Банкеръ Weekly



The shareholders of BSE-Sofia will vote an increase of its capital from BGN293,393 to BGN5,867,860, it became known from an announcement in the Official Gazette. The general meeting has been scheduled for July 20. BSE-Sofia will issue 5,574,467 book-entry, registered, voting shares, each of BGN1 par. The present shareholders will get a number of stocks, proportional to their present shares and the increase will be at the expense of the company's Reserve fund.
BSE-Sofia's net 2005 profit was BGN2,652,000, up from BGN650,000 for 2004. The shareholders are expected to vote for keeping the profit for the last two years in the Reserve fund. Money from that fund will cover the BGN10,377.85 loss for 2001. The State is the biggest shareholder among BSE-Sofia's owners, with a 43.96% stake in the company's capital.
Meanwhile, the market capitalization of the companies traded on the exchange reached BGN9.871BN, up from BGN8.434BN in end 2005. The turnover reached BGN297.591MN in April, up 76.27% from the previous month. The aggregate turnover from trade in bonds on the BSE-Sofia amounted to BGN20.97MN. The turnover on the official market of debt securities totalled BGN2.88MN, up from BGN1.95MN in March, with four issues traded. The bond issue of Doverie United Holding rates first in terms of traded volume - 1,000 pieces of paper in two deals. The aggregate net worth of Doverie's issue is EUR4.5MN, distributed in 4,500 ordinary, interest bearing, collaterized stocks, each of EUR1,000 par. The 5-year issue, maturing on October 19, 2010 brings a 6% annual yield.
The Finance Supervision Commission (FSC) approved the Regulations for the operation of BSE-Sofia after its initial draft had caused serious arguments within the investors' community. It stipulated the establishment of a registry segment for trading non-liquid issues. In such a case the shares would not pass through BSE-Sofia's system, and the taxation treatment of proceeds from such deals was not specified either. The contestable provisions were eliminated from the redrafted and FSC-approved Regulations, creating criteria for minimum liquidity of issues on the official market which segments were reduced from three to two.

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