Банкеръ Weekly



Czech Poishtyovna (one of the biggest insurance companies in the Czech Republic), which was one of the candidates for the privatisation of the State Insurance Institute (DZI), gives up the bidding, an informed source from the insurance circles informed the BANKER weekly during the week. The motives for the company's withdrawal have not been announced officially yet, but according to inofficial information, the Czechs have assessed that DZI is not in line with the scope of their activities. Thus, the final competition will be between ROSEXIMBANK in a consortium with Interamerican and Allianz, which is bidding through the insurance company Energy where it holds a 42.5% stake. The National Electricity Company also holds 42.5% of Energy's capital, and the balance of 15% is owned by eight private mines. In connection with this distribution of the equity, doubts were voiced regarding the decisions of the forthcoming general meeting of Energy (postponed for June 24), the main isssue on whose agenda is the increase of the company's capital. The ratio between the stakes may be changed in such a way that the State's share in Energy could exceed that of the private shereholders (under the Privatisation Act - over 50% of the equicty capital). According to insiders, if the general meeting is not postponed again on any reason, only Allianz Bulgaria will take part in the capital increase. Thus, at least for the time being, there are no hindrances to Energy's participation in the privatisation of DZI, because the private capital in the company is bigger that the State's stake.Grounds for talking about the withdrawal of the Czech company were also provided by the fact that they gave up using part of their time for examining the state insurer in favour of Allianz. According to the terms of the Privatisation Agency (PA), during the second round of the competition DZI's potential buyers have nine days at their disposal to examine DZI's economic indicators. The Czech company examined superficially DZI's economic situation and gave the opportunity to their competitor Allianz-Bulgaria to use the remaining time for the same purpose.The other two candidate buyers should complete their examination by the end of next week. They will be appraising the state insurer according to premium proceeds, market share, efficiency of the branch network, and number of the employees.Offers for the purchase of the state insurer will be accepted at the PA by July 1. The second and last round of the tender for DZI's sale began on May 29. PA's experts will have a month after July 1 to appraise the offers and nominate the buyer. The candidates will be rated on the grounds of the offered purchase price (which will be decisive for the final appraisal) and the proposed business programme, which will be estimated according to the projected investments and number of personnel. According to inofficial information, the PA will ask between USD30MN and USD35MN for 80% of the state insurer's capital.As the BANKER weekly has already written, DZI's new owner is to become known by August 1.

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