The components of the Dnevnik index that tracks the movements in the value of Bulgaria's biggest and most liquid public companies will be increased by 5 to 20. The newcomers are Pleven-based Oil and Gas Exploration Company, insurers DZI and Bulstrad, chemical company Polimeri, cable maker Emka and Bulgarian American Credit Bank. Former Dnevnik 15 component DZI Bank is dropped because the majority owner is in the midst of a buyback that aims to delist the company. The index committee said it was resized in response to the increased liquidity of the Bulgarian capital market. In addition to the new components, the committee has also put in place two new eligibility requirements. Companies undergoing a buyback aimed at their delisting that coincides with the semi-annual update of the index will be kicked out. The second requirement is for a share capital of at least 200,000 units. Dnevnik 15 was launched unofficially on January 1, 2006 from a base of 100 points. The inaugural selection of index components was based on bourse data for July 1-December 31, 2005. The index closed at 158.75 point on Wednesday.
Source: Dnevnik (11.01.2007)

Bank Austria Creditanstalt has increased its stake in Bulgarian American Credit Bank (BACB) through the acquisition of 493,180 of its shares. Bank Austria's stake in BACB rose to 5.709% after the transaction. Bank Austria is also believed to be the buyer of the 10.08% of the capital of Central Cooperative Bank traded last week. No official information on this transaction has been released yet. BACB posted BGN 24.244 million net profit for the first nine months of 2006, up by BGN 9.5 million compared to the year-ago period.
Source: Pari (16.01.2007)

The profit total of 3 locals banks -United Bulgarian Bank (UBB), Bulbank and DSK Bank, matched the combined result of the other 30 lenders operating in Bulgaria, shows data released by the central bank. The top 3 collectively turned in a profit of 406.5 mln levs or just over 50% of the sector's 807.6 mln lev full-year total. A total of 11 banks posted annual profits in excess of 15 mln levs. Of those 7 recorded a faster profit growth than the sector average of 38.2%. Postbank reported the biggest profit growth rate at a whopping 200% year-on-year. Biochim was another standout with more than double the 2005 profit result. Raiffeisenbank (Bulgaria) EAD, Bulgarian American Credit Bank (BACB), UBB, DSK Bank and SG Expressbank recorded double-digit profit growth in excess of the sector average. Profits at Bulbank and Economic and Investment Bank fell. In the first case, the correction was technical. BACB is once again the only lender classified by the central bank in the mid-to-small-sized group to make the top 10 of the biggest profit-makers. It is no.8 with a 40% profit growth. Piraeus Bank and First Investment Bank posted growth rates slower than the sector average.
Source: Dnevnik (08.02.2007)

The management of the Bulgarian Stock Exchange (BSE) has approved a new line-up of the SOFIX, the index tracking the public corporations with the biggest market cap, increasing its components to 16. The move, cheered by the local investor fraternity, comes shortly after the SOFIX underwent an update in early February when tobacco monopoly Bulgartabac Holding, cigarette maker Blagoevgrad BT and sea resort Sunny Beach were dumped from the index. The BSE has decided to include in the SOFIX as of February 26 telecom BTC, Industrial Holding Bulgaria, fuel retailer Toplivo, Bulgarian American Credit Bank and real estate investment trust Elana Agricultural Land Opportunity Fund. Car battery maker Monbat will join the index on April 2. The BSE has also tightened the SOFIX component eligibility criteria. The market cap requirement is hiked from BGN 2 mln to BGN 50 mln and a requirement for a 10 per cent free float is introduced. The bourse has removed the requirement for the shares of each issue to be transacted at not less than 20 per cent of all trading sessions for the last 3 months. Each component will be required to have a minimum annual trading volume of 1,000 transaction with a combined value of at least BGN 5 mln. There is no change in the rule for a minimum of 500 shareholders. The bourse has also introduced a 15 per cent cap on the weight of each SOFIX component, a restriction that had so far kept BTC out of the index. It was feared the BGN 3 bln market cap of the telecom would distort the index readings. The restriction is likely to be applied to Chimimport soon which has reached a market cap of BGN 1.446 bln. With the latest additions, the combined market cap of the index is nearing BGN 10 bln. At its meeting last Friday, BSE decided to drop from the SOFIX Varna-based shipyard Odessos, saying the index was in danger of being overrun by companies affiliated with a single business conglomerate. Odessos was admitted to the index earlier this month.
Source: Dnevnik (12.02.2007)

First Investment Bank (FIBank) and Corporate Commercial Bank are poised to be listed on the Bulgarian Stock Exchange (BSE). The two financial institutions, however, refused to comment on the matter. The Central Cooperative Bank (CCB), the Bulgarian American Credit Bank (BACB) and Economic and Investment Bank (EIBank) are the only banks traded on BSE at present. The move is expected to be successful for the two banks provided the good performance and the development of the banking sector lately. Furthermore, the number of foreign investors interested in BSE has increased considerably over the last few years.
Source: Pari (20.02.2007)

