KAMENITZA CREATES THE NEW PLOVDIV ELITE
Brewing is a profitable business in Bulgaria, especially recently. This fact is well known to the public. The divident of BGL41.1 per share of nominal value BGL1, voted on April 10, 2001, by the General Assembly of the Plovdiv based Kamenitza brewery would definitely provoke the jealousy of the investors at the dragging Bulgarian Stock Exchange (BSE). Even the most attractive papers there are cheaper. Kamenitza brewery is not a public company and its papers are not offered at BSE. BSE players can only dream of the dividents the brewery shareholders will receive. The shareholders are mainly the brewery workers. Each of them owns some 250 papers and in the beginning of May will receive more than BGL10,000 as dividents. This equals three annual average salaries in Bulgaria. The divident of over BGL50 for 1999 is still another proof that Interbrew managers are aiming at turning Kamenitza brewery shareholders into the new Plovdiv elite. Even if they are not working, their monthly income will be some BGL1,000.
However, only the shareholders who owned Kamenitza brewery papers by the end of last year, will get the full amount of dividents. As the Banker weekly has already informed, at the General Assembly meetings, which took place on November 15, 2000, the shareholders voted Astika and Burgasko Pivo brewery to merge with Kamenitza. The goal was to centralise the management of the three breweries, owned by the Belgian Interbru. Plevensko Pivo brewery was the only member of the local family of the Belgian concern which remained outside the established structure. The reason was that it is a public company. According to the stipulations of the Public Offering of Securities Act, in case of merger between a public and non-public company, the newly formed entity acquires public statute. Obviously Interbru did not cherish the idea of being controlled by the State Securities Commission, the Bulgarian capital market regulatory body.
Kamenitza General Assembly voted also the dividents which Astika and Burgasko Pivo shareholders will receive. They are BGL27.30 and BGL5.81 apiece, respectively. As with Kamenitza, the total profit after tax was distributed among the shareholders. Profit and own capital of the three companies served as a basis of defining the new stakes after the merger. Each old Kamenitza share will be compensated by 1.68 new shares. Owners of Astika shares will get 90% of the shares they owned before the merger. Owners of the Bourgas based brewery will be compensated by only 0.6 shares for each share they owned. The scheme was developed by Interbru experts for better justification. From next year onwards the divident will be equal for the three breweries.