Банкеръ Weekly

Briefs

TBI - OWNER OF ALMOST 100% OF BULSTRAD

BZP Group acquired 9.99% of the capital of Bulstrad insurance and reinsurance joint-stock company through the related intermediary TBI Invest. The tender was held on the Bulgarian Stock Exchange on September 14 and the information was confirmed by the TBI Asset Management Executive Director Stoyan Toshev. As a result, a 94% stake of the capital of the insurer is already controlled by BZP Group which is in turn owned by the TBI company, controlled by the Dutch TBIH Financial Services Group. The stake was sold for BGN3.8MN (BGN27 per share). The face value per share was BGN10 and the starting price - BGN19. The 9.99% stake was sold as a whole and the bidding started at nearly BGN2.7MN. By making its offer, the Bulstrad majority owner anticipated the customers of First Financial Brokerage House (who submitted an offer worth BGN3.3MN) and Elana (BGN3MN).The remaining 3.63% will be offered on the stock exchange from September 23 to October 7. The starting price will be BGN19 again, which makes the whole stake worth BGN972.8,000. However, this time shares can also be sold separately and that will enable small shareholders to acquire them, too.The Privatisation Agency (PA) decided to sell the state-owned stake of the capital of Bulstrad on the stock exchange on December 10, 2003. The company is already the second public one in the insurance branch. The leading position is occupied by DZI which was enlisted in the public register yet last summer during the market privatisation of 20% of its capital in return to compensatory instruments.In order to acquire 94% of Bulstrad, BZP Group purchased the stakes held by BULBANK (8.56% worth BGN2.3MN, or BGN19 per share) and Balkan airlines through the State Receivable Agency (about 1% worth less than BGN10 per share).According to the Law on Public Offering of Securities, a shareholder who acquires over 90% of the capital of a public company is allowed to make a tender offer to the minority shareholders. Usually, the move aims at writing the company off the public register. Most probably this is the scenario that the managers of the insurance company are going to follow. If no such steps are made, the majority owner will be obliged to transfer a part of the stake within two weeks.Bulstrad was established back in 1961 and is specialized in international insurance. In 1994, it created Bulstrad Life and in 1998 - Bulstrad Services Consulting, which occupies with economic activities. In the early 2003 the family got a new member - Bulstrad Health Insurance. On September 8, 2003, the special investment purpose company TBI BAC Real Estate in which Bulstrad holds 49.80% joined the group, too. Moreover, Bulstrad owns 11.45% of Doverie Pension Assurance and 10% of TBI Leasing. At present, Bulstrad has a BGN14.1MN worth main capital. The company has a network of 13 general agencies, 36 agencies and 61 insurance centres. In 2003, it became a leader on the insurance market holding a 17.26% share. Its absolute premium income keeps growing and is now over BGN102MN.

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