The delisting of DZI Bank and DZI Insurance from the Bulgarian Stock Exchange (BSE) will reduce the market capitalisation of the bourse by BGN 1.1 billion. The banking and the insurance sectors on BSE will suffer the hardest blow as they will lose one company each. DZI Insurance has BGN 705 million market capitalisation, accounting for two thirds of the market capitalisation of the sector. Euroins and Bulstrad will remain the only insurance companies traded on BSE after DZI's delisting. DZI Bank's market capitalisation amounts to BGN 400 million. Central Cooperative Bank (CCB), Economic and Investment Bank (EIBank) and the Bulgarian American Credit Bank (BACB) will remain the only banks listed on BSE after DZI Bank's delisting. The overall market capitalisation of BSE's banking sector stands at 2.625 billion at present. BSE's market capitalisation, however, has grown by 3 billion to BGN 15.3 billion over the last two months.
Source: Pari (20.02.2007)

The local Corporate Bank has official confirmed it is considering listing on the Bulgarian stock exchange. The final decision will be taken at a general shareholder meeting to be held on an undisclosed date in early March. Another local lender, Investbank, also confirmed it is planning to list on the bourse but could not give a concrete timeframe. Dnevnik a.m. reported Monday that First Investment Bank was also tipped as a likely bourse listing. The bank has once again refused to comment on the reports. Central Co-operative Bank, Economic and Investment Bank and Bulgarian American Bank are the local lenders currently listed on the bourse. DZI Bank is also traded on the stock exchange but the majority owner is taking steps to delist the lender. The combined market cap of the listed banks currently stands at BGN 2.6 bln.
Source: Dnevnik (21.02.2007)

The shareholders of First Investment Bank (FIBank) have approved the listing of the lender on the local stock exchange, the bank said in a filing with the Bulgarian bourse. No further information on the listing was immediately available. The talk in the local investor community is that the bank's capital of BGN 100 mln will be raised by 15 per cent through an IPO. At present, the biggest shareholders in the bank are Tseko Minev and Ivailo Mutafchiev with 31.83 per cent stakes. In mid-February, Growth Management Ltd. and Hillside Apex Fund Ltd. each unloaded 10 per cent stakes in the lender. FIBank will be the 5th bank to list on the local bourse after Economic and Investment Bank, Central Co-operative Bank, Bulgarian American Credit Bank and DZI Bank. The new owner of DZI Bank, Eurobank EFG Holding, is currently trying to buy out the minority shareholders in a bid to delist the lender. The market cap of the publicly traded Bulgarian banks adds up to BGN 2.5 bln or 15 per cent of the overall market cap. Local lenders Investbank and Corporate Bank are also mulling bourse listings. FIBank boosted assets by 24.8 per cent to BGN 3.148 bln in 2006 to move up a notch to the no.5 spot in terms of assets. Credits extended to non-financial institutions increased 28 per cent to BGN 1.755 bln. The deposits of non-financial customers jumped 40.9 per cent to BGN 1.66 bln. Net profit was up 36.34 per cent to BGN 29 mln.
Source: Dnevnik (05.03.2007)

An Apr 18 general meeting of shareholders of the Bulgarian American Credit Bank will vote on a proposal for a dividend of BGN 0.75 per share for '06. The lender logged a profit of BGN 33.6 mln last year, allocating BGN 24.2 mln to reserves and another 9.4 mln for dividend payouts.
Source: Dnevnik (05.03.2007)

ERG Capital 1 and 2, real estate investment trusts incorporated by the Bulgarian American Enterprise Fund will seek shareholder approval at general meetings set for April 24 and 25, respectively, to distribute their profit for '06 as dividend. ERG Capital 1 has proposed to distribute last year's BGN 597,600 profit as a dividend of BGN 19.92 per share. The ERG Capital 2 proposal is for a dividend of BGN 21.27 per share. The company intends to pay out as dividends its entire '06 profit of BGN 734,000.
Source: Dnevnik (12.03.2007)

BTC’ market capitalization reached BGN 3.54 billion. Its shares on the rise throughout the last couple of months, the BTC' market capitalization increased up to 19.4 million on BSE-Sofia, as its market value stands at BGN 3.54 billion (March 9th). Then comes Chimimport with nearly BGN 1.3 billion (7.11% of total value), followed by Sopharma (BGN 947.7 million or 5.2%), CB EIBank (BGN 893.5 million or 4.9%) and CB Bulgarian-American Credit Bank (BGN 820 million or 4.5%).
Source: Monitor (13.03.2007)

Bulgarian insurance company Victoria has become part of Italy's Gruppo Generali, Bulgarian web portal insurance.bg reported on Tuesday, March 13. Rome-based Fata, a wholly-owned unit of Gruppo Generali, has acquired a 67 per cent stake in the Bulgarian insurer, said insurance.bg. The negotiations are at a very advanced stage. The deal is still subject to regulatory review in the two countries, Victoria supervisory board chairman Tsvetan Vasilev told Dnevnik. The remaining 33 per cent stake in Victoria is owned by Mel Finance which is in turn majority-owned by Swiss-registered Sefinco Holding. In 2006, Gruppo Generali's Austrian arm acquired Bulgarian insurance company Orel. Market watchers do not expect a Victoria/Orel merger. Toro Assicurazioni, also part of Gruppo Generali, has notified the Bulgarian financial regulator of plans to begin operations here. Victoria is the nation's 12th largest insurer in terms of premium income with a market share of 1.64 per cent by end-September 2006.
Source: Dnevnik (14.03.2007)

