Банкеръ Weekly

Briefs

STOCK EXCHANGE TO HOLD THIRD PUBLIC TENDER

State-owned packages in 110 companies will be put up for sale on the stock exchange on February 11 and will be offered till February 27 during the third centralized public tender. The shares will be sold against investment bonds whose price went up considerably during the last few days, reaching almost 20% of the par value. Stocks could be bought also against compensation instruments of payment or cash.The Privatisation Agency (PA) will offer 100% in a single company - Longoza EAD - Varna. 20,800 shares of BGN10 par will be put up for sale. The company's subject of activity is lumbering, transport and trade. According to the information memorandum Zhivka Glavcheva is still its manager, although by an order of the Minister of Agriculture and Forestry Mehmed Dikme, dated August 22, 2003, she was relieved of her duties. However, the change has not yet been registered in court and the contract with Ms. Glavcheva has not been terminated. Longoza EAD holds a state-owned forestry fund of 43,000 sq. m and another 26,600 sq. m, as well as an arboretum, several rest homes and two huts. In the last three years the company's proceeds from sales have been continuously going down. In 2003 it marketed output worth BGN383,000, down from BGN1MN-plus in 2001. Longoza closed the first nine months of 2003 at a loss of BGN99,000. It has also accrued losses from previous years, amounting to BGN240,000. It biggest liabilities are due to unpaid taxes, totalling BGN136,000 at November 31, 2003. Eight lawsuits have been initiated against the company and a restraint has been imposed on some of its real estates by the Varna Regional Court. However, Longoza is not indebted to banks or other credit institutions. 30% of the Sofia-based Agromachinaimpex will be offered on the stock exchange. The company's equity capital is BGN929,742, distributed in the same amount of shares of BGN1 par. The balance of the enterprise's capital is in the hands of the majority shareholder Gasmobil EOOD. Agromachinaimpex trades in tractors and spare parts and owns real estates in Sofia, Vidin, Montana, Rousse, Silistra, Yambol, Haskovo, Kurdjali, Plovdiv and Pazardjik. Its net proceeds from sales decreased considerably year-one-year, going down from BGN2.6MN to BGN1.8MN. The company ended 2003 at a loss of BGN297,000.Chimic AD - Assenovgrad is also among the companies listed for privatisation. 25% of it will be put up for sale. The balance of 75% is in the hands of IK2000 AD. The company buys, processes and markets scraps. It also produces household articles and industrial goods. At September 2003 it had exported 90% of its output. Within that period sales totalled BGN2.7MN, down from BGN1.8MN in 2002. Chimic AD made a BGN19,000 profit in the first three quarters of last year. However, this is a considerably worse financial performance than in the same period of 2002 when the profit was BGN431,000. During the last few years the company's main policy has been directed to reducing environmental pollution. For the fulfillment of that objective Chimic AD was assisted by the Ministry of Envronment and Waters, which allocated it an interest-free loan of BGN700,000 in 2002, to be repaid by 2005. BGN585,000 was due under that credit at the end of the first nine months of 2003. The company has considerable ZUNK liabilities, close to USD1.9MN.The state-owned 29.31% stake in the Varna-based Cherno More, with equity capital of BGN508,441will be also offered for sale at the third centralized public tender. The balance of its shares are held by MEBO Cherno More 2001. The company produces and trades in radio-location systems, satellite telecommunications equipment, household electronics and electrical appliances. It has no rival on the domestic market of radio-location systems. The company also makes goods for military purposes and with possible duel use, e.g. various kinds of reconnaissance radars and systems for surveillance. It exports 60% of its output. By end-September, 2003 the company's sales reached BGN3.6MN and its profit totalled BGN84,000. But it has overdue debt of BGN3.7MN. The company also has considerable liabilities under ZUNK, amounting to USD223,000 plus USD159,500 in interest, as well as BGN64,500 on which BGN86,000 in interest has been calculated. Under the repayment plan, these debts should be settled by September 15, 2009. Investors will be able to bid for small state-owned packages in several wineries. Vinprom Sofia, renamed to Radino in 2000, is among them. 2.9% of its capital will be traded on the stock exchange. The company Alexandrov Co, owned by Tokuda Bank's Executive Director Stoyan Alexandrov, is a shareholder in it with a 37% stake.The package includes also 0.07% of the top Bulgarian stockings manufacturer Lady Sofia AD. In the end of the 90s multiple legal suits were initiated for the ownership of the controlling 67% stake, divested in mass privatisation by three funds (Bulgarian-Dutch, which acquired 26%, Bulgaria, with 9.92%, and Mel Invest, with 11.85%). Currently, Bulgarian Industrial and Trade Corporation (with Bulgarian Holding Company as its majority owner) becomes the owner of 94.02% in Lady Sofia. The 4.4% stake in Balkanpharma Razgrad is also likely to attract interest. According to the preliminary report for 2003 the company's profit is estimated at BGN5.3MN. Meanwhile, the second centralized public tender, held on the stock exchange by the PA, was finalized on February. State-owned shares in 432 companies were offered,176 of which were completely sold out and another 57 were only partially divested.

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