Official data of BSE showed that turnover in 2008 dropped by 70.74% to BGN 2.129 billion compared to 2007. The highest turnover was registered on the unofficial segment A shares market reaching BGN 844.12 million which is a drop by 87% year on year. The deals on the stock market were 400,761 while in 2007 they were by 89,790 more. Official corporate bonds market, which is not included in the regulated market, reported growth by 1,479.8% to BGN 426,741.
Source: Pari (05.01.2009)

Slow trade on Bulgarian stock market will go on for a month, experts predict according to Pari daily’s regular Bullish Bearish Sentiment inquiry. Altogether 71% of the BSE players expect consolidation of the blue chips around present levels. Optimists about the rise of Sofix dropped by 30% for a week to 21%. Only 8% forecast dip of the index, which is twice less than previous week. Most of the brokers believe revival on BSE will be observed in the second half of the year.
Source: Pari (12.01.2009)

S eptona Bulgaria and B.L.Leasing made their debut on BSE yesterday. Septona Bulgaria, the pharmaceutical and cosmetic manufacturer with majority owner Septona Greece, made the first for this year second public offering. The issue was distributed into 1,233,650 shares registered on unofficial market, sector A. B.L.Leasing issued bonds worth EUR 3 million, which is the third for the company dealing with leasing of new cars.
Source: Pari (15.01.2009)

B SE continues its downward movement in the first sessions of 2009 and after yesterday average daily loss in capitalisation reached BGN 91.135 million, analysis of Pari daily showed. For the 14 sessions since the beginning of 2009, market valuation dropped by BGN 1.276 billion, or 10.24%, compared to the end of 2008. The liquid companies are the most affected as investors sell their shares for need of money. Negative expectations for the global economy lead to the slump.
Source: Pari (23.01.2009)

Bulgarian investment brokerages will call on the Government to take steps to limit the negative impact of the global financial crisis, which struck a heavy blow on the local capital market. In a letter to the Finance Minister and employers’ organisations, the association of licenced investment brokerages put forward a set of measures and asked to meet Plamen Oresharski. The letter, obtained by Dnevnik, urges softer rules for investments by mutual funds and the Silver Fund, which is to compensate for the extra costs of ageing. Another proposal is improving the efficiency of the Central Depositary and converting the Bulgarian Stock Exchange into a public company. The measures are aimed at bringing more players into the market and steadying the cash flows to reduce the risk of massive withdrawals, which triggered last year’s big stock market crash, the brokerages said. The BSE plummeted a record almost 60% last year, hitting many Bulgarians with indirect investments via pension funds, the organisation said. The Bulgarian Industrial Capital Association (BICA) and the Confederation of Employers and Industrialists in Bulgaria (CEIBG) both said they were in favour of the proposed measures. The Finance Ministry confirmed it has received the letter and said it will meet with brokerages, without pledging to take into account the proposals. Allowing the future Silver Fund to invest in Bulgarian financial instruments will have a positive effect on the market, according to Simeon Petkov, executive director of Euro Finance. BICA chairman Vasil Velev said it was ridiculous to impose a restriction on the Silver Fund’s assets given the tight financial and economic conditions. Pension insurers and investment brokerages are divided over the proposal to impose a bottom cap on pension companies’ investments in shares, bonds and mutual funds of Bulgarian firms. The association pointed out that Western European firms invest much more heavily in shares, which have proved to be less riskier in the long-term. Bottom limits were long ago scrapped in countries with developed pension schemes, said Nikola Arabadjiev, chairman of the pension insurers’ association.
Source: Dnevnik (06.02.2009)

Privatization Agency will offer equities of 74 companies at a tender. Among them are Lukoil Neftochim Burgas JSC, Neochim JSC, Biovet JSC, Dunavska Koprina JSC, Oranzherii-Gimel JSC, etc. 54 of the companies would be offered for non-monetary means of payment and 15 – for money. 5 companies will be made available for cash/stock combined payment. All enterprises will be sold on Centralized Public Offering segment of the Privatization Market at the BSE.
Source: profit.bg (11.02.2009)

