Банкеръ Weekly

Briefs

SOLVAY LOOSENED PURSE-STRINGS FOR SODI SHAREHOLDERS

The undisputable stock exchange hit of the week and of the entire year so far as well, was last Wednesday's announcement that the Vienna-registered Solvay Sisecam Holding will be purchasing shares in its Devnya-based subsidiary at BGL13 apiece. The attack was prompted by a block deal in 237,366 shares on the same day when the Cypriot Rozin Investments sold its share participation in Solvay-Sodi to the majority owner at BGL13 apiece. The transaction was brokered by First Financial and Brokerage House (First FBH). Immediately after that Solvay Sisecam Holding announced it had acquired almost 84 per cent of the company and made the most equitable decision to buy out the stocks from all other shareholders at the same price.
It should be pointed out that this price is more than threefold up the Wednesay quotations before the news was broken. So, it turned out that in just one day some players won the terrific 230-percent yield. The price of BGL13 apiece satisfied most of the shareholders in the soda ash manufacturer and this became evident on the capital market on Thursday. Within one day alone Solvay Sisecam Holding purchased 268,213 shares, of which only 57,300 were traded on the block segment by First FBK. The others were transferred through the Beta Corp. intermediary, whose brokers maintained buying bids of BGL13 per share throughout the session.
As a result of this operation within just two days Solvay-Sodi's majority owner increased its stake in the enterprise from a little below 80 per cent to 87.8 per cent.
It has not been announced yet how long this operation of the Belgium-Turkish company will last. However, nearly all players on the stock market are sure that its share in the Devnya-based plant will exceed 90 per cent without any problems. Many brokers have fears that when this becomes a fact, the Vienna-registered company will make a move to write off the enterprise from the register of public issuers.
However, pundits claim that the Belgium-Turkish owners have not yet considered that issue. They believe it is important now to
treat on an equal footing all shareholders, notwithstanding if they hold 1 or 200,000 stocks. Certainly, this move helped Solvay's image up to that of Union Miniere. In 1997 the latter paid a good price for the shares in its Pirdop-based subsidiary.
Now the memory of the long-commented conditional increase of Solvay-Sodi's capital can be deleted from the minds of portfolio investors.
The considerable rise of quotations of the soda ash manufacturer dragged on LUKoil-Neftochim - the recently most actively traded company. More than 7,500 of its shares were transferred on the free capital market. It is supposed that some of those who sold their shares in Solvay-Sodi purchased stocks of the Bourgas-based oil refinery. This explains the over 13-percent appreciation of its paper. Many analysts of the capital market believe that LUKoil-Neftochim's quotations will continue the upward movement.

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