Bulgaria's First Investment Bank (FIBank) said it will list 9.09 per cent of its capital or 10 mln shares on the Bulgarian stock exchange. The shareholders of the bank have approved a capital increase from 100 mln to 110 mln through the initial public offering of 10 mln shares with a nominal value of BGN 1. The issue price of the shares is yet to be determined. Market sources said the IPO, to be handled by First Financial Brokerage House, may happen as soon as May. The proceeds from the share sale will be invested in lending and card operations and in the expansion of the branch, ATM and POS terminals network. FIBank is the nation's 5th largest lender with assets of over BGN 3 bln. Economic and Investment Bank, Central Co-operative Bank, Bulgarian American Credit Bank and DZI Bank are the other local lenders listed on the bourse. However, DZI Bank is likely to be delisted after being acquired by Greece's Eurobank EFG Holding.
Source: Dnevnik (20.03.2007)

The local Corporate Bank said it will float 16.6 per cent of its capital on the Bulgarian Stock Exchange after the shareholders approved the move at a general meeting on March 12. The initial public offering of the bank, scheduled for mid-May, will consist of 10 mln shares. The exercise, lead managed by United Bulgarian Bank, will raise the lender's capital from BGN 50 mln to BGN 60 mln. Pricing information will be available after the Financial Supervision Commission approves the IPO prospectus. Another local lender, First Investment Bank (FIBank), is also preparing for a May IPO. The bank will list 9.09 per cent of its capital. The FIBank and Corporate Bank IPOs will increase the number of listed banks to 6. FIBank, the nation's 5th largest bank with BGN 3 bln in assets, will be biggest lender on the bourse, ahead of Economic and Investment Bank (no.10 in terms of assets), DZI Bank (no.12), Corporate Bank (no.13) and Bulgarian American Credit Bank (no.20). After recently acquiring DZI Bank, Luxembourg-based Eurobank EFG Holding has taken steps to strike the lender from the list of public corporations.
Source: Dnevnik (22.03.2007)

Bulgarian-American Credit Bank JSC - Sofia, Bourse code BACB, the annual general meeting of which was held on April 18, 2007, will distribute gross dividend for the year 2006 to the amount of BGN 0.75 (net dividend – BGN 0.6975). Bulgarian-American Credit Bank JSC - Sofia reported a profit for 2006 in the amount of BGN 33,685,750.36. The company shall allocate BGN 24,217,206.61 in the Reserves fund.
Source: Capital market (20.04.2007)

The local Corporate Bank said it will perform an initial public offering on the Bulgarian stock exchange on May 10. 30 per cent of the 1 mln new shares that will be issued have been earmarked for limit bids while the remainder are slated for market bids. Issue manager United Bulgarian Bank will rank the limit bids in descending order and, based on the average weighted price of the accepted bids, will set at the price at which shares will be issued to investors with market bids. The investors will be allowed to bid in band between BGN 45 and BGN 58.5. The maximum proceeds that could be generated by the capital raise is BGN 58.5 mln. Corporate Bank, the nation's 13th biggest lender in terms of assets by end-February, according to data of the central bank, posted a hefty 91 per cent increase in assets to BGN 1.005 bln in 2006 while deposits doubled to BGN 884 mln. The lender's current capital stands at BGN 50 mln and should reach 60 mln after the IPO. Corporate Bank is owned by Bromak EOOD with a 69.34 per cent stake and Technological Center-Institute on Microelectronics with 29.06 per cent.
Source: Dnevnik (20.04.2007)

There will be no minimum and maximum price for the shares of First Investment Bank (FIBank), which investors are awaiting with huge interest, the Pari daily learned. The Financial Supervision Commission approved the prospectus for initial public offering (IPO) on Wednesday. All bids will be ranked at one and the same price. The auctions for the shares of Bulgarian-American Credit Bank, Monbat and Todoroff winery were organised in a similar way. The IPOs of two of Bulgaria's biggest banks, FIBank and Corporate Commercial Bank (CCB), are scheduled for May. Investbank's listing is also attracting interest but the parameters of the auction will be announced next month. FIBank is expected to list 10 million new shares but the total amount on offer will be 15 million share, i.e. 13.6% of the bank's capital. The difference will be offered by First Financial Brokerage House, which currently holds about 14%.
Source: Pari (26.04.2007)

Pobeda, one of Bulgaria's biggest makers of confectionery and pastry, said it will list on the Bulgarian stock exchange in the second half of 2007. The move will result in greater transparency and will inspire more confidence on the part of shareholders, said managing board chairman Sava Charoleev. The listing will also bring the company closer to securing external financing, he said. Pobeda also said it will invest EUR 14-16 mln in a second factory at a yet-to-be-specified location away from its home city of Burgas. The management is in talks with foreign equipment suppliers that will ensure the new factory meets the standards of the international markets where the output will be shipped. The factory should be operational in 3 years. Pobeda would be the second food company traded on the Bulgarian bourse after wine maker Todoroff. A slew of over 20 corporations have announced plans to list on the stock exchange.
Source: Dnevnik (04.05.2007)

