Банкеръ Weekly



The shareholders of made a surprising decision, voting on July 10 for an increase of the financial institution's capital by BGN15MN instead of by BGN50,000 as announced a month earlier. Thus, it will go up from BGN30MN to BGN45MN. The proposal for that significant increase was made by Rumen Serbezov, representative of Tokushukai Sofia - the company which defends the interests of International Hospital Services (holding 93.84% of the bank's shares) in Bulgaria.Mr. Serbezov had not even notified the bank's executives about the projected sizable increase of the equity capital. Rumours go that he has not been in very good relations recently with Stoyan Alexandrov, Chairman of the bank's Management Board, who was even absent from its general meeting of shareholders in Plovdiv. But, the meeting was attended Alexey Petrov, the owner of the insurance company Levsky-Spartak. That gave reasons to some participants at the general meeting to claim that Levsky-Spartak would buy shares from the increase of the bank's capital. Another curious fact is that the meeting on July 10 passed without the usual arguments between representatives of the majority shareholder and Slavka Ivanova and Chavdar Darzhikov - owners of the leasing company Lady VSM - which holds about 5% of Tokuda Bank's stocks. Since mid-1999 they have been holding a series of lawsuits against Tokuda Bank. Asked by the BANKER weekly to comment on the decisions of the general meeting Ms. Darzhikov even demonstrated lack of interest, explaining he did not attend carefully to the decisions, voted by the shareholders, redirecting the weekly's reporter to the majority owner for more details. However, the participants in the general meeting believe that Mr. Darzhikov and Ms. Ivanova will again appeal in court against the increase of the credit institution's capital, as they have done always before. The Management Board's report on the operation of Tokuda Bank in 2003 shows that the bank made a profit (at that not negligible- BGN1.66MN) for the first time since 2001. In 2001 it posted a loss of BGN304,000 and in 2002 it was BGN8.91MN in the red. Moreover, the bank's balance sheet value rose by more than 83%, reaching BGN50.71MN by December 31, 2003, up from BGN27.67MN in 2002.

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