Fîr a second week, brokers who believe that the blue-chip index will remain around present levels are more than half (54%), Pari daily's regular Bullish Bearish Sentiment inquiry showed. Optimists about the rise of Sofix are 38%, less than those the previous week but much more than the pessimists. Of those asked, 8% are of the opinion that the benchmark will continue to fall and the tendency will continue until the middle of 2009.
Source: Pari (16.02.2009)

Another boring day on the stock market, turnover was low: only BGN 745,000. Indexes divided in two equal camps of losers and winners. BGREIT of real estate investment trusts added 1.9% to 40.82 points. The blue-chip Sofix rose by 0.24% to 265.34 points. The broad BG40 of the most traded stocks dropped by 0.36% to 85.63 points and BGTR30 of the best performers in total return dipped by 1.18% to 190.92 points.
Source: Pari (05.03.2009)

Bulgaria’s mutual funds cushioned their assets from the global slump for another month, reporting a tiny 3% monthly drop in February. Figures of the local asset managers’ association revealed that the assets of Bulgarian schemes stood at BGN 318 million but larger foreign families dragged the total down to BGN 445 million. The month was relatively calmer, seeing no major withdrawals or entries of new investments. At the same time, the benchmark indices on the Bulgarian Stock Exchange plummeted by more than 8% over the month as some of the regional and the developed markets lost half as much. The equity assets of risk funds fell by between 6 and 8% month-on-month. Some balanced and low-risk schemes made modest gains, spurred mainly by the money market. The sector’s assets sank to their lowest since end-2006 and double less than October 2007, when they peaked at BGN 970 million. The stock market, on the other hand, backtracked five years, although funds restructured their portfolios, beefing up the share of deposits to 30% back in the last months of 2008. Under data of the European Fund and Asset Management Association (EFAMA), the Bulgarian market scored one of the lowest in Europe last year, shedding a staggering 63% of its value compared to a European average of 25%. The biggest drags were the sizeable market shares of risk and balanced schemes and the steeper slide of the local equity market, prompted by low liquidity.
Source: Dnevnik (05.03.2009)

SOFIX the stock market index on the Bulgarian Stock Exchange in Sofia, representing the stocks of companies with largest capitalization, has gained 3,7 percent in just a week, investor.bg reported. Most of the growth – whole 2,4 percent – was notched up Friday, when SOFIX reached 275,14 points, thus scoring a sixth daily increase in a row. The BSE keeps on going up, in spite of persistent downward trends on the world markets. SOFIX has so far added 5,8 percent to its value since it hit rock bottom on February 24. BG40 is the other sound performer of the past week, scoring a 3,8-percent-rise.
Source: Standart (09.03.2009)

Sofix's growth at the beginning of March led to record optimism among brokers, the regular Pari daily's Bullish Bearish Sentiment inquiry shows. The optimists are 61% of those asked, which is the highest figure as of 2009, their number having increased by 50%. Only 8% believe in the negative trend of the benchmark and 31% are of the opinion that the blue chips will remain unchanged.
Source: Pari (16.03.2009)

Bulgarian Stock Exchange (BSE) will direct its effort to gain back the confidence of investors on the capital market and attract new issuers, both current and future. For that reason, the stock operator is changing its communication strategy. Popularisation of local leading public companies in the country and abroad becomes priority. The means to achieve the goal are various meetings, discussions, seminars, conferences etc.
Source: Pari (18.03.2009)

There was a rapid upsurge at the Bulgarian Stock Exchange yesterday and its daily turnover overreached 5.9 million levs (1 euro = 1.95 levs). In the end of the trading session all indices were in the green. SOFIX - the main BSE index - skyrocketed by whole 3.5 percent early in the morning, but then, in the course of the day, began coming back to stop at 2.3 percent in its end - a fourth rise in the last four days. BG40 also added up in value, by 1.74 percent. With a whole of 4 percent up, BGTR30 was the biggest scorer yesterday. BGREIT rose as well, however only by 0.92 percent.
Source: Standart (25.03.2009)