The construction of the Burgas skyscraper will begin in October, businessman Vaklin Stoynovski announced at a forum in London. The building will weigh 100,000 tons and will be built in 2 years and 4 months according to plan. The investment is estimated at EUR 50-55 million. An international hotel chain will build it and will possess of 2/3 of it. The other 1/3 will be divided between businessman Vaklin Stoynovski (85%) and the Bulgarian-American Credit Bank (BACB) (15%).
Source: Darik Radio (07.05.2007)

The local Investbank will list on the Bulgarian stock exchange in September or October 2007, Dnevnik learned from Vladimir Vladimirov, chairman of the managing board. The proposal to list the bank and perform a capital hike will be put to a vote at a June 7 general meeting of shareholders. The capital will be enlarged from the current BGN 32.3 mln by another BGN 21 mln, said Vladimirov. The lender plans to have a free float of 10 per cent. The proceeds from the capital raise will be invested in retail lending, new offices and investment banking. Investbank is present in most of the bigger cities and now plans to reach the banking markets in smaller population centers. Investbank, co-owned by Festa Holding (87 per cent) and Vincom (11.8 per cent) is the nation's 19th biggest with assets of BGN 530 mln by February 2007. According to Vladimirov, that figure stood at BGN 700 mln in late April. Q1 profit was reported at BGN 3.5 mln. Another 2 local banks are poised to list on the local bourse. The IPO of First Investment Bank gets underway on Monday while Corporate Bank follows suit on May 10. Economic and Investment Bank, Central Co-operative Bank and the Bulgarian American Credit Bank are the other publicly traded local banks.
Source: Dnevnik (07.05.2007)

The Bulgarian American Credit Bank (BACB) posted BGN 11.396 million profit for the first quarter of 2007, up from the BGN 7.845 million netted a year-earlier. The assets of the bank also went up from BGN 486.063 million to BGN 517.233 million. The interest revenue of the financial institution amounted to BGN 18.253 million, compared to BGN 13.994 million generated a year earlier. BACB also decided to distribute dividend for the first time since its establishment. The profit of the bank amounted to BGN 33.686 million in 2006. A total of BGN 9.469 million of the figure were distributed among shareholders, which translates into BGN 0.75 gross dividend per share. The starting date for the dividend payment is set for May 31, 2007. BACB is one of the most attractive stocks on the Bulgarian Stock Exchange (BSE). The stock price of the bank has increased by 84% to BGN 69 per share over the last six months.
Source: Pari (10.05.2007)

The net assets of the local collective investment schemes posted a hefty 230 per cent year-on-year increase to BGN 315 mln in 2006, shows data released by the Bulgarian financial regulator. Advance Invest and TBI Eurobond lead in terms of assets with market shares of 20 per cent and 31 per cent, respectively. Raiffeisen (Bulgaria) Balanced is tops among the contractual funds in terms of assets with 13.45 per cent of the market, followed by DSK Growth and DSK Balance with 8.6 per cent each. The collective investment schemes have parked 44 per cent of their assets in Bulgarian equities and only 5 per cent in foreign equities. The investment companies and contractual funds have committed 5.09 per cent and 4.84 per cent of their assets to foreign equities. A total of 34 corporations performed public offering of shares in 2006 with a combined value of BGN 519.09 mln. Among the special purpose vehicles investing in arable land, Bulgaria Real Estate Fund has the biggest asset portfolio at BGN 89 mln, followed closely by Elana Agricultural Land Opportunity Fund with BGN 84.5 mln. This type of SPVs manage BGN 230 mln in assets. The real estate investment trusts have accumulated BGN 312 mln in assets. The SPVs for the securitisation of receivables manage BGN 97.15 mln with 98 per cent of the assets invested in receivables from commercial loans with maturity of over 12 months. The financial regulator said the turnover of the Bulgarian Stock Exchange fell 5.5 per cent to BGN 3.384 bln in 2006 while the number of transactions decline 17 per cent to 213,600.
Source: Dnevnik (15.05.2007)

Bulgarian Corporate Bank has raised over BGN 58 mln in a public offering, said the local stock exchange, All 1 mln shares issued by the lender were subscribed at the maximum price of BGN 58.50. The cost of the public offering was BGN 313,584. The capital of the bank will go from BGN 50 mln to BGN 60 mln. The free float is expected to be around 16 per cent. The Corporate Bank offering was more than 10 times oversubscribed. Corporate Bank, the nation's 13th biggest lender in terms of assets by end-February, according to data of the central bank, posted a hefty 91 per cent increase in assets to BGN 1.005 bln in 2006 while deposits doubled to BGN 884 mln. The results from the subscription for the First Investment Bank capital raise will be announced today. After the recent delisting of DZI Bank, the lenders traded on the local bourse are Central Co-operative Bank, Bulgarian American Credit Bank and Economic and Investment Bank.
Source: Dnevnik (21.05.2007)

