Банкеръ Weekly



The Privatisation Agency (PA) has nominated Neftochim Invest Finance to broker the marketing of the remaining shares in companies, included in the Golden Sands pool. As it is known, the minority packages in the 10 enterprises of the group will be offered for sale on the stock exchange against compensation instruments of payment. PA's Supervisory Board is to approve the intermediary by July 7.Offers for participation in the contest were filed by another two investment brokers - Euro-Finance and Capman. The third candidate and winner in the competition was kept in secret till the last moment. The criteria for choosing the investment intermediary were: the minimum selling price per share of each of the 10 companies and the required remuneration for the eventual successfull marketing of the paper. The pool should appear on the stock exchange within 60 days after signing the contract between the PA and the investment intermediary, but the deadline will hardly be waited for. According to brokers, the 11.24% stake in the Golden Sands resort will be sold this time, but they have doubts if that would happen to the other companies within the pool as well.This is the second attempt for marketing packages of shares in the companies, included in the Golden Sands pool. On November 11, 2002 Aval In won the opportunity to broker the pool's selling against compensation instruments. It snatched the companies from under the nose of another six brokers, which indicates that the interest towards the pool was greater then, as well as the optimism that privatisation with non-cash instruments of payment could be successful. First Finance and Brokerage House, Elana, Sofia International Securities and South Market, took part in the contest last year. Interest was then shown also by Euro-Finance, which now tried again to win the mediation in the pool's sale. Neftochim Invest Finance was among the participants in the first tender, too. Despite the expectations that the leisure industry company would stir up the stock exchange, this did not happen. A buyer turned up only for the Varna-based firm Yavor. The package of shares in the Golden Sands resort is the only one, included in both versions of the pool. According to brokers, it failed to attract interest due to the unrealistically high prices of its paper. Last year the company's stocks were put up for sale against compensation instruments of payment at BGN38 par value. Now the players on the market expect that the broker has learned its lesson and will offer the shares at a much lower price. Currently, Golden Sands' paper can be had on the cash market at BGN5.90/share. If the broker takes that price into consideration, as in the sale of Bulgartabac Holding's 12.74% stake, Golden Sands' paper should be offered against compensation instruments at about BGN23-24/share.The leisure industry company owns five hotels at the Golden Sands resort: Zlatna Kotva, Metropol, Sirena, Iglika and Morsko Oko. The company's managers plan to open one more hotel - Rodina - after the end of the present tourist season. The resort's entire infrastructure and two holiday villages are also included in the assets of the Golden Sands company. Its owners are: Agrima (the licensed distributor of Pepsi for Bulgaria), Zlatni AD and CN Touristic. As in recent years, Germans are expected to be the most faithful guests of the resort. German vacationers currently account for 59% of all foreigners who have preferred Golden Sands as a destimnation for their holidays.

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