Within a month shares of Emka JSC, Devin JSC, First Investment Bank JSC, Chimimport JSC, Agro finance REIT, Industrial Holding Bulgaria JSC, Kaolin JSC, Varna Holding JSC, Industrial Capital Holding JSC and Stara Planina Hold JSC gained between 25 and 60 per cent. Despite the sharp increase in price, most of the equities are traded on average at 80 per cent of their top level from the end of 2007. It is hard to say whether the red wave is behind us and this is the beginning of a new long-term upward trend.
Source: Trud (10.04.2009)

Strong optimism reigns among the professional investors who participated in the regular Pari daily's Bullish Bearish Sentiment (BBS) inquiry. 65% of them believe the blue-chip index will soar and will quickly make up for the drop since the beginning of 2009. Pessimists are 11% and they expect fall due to the negative companies' reports for the first quarter. For 24% the level of Sofix will remain around 300 points.
Source: Pari (13.04.2009)

Privatization Agency will offer shares of 66 companies on the 21-st centralized public auction at the BSE. The Agency would offer 19.4% of Bourgas Free Zone JSC, 30% of Klas - Sofia JSC, 29% of Lesilhart JSC, 32% of Balkancar-Ruen JSC, 20% of Oranzherii Gimel JSC, 33% of Furazhi JSC, 2.3% of Moda-F JSC, etc. The company shares would be offered at segment Centralized Public Auction of the Privatization Market at the Bulgarian Stock Exchange.
Source: Insurance.bg (08.05.2009)

Invasion of the bulls is expected on the capital market during the next 30 days, the regular Pari Daily’s Bullish Bearish Sentiment inquiry shows. After the jump of the blue-chip index in the last two days, 66% of the brokers are optimistic about the movement of the benchmark. Pessimists dropped to 17% against 45% in the previous inquiry. The same percent, 17%, forecast that Sofix will remain unchanged.
Source: Pari (11.05.2009)

The number of public companies that might be ex off delisted from the Bulgarian Stock Exchange (BSE) rose by 8.52%, survey of Pari daily shows based on data of the stock market. Some 242 companies do not meet the criteria of BSE according to the new regulations that come into force as of July 1, 2009. These low-liquid companies will be supervised for three months and if things do not change, those with month's turnover under BGN 4,000 and 5 deals will be deleted from the list.
Source: Pari (13.05.2009)

Half of the brokers in Pari daily’s regular Bullish Bearish Sentiment (BBS) inquiry expect the blue-chip to remain around present levels in the next 30 days. Some 42% are more optimistic and only 8% forecast steep slump of the Sofix index.
Source: Pari (18.05.2009)

The Privatization Agency (PA) will offer shares of Monbat JSC on the 21st centralized public auction. However, the number of securities to be traded is only 68, and the minimum price for the package is BGN 305.8. This makes BGN 4.50 per share while the final price on the Bulgarian Stock Exchange is BGN 4.80. The payment for the securities of Monbat should be only in cash but for most of the other companies compensation tools can be used. The more attractive packages offered by the PA are of Balkanpharma - Dupnitsa, Balkanpharma - Troyan, Balkancar - Ruen, Bourgas Free Zone.
Source: Dnevnik (19.05.2009)

Bulgarian Stock Exchange - Sofia JSC - Sofia has appointed Annual general meeting on 29.06.2009. Meeting agenda includes: adoption of the Annual Report for Year 2008.
Source: Registry Agency (25.05.2009)