Eleven banks in Bulgaria have secured themselves financing exceeding BGN 570 million through the issue of bonds. These include Allianz Bulgaria, Bulgarian-American Credit Bank, Investbank, MKB Unionbank, United Bulgarian Bank, Postbank, NLB West-East Bank, First Investment Bank, Raiffeisenbank, Economic and Investment Bank, and Texim. The number of bond issues floated by all listed companies in Bulgaria tops 70, their total amount is more than BGN 1 billion. This type of financing is used mainly for the development of core activities and modernisation. According to specialists, the big share of banks is due to the credit boom. First in bond financing is Bulgarian-American Credit Bank with BGN 143 million raised from five issues. It is followed by United Bulgarian Bank with BGN 120 million and Raiffeisenbank with BGN 100 million. Despite the increase in the number of new issues, some financial experts say that the bond market in Bulgaria is still poorly developed and is yet to achieve its full potential. Bonds are considered a lower-risk financial instrument and attract the attention mainly of institutional investor: pension funds, banks and collective investment schemes. Another feature of the Bulgarian bond market is the difficult access of smaller investors to the initial non-public offerings.
Source: Pari (29.05.2007)

U.S. investment company Gramercy Emerging Markets Fund will loan-finance with EUR 60 mln the regional expansion of Bulgarian motor oils producer Prista Oil where it is a shareholder, said the Sofia stock exchange. The 5-year loan agreement was signed by Dutch-registered Prista Oil Group B.V. It is secured with equity stakes in batteries maker Monbat controlled by Prista Oil and Monbat Trading. The share stakes furnished as collateral represent 68.3 per cent and 6 per cent of the Monbat capital. The loan resource will be spent to increase working capital and on the acquisition of motor oil production assets. Prista Oil managing board chairman Plamen Bobokov Friday refused to give more details about the planned acquisitions, saying that talks are underway. Prista Oil, the nation's largest motor oils producer with a 60 per cent market share, is the biggest Bulgarian investor abroad with production assets in Turkey and a terminal facility in the Ukraine. Prista Oil products are marketed in Serbia, Montenegro, Romania, Macedonia, Slovakia and Hungary. The company is pursuing sales and production growth in the region as the local market is anticipating an influx of foreign competitors. Gramercy bought a 25 per cent stake in Prista Oil in September 2006. Gramercy owns equity in the Bulgarian American Credit Bank and local drug maker Sopharma. It also recently bought office space, warehousing and logistics property Business Park Sofia for EUR 180 mln.
Source: Dnevnik (02.06.2007)

The Bulgarian American Credit Bank (BACB) is the only Bulgarian enterprise included in the ranking of best managed companies in Central and Eastern Europe (CEE) compiled by international financial magazine Euromoney. BACB occupied the number three spot among the CEE companies with the most consistent strategy, trailing only behind Czech CEZ and Telefonica 2. BACB also ranked third in the banks and finance category of the survey. The bank is also second in terms of most transparent financial reports among all CEE companies. BACB also garnered 33% of the votes for best-managed company in Bulgaria. Chimimport was the second best-managed company in Bulgaria with 12% of the votes. Monbat, DSK bank and ProCredit shared the number three spot with 9.5% of the votes each.
Source: Pari (04.06.2007)

Only five of the 16 companies included in the calculation of the Sofix blue-chip index of the Bulgarian Stock Exchange (BSE) will pay dividends in 2007. The Bulgarian American Credit Bank (BACB), the Bulgarian Telecommunications Company (BTC), M+S Hydraulic, Petrol and Sopharma have decided to distribute dividend. The shareholders of BTC will decide next week how much of the company's BGN 283 million profit for 2006 will be distributed as dividend. Sopharma's board of directors decided to distribute BGN 13.2 million of the company's BGN 22.034 million profit for 2006 as dividend. Sopharma's capital is distributed in 132 million shares, which means that the gross dividend per share will stand at BGN 0.1. The general shareholders' meeting is scheduled for June 26. The shareholders of M+S Hydraulic have already decided to allocate 1.12 million or 34% of the company's profit for 2006 for dividend distribution. The shareholders will be paid BGN 0.08 dividend per share. Dividend will be paid between August 17 and November 16 through the Central Depositary and International Asset Bank. BACB will pay BGN 0.75 gross dividend per share to its shareholders. A total BGN 9,468,543 of BACB's BGN 33.686 million profit for 2006 will be distributed as dividend. Payments started on may 31. Petrol's general shareholders' meeting was held on Monday. The shareholders had to decide whether 50% of the BGN 16.853 million profit should be allocated for dividend distribution. The company did not disclose information on the decisions taken at the meeting. The remaining eleven companies within the Sofix will reinvest their 2006 profit, a survey of the Pari daily shows.
Source: Pari (12.06.2007)

The shares of First Investment Bank (FIBank) have been listed on the Bulgarian Stock Exchange (BSE) and secondary trade in the stock starts officially on Monday. FIBank is the fourth Bulgarian bank listed on BSE after the Central Cooperative Bank, the Bulgarian-American Credit Bank, Economic and Investment Bank and Corporate Commercial Bank. Investors will be able to trade only in the 10 million shares issued as part of FIBank's capital increase operation. The remaining 6.5 million shares, which were part of the bank's IPO, will be traded on BSE as of Thursday. Svetozar Abrashev, manager at First Financial Brokerage House, expressed his satisfaction with the IPO of the bank and expects strong start of the trade. The shares will start to be traded at levels exceeding BGN 11.5 apiece, according to Ivo Tolev of Synergon Asset Management.
Source: Pari (25.06.2007)

