Банкеръ Weekly



The Bulgarian Information Technologies company (known as Bitex) is planning to invest in real estates. The shareholders will discuss the intentions of the managers at the general meeting scheduled for September 9. Resources for the acquisition of estates will be gathered by raising the company's capital by BGN20MN. There are already investors willing to subscribe for shares of the new issue. They are mainly Greek companies. At present, the Bulgarian Information Technologies is occupied with INTERNET supply, phone cards and software development.According to one of the members of its Board of Directors, Mr. Christos Mouroutis, the company lost BGN258,000 from the IT business for the first half of 2005. For comparison, it reported a BGN116,000 loss for the same period a year earlier, according to the non-consolidated report of the company, filed to the Bulgarian Stock Exchange-Sofia. Besides, Bitex has accumulated losses of BGN2MN for previous periods and undistributed profit of BGN7,000. The long-term liabilities of the company amount to BGN210,000 and are to related firms only. Its short-term debts go to BGN532,000. Its operating revenues have fallen from BGN532,000 to BGN465,000, while the expenses are up from BGN648,000 to BGN723,000.The Bulgarian Information Technologies joint-stock company was established in 1996 and went public in 2003. Its capital amounts to BGN2.9MN. Since 2001, the company has been operating at a constant loss. The Greek Vivodi Telecommunications S.A. even applied for declaring Bitex insolvent. The claim will be considered by the Sofia City Court on October 26. The Greek company claims EUR55,000 which Bitex owes it on a credit launched in the past.The Bulgarian Information Technology is run by Christos Mouroutis, Deyan Dinev and Mihail Dramatinos. The Greek Promota Hellas company is its majority shareholder (owning an 87% stake).

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