistributed profit for the last few years and of part of the accumulated reserves. The shareholders decided also to vote a 20% dividend at their next general meeting.

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