Four companies with market cap above BGN 1bn The listing of First Investment Bank (FIBank) on the Bulgarian Stock Exchange (BSE) has made it the fourth public company with a market capitalisation exceeding BGN 1 billion, the other three being Bulgarian-American Credit Bank (BACB), Bulgarian Telecommunications Company (BTC), and Chimimport. That emerges from Pari daily's ranking of companies by market cap. Substantial changes in the ranking have been observed since FIBank and Corporate Commercial Bank joined the team of public companies. FIBank has made it to the third place with a BGN 1.3 billion market cap. BTC has remained a leader with more than BGN 3 billion even though its stock cheapened by BGN 2.28 after Viva Ventures and AIG Global Investment Group closed a contract for the purchase of the majority package in the telecom at a price of BGN 11.25 per share. Chimimport is second with a market cap of BGN 1.5 billion. The fourth and fifth place belong to BACB (BGN 1.04 billion) and Sopharma (BGN 942 million). They are followed by Economic and Investment Bank (BGN 835 million), Central Cooperative Bank (BGN 642 million), DZI (BGN 617 million), Druzhba Glass (BGN 578 million) and Petrol (BGN 506 million). Corporate Commercial Bank (CCB) follows suit with a BGN 495 million market capitalisation. For five days since the stock was offered for trade, the price has reached BGN 82.62, up by 41%. Another market debutant this year, Kaolin, has climbed up to the 15 position (BGN 337 million). It is followed by Monbat (BGN 253 million), Alcomet (BGN 246 million), and Bulgartabac Holding (BGN 235 million). CCB and FIBank have increased BSE's market capitalisation to more than BGN 20 billion. Before the two banks were listed, the market assessment of all companies on the stock exchange was about BGN 18 billion. After Tuesday's session, the capitalisation reached BGN 20.72 million.
Source: Pari (27.06.2007)

Euroins was named the public company with the best corporate management in Bulgaria for 2006 at a ceremony held on Thursday and organised by the Association of Investors. The awarding ceremony took place for the fifth consecutive year. Industrial Holding Bulgaria, Orgachim, Synergon Holding and Stara Planina Hold were also in the race to win the award. Central Cooperative Bank (CCB) was named the financial institution with the best corporate management for 2006. CCB won in the competition of United Bulgarian Bank, Economic and Investment Bank, Bulstrad and DZI. Chimimport received an award for its initial public offering (IPO) of shares. Advance Equity Holding, Euroins, Monbat and the Bulgarian American Credit Bank were also nominated for the award. Finance.news.bg was awarded for its contribution to the development of the Bulgarian capital market. Apostol Apostolov, chairman of the Financial Supervision Commission, was also recognised for his participation in the development of the market.
Source: Pari (29.06.2007)

Postbank picked up Pari daily's Bank of the Year 2006 award, as well as the award for the most dynamically developing bank in Bulgaria at a ceremony held on Tuesday. DSK Bank won the award in the Market Share category. DSK Bank and Bulbank are the only banks that have won the award in this category since the ranking was established. The award for the most efficient bank in 2006 went to the Bulgarian American Credit Bank (BACB). The bank won the award for the fourth time in the last seven years. The votes of Pari daily's readers gave the Client's Bank award to First Investment Bank (FIBank). The financial institution also ranked second in the final Bank of the Year standing, trailing by a narrow margin to Postbank.
Source: Pari (04.07.2007)

An increasing number of Bulgarian banks are registering company-owned real estate agencies to cater directly to mortgage borrowers. These bank-owned real estate agencies are proving stiff competition for the pure-plays as they can offer mortgage home buyers incentives unavailable to other property shoppers. They also provide legal advice, insurance and leasing options. A Dnevnik poll found that Raiffeisenbank (Bulgaria) EAD, Postbank, UniCredit Bulbank, Bulgarian American Credit Bank (BACB) and Piraeus Bank all have registered real estate divisions. The real estate brokerage complements the real estate investment trust business that some local banks like the Central Co-operative Bank, BACB and Corporate Bank already have. The bank-owned real estate agency trend gained wider exposure due to the extensive advertising campaign for Raiffeisenbank's Raiffeisenbank Home Center which opened its first office in March 2007. The agency, which transacts and leases all types of properties, now operates branches in Plovdiv, Varna and Burgas. UniCredit Bulbank, the nation's biggest lender, and Pirelli Real Estate, Italy's largest property manager, Wednesday announced a local joint venture. The new company, 25 per cent-owned by UniCredit, will focus on larger residential and business developments. EFG Property Services, the property agency of Postbank and DZI Bank owner EFG Eurobank of Greece, has been in operation for two years. The company said it has transacted properties for over EUR 10 mln so far. It will next branch out into advisory and management services.
Source: Dnevnik (19.07.2007)

The Bulgarian American Credit Bank (BACB) has floated a EUR 20 million corporate bond issue. BACB will use part of the proceedings from the issue to fund its core activity. Some of the funding raised from the issue will also be used for the re-financing of older debts of the financial institution. The bonds mature in one year and carry an interest rate equal to the one-year Euribor plus 93 base points. Raiffeisenbank is the lead manager of the issue. BACB ranks fourth in terms of market capitalisation among the companies listed on the Bulgarian Stock Exchange (BSE). The market capitalisation of the bank stood at BGN 1.076 billion as at August 6. The financial institution trails behind First Investment Bank, Chimimport and the Bulgarian Telecommunications Company.
Source: Pari (08.08.2007)