The rapid rebound on the global stock markets in the past three months has started to help Bulgarian funds investing in foreign shares to get back on their feet, showed data of the Bulgarian Association of Asset Management Companies (BAAMC). Last year some of these funds bore the brunt of the global capital market collapse, which caused wounds are still struggling to heal. “Funds investing outside Bulgaria have emerged as the biggest gainers since the start of the year. This signals that the Bulgarian stock exchange is falling behind the dynamics of foreign markets,” said Petko Valkov, executive director of BenchMark Asset Management. For instance, stock markets in Ukraine and Russia have zoomed by more than 100% from March to May as the BSE recovered only around 45%. Investments in mining companies which produce traded commodities as well as firms in sectors bouncing back from the sharp drop are also propping up yields. Avrora Capital Global Commodity Fund, for example, has cashed in on the rebound in raw material prices in recent months. Status Finance, of asset manager Status Capital, has also been of the best performers since the beginning of the year, having generated a return of more than 18%. The scheme puts money into financial stocks. “Having seen heavy sell-offs since 2007, banking shares suddenly became oversold and now have a stronger growth potential than stocks from the other sectors,” said Status Capital head Vladislav Panev. However, the yield amassed since January brings joy to few investors as most have invested their money in previous years.
Source: Dnevnik (04.06.2009)

A total of 644,000 shares, or 99.07% of the capital of Serdika Properties REIT , changed hands in a single transaction on the Bulgarian Stock Exchange (BSE) today. The turnover on the position amounted to 18.03 mln leva, or 91.8% of BSE's overall turnover on the day. The traded volume on the position of Chimimport exceeded 100,000 shares in second straight day. The stock of the company was traded at prices ranging between 2.22 and 2.33 leva per share. Chimimport has the lowest P/E among the 20 companies included in the calculation of the SOFIX blue-chip index. The bankings stocks ended today's session mixed. First Investment Bank advanced by 1.2%, to 2.53 leva per share. Bulgarian-American Credit Bank and Central Cooperative Bank slipped by 0.32 and 0.27%, to 62.05 and 1.46 leva per share, respectively. Nearly 10,000 shares in Holding Roads traded hands on the day. The stock depreciated by 0.81%, to 2.93 leva per share, while Monbat's stock price went down by 0.45%, to 4.68 leva per share.
Source: profit.bg (05.06.2009)

Ten Bulgarian companies are included in the Dow Jones index of the Federation of Euro-Asian Stock Exchanges (FEAS). These are Sopharma JSC, Chimimport JSC, Corporate Commercial Bank JSC, Zarneni Hrani Bulgaria JSC, Monbat JSC, First Investment Bank, Industrial Holding Bulgaria, Advance TerraFund REIT, Doverie - United Holding JSC and Albena JSC. Indices include also public companies from other countries in the region from the Istanbul Stock Exchange, Belgrade Stock Exchange, Zagreb Stock Exchange and Macedonian Stock Exchange. One of the criteria by which companies are chosen, is their market capitalization. The purpose of these indices is to attract a larger number of investors.
Source: Monitor (08.06.2009)

The latest newcomers on the Bulgarian Stock Exchange (BSE) -- Vita Mi Holding and Welcome Holdings, which were incorporated with Greek capital – will invest in big-city retail centres and coffee chains, respectively. Vita Mi Holding will focus on Sofia, Varna, Bourgas and other major Bulgarian cities. The company has initiated talks on the acquisition of a land plot to build its marine commercial centre near the Bulgarian capital. It is seeking a site of between 4 and 6 hectares with a price tag of up to BGN 5 million. The planned investments will be implemented through a capital rise of BGN 5 million by the end of the year, which can be performed at one go or at stages depending on funding needs. Welcome Holdings plans to develop and operate a coffee shop chain. It will start off with a rented and furnished office and appoint administrative and operating staff. The projects will be financed by existing own capital, the company said. Welcome Holdings has signed a franchise agreement with international chain Coffee Time to represent it on the Bulgarian market.
Source: Dnevnik (08.06.2009)

A total of 76 are the public companies that have not paid their fees for this year to Bulgarian Stock Exchange. Among them are Kremikovtzi, which owes also charges for last year, Web Media Group, Holding Nov Vek JSC, Interhotel Veliko Tarnovo and Chimco, which has not paid for two years. Among the debtors, there are companies with special investment purpose which are listed on the exchange on their own desire - Globex Estate Fund and Super Borovetz Property Fund.
Source: Dnevnik (24.06.2009)

