INTERMEDIARY FOR NINE COMPANIES IS SOUGHT
After last week the so-called dream pool received its broker, Privatisation Agency (PA) now announces a competition for investment intermediary for the next group of companies to be sold on Bulgarian Stock Exchange (BSE) against compensation notes. On October 8 the State Gazette published the decision for the sale of the stakes of 85 companies. They were grouped in nine pools, each of them consisting of approximately nine-ten enterprises. PA has established three commissions to prepare the competitions for investment intermediary.The first pool to be traded on the BSE includes nine companies. The most attractive among them proved to be Golden Sands which shares are presently traded at BGN4.50. 11.24% of the company's capital or 729,826 shares will be offered for sale against compensation notes. Those, willing to participate in the competition, can buy the documents necessary for BGN300 by November 1. They must also make a deposit of BGN1,000. There will probably be about five or six candidates which will compete mainly by their offers for minimum sale price of a share in BGN. Each of the companies will compete on the basis of the reward for successful realization of shares in percentage and of the maximum value of the commission. Keeping in mind the fact that most companies are not very attractive, the main teasers for investment intermediaries will probably be Golden Sands and Despred. Therefore the intermediaries which have so far participated in the trading of Despred's shares are also expected to join the race. EIBANK announced that it had no intention to apply for intermediary in the sale of the pool and would rather join the other side (the bank and Despred have common shareholders). Both serious stock players and small investors appear interested in the shares of the resort company. Kamen Kolchev, Executive Director of Elana, informed that the Varna firm Yavor might also be of some interest to potential buyers with its big stake of shares to be sold against compensation notes. Despred should also be counted in, but it is more likely to attract the attention of its majority shareholder - the Swiss company Spedcom AG. The other members of the group - like the enterprise for production of porcelain Kitka which was announced insolvent on October 22 by the State Receivables Collection Agency, have nothing to impress investors with.