The New York-based investment division of Swiss financial group Julius Baer has beefed up its stake in the Bulgarian Telecommunications Company to 5.36 per cent, said the local stock exchange. The news that the company has added 3.5 mln shares to the 1.24 per cent stake purchased in Aug '07 lifted the BTC stock to BGN 12.47 on Thu. In Jul, Julius Baer bought 8.36 per cent in the local Chimimport Holding, following that up with the acquisition of 10 per cent in insurance company Lev Ins. The Swiss outfit also controls stakes in the local DZI insurer, drug maker Sopharma and the Bulgarian American Credit Bank.
Source: Dnevnik (10.08.2007)

The Bulgarian-American Enterprise Fund (BAEF), the majority owner of the Bulgarian American Credit Bank (BACB), will sell its stake in the bank. BAEF owns 6.8 million shares, accounting for 53.88% of the capital of the bank. BACB has been traded on the Bulgarian Stock Exchange (BSE) since April 4, 2006. The market capitalisation of the bank amounted to BGN 1.31 billion as at August 10, 2007. BAEF was supposed to sell the stake in July but its management board has decided to wait until September, Frank Bauer CEO of the fund said.
Source: Pari (13.08.2007)

The Bulgarian American Enterprise Fund (BAEF) has hired UniCredit Markets and Investment Banking to identify the best option for the disposal of a 53.88 per cent stake in the publicly traded Bulgarian American Credit Bank (BACB), the fund said in a filing with the Bulgarian stock exchange. The stake will either be sold in bulk to a strategic investor or offered on the secondary market. No concrete talks on the sale of the BACB stake have been held yet although there have been inquires from big-name institutions, said BAEF executive director Frank Bauer. In 2006, the fund dumped a 30 per cent stake BACB, pocketing EUR 56 mln or BGN 29 per share. The share price has since rallied past BGN 80. The bank now has a market capitalisation of over 1 bln levs which values the residual BAEF stake at over BGN 500 mln. BACB reported a net consolidated profit of BGN 24.7 mln by end-June 2007 versus BGN 15.2 mln a year ago. The bank has added BGN 207 mln to its credit portfolio so far in 2007, up 48.3 per cent year-on-year. The resource was lent mainly to SMEs active in the entertainment, services, wholesale and retail industries, said Veneta Ilieva, the BACB official in charge of investor relations.
Source: Dnevnik (13.08.2007)

The BG40 index of the most traded stocks on the Bulgarian Stock Exchange (BSE) closed at 420.76 points on Friday adding 10.88% to its value in August. Orgachim and Odessos Shiprepair Yard were the major driving force behind the strong performance of the index in August. Trade in Orgachim's stock resumed after a suspension which had continued for month and a half. The price of the stock appreciated steeply propelling the index to new all-time highs. Odessos' stock, which appreciated from BGN 297.06 to BGN 319.66 per share over the last month, affected strongly BG40's performance towards the end of August. Pari daily's Bullish Bearish Sentiment (BBS) index shows bullish approach towards the performance of the BG40 in September. A total of 72% of the brokers from the leading investment intermediaries predict an upward movement. Some 28% of the respondents predict that the index will lose part of its value during the month.
Source: Pari (03.09.2007)

Kaolin, Sparky Eltos and Euro Ins are the three new companies included in the blue-chip index of the Bulgarian Stock Exchange (BSE), Sofix. The changes were approved by BSE's management on Wednesday, September 5. Biovet and DZI insurance company were excluded from the blue-chip team. The Bulgarian Telecommunications Company (BTC) remains part of Sofix for the time being, though its new majority owner has announced plans to delist the company from the public register. After the changes, the number of companies in the index is now 17. These include Albena, BTC, Elana Agricultural Land Opportunity Fund, Industrial Holding Bulgaria, M+S Hydraulic, Monbat, Neochim, Orgachim, Petrol, Sopharma, Bulgarian-American Credit Bank, Central Cooperative Bank, Toplivo, Chimimport and the three new companies. On Wednesday, which was the last business day last week, Sparky Eltos closed at BGN 18.01 per share, up by 0.45%. Euro Ins rose by 0.46%, reaching BGN 17.37. But Kaolin's shares cheapened by 6.30%, closing the week at BGN 15.16.
Source: Pari (10.09.2007)

Bulgaria's Investbank will raise its capital with own funds, a notice in the Official Gazette shows. The credit institution will hold a general shareholders' meeting on October 19 to approve the capital increase. The information was confirmed by the bank's supervisory board chairwoman, Petya Slavova. The capital will be raised to BGN 74 million, Investbank CEO Vladimir Vladimirov said. The capital will be then increased additionally by listing part of the bank's shares on the stock exchange. Investbank's assets already exceed BGN 1 billion, which necessitates the capital revision.
Source: Pari (17.09.2007)

Six billionaires are traded on the local stock exchange, the statistics to the end of September showed. BTC is the number one, having a marker capitalization of over BGN 3 bln. Soon however it will be delisted. The new owners AIG already made a tender offer for buying up the securities of the minority shareholders. Thus the current No 2 Chimimport will rank first, with the capitalization of over BGN 2.25 bln. The two companies form respectively 11% and 8% of the total capitalization on the Stock Exchange. First Investment Bank (FIB) ranks thrid now, assessed at BGN 1.45 bln, or 5.18% market share. Drujba Glass Works ranks fourth.
Source: Standart (03.10.2007)

