Банкеръ Weekly



Most players on the leisure industry market are eager to take part in the last division of state-owned estates along the Black Sea coast. In a month Sunny Beach AD will invite auctions for the sale of part of its land on which there have been temporary buildings so far. According to the announcement published in the Official Gazette, the tenders for the 13 estates will be held from May 30 to June 6 at a USD3MN total initial price. The problem is that markets are built on three of the largest estates which will be initially traded at USD700,000-900,000. Therefore, these estates will not be suitable for serious business initiatives in the next few years, said Nikolay Nikolov, member of the Board of Directors of Sunny Beach AD. If there are no candidate buyers for these estates, the real income of the company at the end of the bidding will hardly exceed USD1.5MN.According to the construction plans of the land offered for sale, shops, offices and other buildings of the kind, but not hotels, could be built there, Mr. Nikolov explained. Of course, the plans might change in a year or two. This possibility might persuade some rich businessmen to do their best and try to buy the last free estates available. A secondary market for hotels and estates will certainly be opened in the holiday complex some day, but still it is a different story when the State is trying to sell its property as soon as possible.In effect, the same players who competed for the hotels at Sunny beach are expected to take part in the new bidding. Some of them seem to have lost patience and may not want to invest in tourism anymore. Someone like Lyudmil Stoikov, for example. After failing to win the bids for Intertravelservice and several other hotels in the southern seaside resort, the owner of the Pernik-based Eurometal company said he would not participate in the new competition. But a new candidate will appear on the stage, Sunny Beach Holding.The former privatisation fund in which no one of the shareholders controls more than 5% of the capital, holds some 300,000 shares of Sunny Beach AD. And it has been making a considerable profit lately.It seems much easier to predict how the sale of the 72% state-owned stake in St. Coonstantine Helena AD will end. 161,356 shares of the company will be offered for sale on the stock exchange at BGN100 per share, which means that the whole stake will initially cost BGN16,135,600. Half of this amount will probably be paid in compensatory notes, so after discounting the payments in vouchers and notes at their current rate of 13% of the face value it turns out that the buyer will not pay less than BGN9-10MN.

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