Банкеръ Weekly



A 50.01% stake of the capital of the thermoelectric power plant (TPP) Maritsa 3 Dimitrovgrad was launched for cash sale on the stock exchange on November 13. The stake will be available for buyers by December 10. The investment intermediary Fina-S will apply the same approach that it used for the other companies in Energy 2 pool (which includes 50.01% of the capital of Maritsa 3, Dimitrovgrad, 51% of Energoremont Holding, 40% of Energoremont-Bobov Dol, and 16% stakes in Energoremont-Rousse and Energoremont-Varna). Half of the capital of the heating plant will be offered to investors in stages. The first began on November 13, when only 5% of the whole stake was offered at an initial price of BGN142 per share. Trading in these shares will go on until November 17.One percent stakes of another company in the pool - Energoremont Holding - were offered to investors on 12, 13, and 14 November. The initial price of the entire stake was BGN9,606.The Sofia-based Vives company has been the most active buyer of shares of power repair companies so far. Vives profited by the privatisation of minority stakes against compensation instruments of payment, which started on the stock exchange last April. The company acquired 36% of Energoremont Holding, 35.46% of Energoremont Rousse, 37.03% of the power repair company in Golemo Selo, and 21.32% of Energoremont Varna. Vives was registered in September 2002 by the partners Veneta Nikolova and Milan Gornichev. It acquired the stakes thanks to the intermediation of Corporate Bank with which it has indirect connection (Veneta Nikolova replaced Tsvetan Vassilev, Chairman of the bank's Supervisory Board, in the board of Silistra-based Emy AD). UNIONBANK took part in the privatisation of the Rousse-based company in late October, too, by acquiring 2% of its capital. Right then Zlaten Lev acquired a 4% stake. The Sofia-based G.S.Group acquired 19.96% of Energoremont Bobov Dol, and PIM D. Ivanova bought an 8% stake of the same company. On April 25, First Investment Bank acquired the 49% stake of the TPP Maritsa 3 against compensation instruments worth BGN26MN, which are actually equal to BGN6.38MN. Later, these shares were transferred to Topgroup company, established last January with Ivailo Asparuhov Ivanov as sole proprietor.The equity capital of Energoremont Bobov Dol amounts to BGN2.4MN. The company posted BGN3.5MN in operating proceeds for the first nine months of 2003, alomst BGN1MN down from the same period of 2002.A major customer of the power repair company is the TPP Bobov Dol which accounts for 80% of its income. The company's profit has shrunk, too - from BGN228,000 to BGN182,000. The company has no long-term liabilities for that period. Its new shareholder, Vives, does have some, however. On May 26 the Sofia-based company signed an agreement with Corporate Bank to pledge 25% of the stake acquired on April 29. The subsidiary of the Rousse-based power repair holding also reported a smaller profit as compared to the nine months of 2002. It ended the period at a BGN3,000 profit, down BGN1,000 from its results a year earlier. The operating revenues of the Rousse-based company dropped from BGN992,000 to BGN874,000.Energoremont of Varna is in the most unfavourable condition. The company ended the first three quarters of 2003 at a loss of BGN18,000. For the same period of 2002 it had reported a BGN12,000 profit. Still, its operating revenues have not changed, remaining in the range of BGN1MN.Energoremont Holding controls 35% stakes in its subsidiaries. According to its unconsolidated report, the holding posted BGN7,000 in profit for the first nine months of 2003, down BGN2,000 from the same period of 2002. However, the operating proceeds of Energoremont Holding have shrunk two-fold - from BGN3MN to BGN1.5MN.The other company in the Energy 2 pool which has already been offered for sale to investors - TPP Maritsa 3 - could not be proud of its three-quarter performance either. At the end of September it reported a loss worth BGN439,000.At end-September 2002, the plant reported a profit of a similar amount. Still, the poor result is hardly due to the lower operating proceeds, because they have only shrunk symbolically, amounting to BGN10.4MN by September 30, 2003.

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