The Bulgarian American Credit Bank (BACB) posted BGN 38.33 million net profit for the first nine months of 2007, up by 58.1% year on year. The results are good but this is no surprise provided the fact that the bank posts strong results every quarter, Stoyan Dinchiyski, BACB executive director, said. The strong results for the first nine months of 2007 may be put down mainly to the increase in the revenue from interest, which went up by BGN 15.503 million to 61.904 million as at the end of September 2007. BACB's stock appreciated by 1.01% to an average of BGN 84.04 per share, data of the Bulgarian Stock Exchange show.
Source: Pari (08.10.2007)

The increases at the Stock Exchange prevail The stock exchange session finished successfully and all the indexes rose by less than 1 percent. The companies increased the traded volumes, however, quite a lot finished dropping. Chimimport JSC and Lead and Zinc Complex JSC were among them, dropping respectfully by 1.27 percent and 2.55 percent. There was an increase of the Central Cooperative Bank, Stara Planina Hold and Odessos Shiprepair Yard S.A. shares. The dockyard and the bank added 2.3%, but only 95 Odessos shares were a matter of the trade. Despite the shutdown threats and the constant fines Kremikovtzi continues to develop well at the stock exchange – shares up 7% and there were deals for BGN 28 per share. Kaolin JSC shares rose by 2.56% to an average BGN 19.61.
Source: Dnevnik (30.10.2007)

The indexes of the Bulgarian Stock Exchange (BSE) maintained their strong start of the week closing Tuesday's session with gains. The Sofix blue-chip index gained 3.33 points ending the day at 1943.08 points. The advance may be put down mainly to the performance of the Central Cooperative Bank (CCB) and the Bulgarian American Credit bank (BACB). Eight more blue chips closed the session with gains. The BG40 index of the most traded stocks appreciated by 1.85 points to 616.58 points. The BGREIT index added 0.93 points to its value closing at 104.53 points. The BGTR30 index advanced by 3.04 points to 1228.10 points. CCB's stock added 2.30% to its value closing at BGN 12.88 per share on Tuesday. BACB's stock price went up by 2.97% to BGN 80.74 per share. Cosmetics maker Aroma also closed on positive turf on Tuesday. The stock of the company appreciated by 5.65% to BGN 19.45 per share. A total of 259,000 shares in Chimco traded hands on Tuesday. The stock price of the company remained unchanged at BGN 0.26 per share. Slanchev Den, Orgtechnica, Kaolin and Zlatni Pyassatsi were also among BSE's winners on Tuesday. Chimimport, Biovet, Corporate Commercial Bank and First Investment Bank closed down on the day.
Source: Pari (31.10.2007)

Àll four indexes of the Bulgarian Stock Exchange (BSE) closed Thursday's session with losses. The Sofix blue-chip index edged down by 0.19% to 1,658.47 points. The broader BG40 index slipped by 0.82% to 515.69 points. The BGTR30 index depreciated by 1.35% to 1,059.86 points, while the BGREIT index dipped by 0.71% to 99.56 points. Chimco dominated BSE's trade on Thursday. A total of 344,967 stocks in the company changed hands on the day. The stock appreciated by 8.33%. Textile maker Katex's stock price went up by 13.88% to BGN 17.56 per share. Aroma advanced by 4.2% to BGN 19.87 per share. The stock price of starter battery maker Monbat grew by BGN 0.79 to BGN 29.12 per share. Grand Hotel Varna was BSE's biggest loser on Thursday. The stock of the company depreciated by 13.7% to BGN 8.63 per share. Bulgarian American Credit Bank (BACB) closed down for a third consecutive session. BACB's stock price went down by 1.53% to BGN 69.02 per share. Sopharma lost 1.47% of its value closing at BGN 8.72 per share on Thursday. A total of 7,357 shares in the company traded hands on the day.
Source: Pari (23.11.2007)

The indexes of the Bulgarian Stock Exchange (BSE) closed mixed on Wednesday. The Sofix blue-chip index advanced by 0.37% to 1,716.3 points. The broader BG40 index of the most traded stocks appreciated by 0.45% to 518.93 points. The BGREIT index of the real estate investment trusts lost 1.15% of its value closing at 100.33 points. The BGTR30 index of the best performers in total return edged down by 0.18% to 1,084.9 points. Svilosa's stock price appreciated by 8.49% to BGN 7.16 per share after a total of 100 shares in the company traded hands on the day. Media Systems' stock gained 11.15% on Wednesday closing at BGN 3.39 per share. The stock price of Svetlina went up by 5.98% to an average of BGN 12.4 per share. The Bulgarian American Credit Bank also ended the day in positive territory. A total of 200,900 shares in First Investment Bank changed hands on Wednesday. The stock price of the bank depreciated by 0.18% to BGN 11.01 per share. Mel Invest Holding was BSE's biggest loser on Wendesday. The stock price of the company plunged by 11.23% to BGN 1.58 per share. Mak's stock price went down by 10.81% to an average of BGN 33 per share. Economic and Investment Bank, Bulgartabac Holding and Aroma also closed Wednesday's session with losses.
Source: Pari (13.12.2007)