Банкеръ Weekly



It seems shareholders in Sunny Beach AD will be lucky in 2002, too. In 2001 their investments tripled due to the price rise of the company's stocks and distribution on dividend was voted on December 21. It is obvious that such things will make them happy in the New Year as well. According to insiders, the 2001 profit after taxation is pre-estimated at about BGL20MN (more than BGL10 per share, which is higher than the stocks' market price). Eighty per cent of that amount (BGL8 per share) will be distributed in dividend. This is planned for the regular annual meeting of the company, which will be probably held in April 2002. After that almost no buildings will remain in Sunny Beach AD's assets, but just the land on which the seaside resort has been built. However, the proceeds from the sale of hotels are sufficiently high to keep the company's good position for a long time. An essential question - what will be done with the BGL80MN that will remain on the bank accounts of the still prdominantly state-owned company - has no concrete answer so far. According to pundits, the Ministry of Economy which is the principal of 75% of Sunny Beach AD's shares has not yet formulated its intentions.Undoubtedly, the best option for small shareholders who own the balance of 25% of the company's capital is to distribute this money as dividend as well. In that case they will get more than BGL35 per share after deducting the company's liabilities (exceeding BGL10MN) from the money on its bank accounts. The shareholders in Sunny Beach Holding, which owns about 14% of Sunny Beach AD's paper, will be definitely the most pleased with such a decision.The other possibility is that the money or part of it to be set aside for investments in the resort's infrastructure. In such a case the owners of hotels in the resort will be the most favoured, as the better hotels will improve the quality of services offered by them. An option for separating the infrastructure in a self-contained company, controlled by the municipality of Nessebar, is being discussed as well.Having in mind the policy for concentraing the available money in the budget, it could be presumed that a decision for distributing the due dividend will be made, because in that case the State will get the lion's share - 75% of it. Meanwhile, contradictory news about the privatisation of Sunny Beach in self-contained parts have been spread. On December 27 tenders were held for the sale of the Chinar hotel and of the open-air theatre in the resort. They were won by the Plovdiv-based companies Multy Car EOOD and Puldin Holiday OOD, at prices a little higher than the initially asked ones. The aggregate amount to go into the bank deposits of Sunny Beach AD if the sale contracts with these firms are signed is BGL2,689,000. This is not much having in mind that at the previous tender for the privatisation of the Chinar hotel a price of BGL3,100,000 was reached (twice the present one). Howevere, the company that won the tender then - Bulgarian Holdidays gave up the deal and the auction failed.The money from the sale of the two establishments will go as proceeds of the company for 2002 and Sunny Beach AD will begin the year with a tidy sum on its acounts. It could rise further on January 7 when a tender for another self-contained part of the company - the Sirena tennis-court - will be held at the Privatisation Agency. It should be recalled as well that at least ten hotels of Sunny Beach AD have not been sold yet. They are expected to bring considerable proceeds, too. Moreover, it should be born in mind as well that sale of the land on which the hotels are built will begin in 2002.

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