Chugunoleene will stop temporary Chugunoleene JSC will suspend production from July 1 to August 31 this year, announced by the company. The decision was made because of the extended vacation of the main clients of the plant. The two-month period will be used for the maintenance of all major machinery and equipment. Production and administrative staff with a few exceptions will be out on unpaid leave. Meanwhile, the company announced that by September 1, 2009 a new induction furnace will be installed and put into operation.
Source: Monitor (25.06.2009)

Bulgarian Stock Exchange (BSE) will distribute BGN 245.400 as dividends among the shareholders. The decision was taken at yesterday's annual general meeting of the stock operator with executive director Bistra Ylkova. The profit of BSE for 2008 amounts to BGN 545.300. The funds left after the distributed dividends will be put into the Reserve Fund.
Source: Capital market (30.06.2009)

Bulgaria’s financial regulator Tuesday gave the go-ahead to Greek ONI Holdings to float shares on the Bulgarian Stock Exchange (BSE). The company will issue 250,000 stocks at a par value of BGN 1 each. ONI Holdings invests in companies operating on the Bulgarian and Greek pharmaceutical markets, the Financial Supervision Commission (FSC) said in a statement. The firm has no track record and is yet to prove its capacity. This is the fourth Greek company to set sights on the BSE inside a month. In early June, Energoni, Welcome Holdings and Vita Mi Holdings debuted on the bourse. All of the Greek newcomers are without history and two of them are with similar shareholding structure. Dimitrios Aivaliotis is founder of ONI Holdings and executive director of Energoni, which will invest in renewable energy. Upon its bourse presentation the company announced an ambitious EUR 160 million wind farm project but said further details would be available at a later stage. Other EU bourses have more stringent entry requirements which pushes such companies to the Bulgarian stock market, said FSC former member Borislav Bogoev
Source: Dnevnik (02.07.2009)

Fifteen percent of state-run companies to be listed at Bulgarian Stock Exchange "Fifteen percent of the shares of the state-owned companies will be listed at the stock exchange," said finance minister designate Simeon Dyankov. This move kills two birds with one stone, as it will encourage the trade at the Bulgarian Stock and will also prevent corrupt practices in these ventures. "One of the priorities of the program of our government is to bring the stock exchange to a higher level," Dyankov added. "Currently, the state-owned companies are run by different ministries and, in most of the cases, ineffectively. Our plan is to make a common package of the shares of all companies, in which the state has a stake of fifty percent and higher. This common package of shares will be placed under the jurisdiction of the economy ministry and fifteen percent of the shares of each company in this package will be listed on the stock exchange," Dyankov explained. "This will expand two or three times the volume of trade at the stock exchange," Dyankov added. "All the companies whose shares are listed on the stock exchange are public and as such they are to report on their activities in public. This will prevent instances of conflict of interests and corruption," Dyankov said in conclusion.
Source: Standart (14.07.2009)

Optimistic sentiments concerning the movement of the blue-chip Sofix rose during the last week-end, the regular Bullish Bearish Sentiment inquiry of the Pari Daily shows. Over 31% of the brokers on the Bulgarian Stock Exchange expect the benchmark to grow while last month they were only 15%. Every third of those asked does not expect any changes in the levels of Sofix. Pessimists believing in the negative trend of the oldest index on BSE also dropped to 38% against 46% last month.
Source: Pari (20.07.2009)

Trade with Bulstrad insurance group’s rights began on August 5th. The final date is August the 18th, the number of the issued rights is 1 974 000, adopted bourse code 4BIA. The insurance company plans to increase its capital from BGN 1 974 000 to BGN 2 153 455, which is to be effected by issuing 179 455 shares with a nominal of BGN 10. BGN 56 is the emission’s price. The rate between the issued right and the new shares is 11 to 1. The capital will be increased, just in case that a single share is registered or paid. If there are unused rights, they are to be offered at an auction an August 27th.
Source: Darik Radio (29.07.2009)

The sudden optimistic wave on the stock market raised the positive expectations concerning Sofix movement, Pari daily's Bullish Bearish Sentiment (BBS) inquiry shows. Those believing in the rise of the blue-chip in the next four weeks increased two-fold to over 70%. The number of pessimists respectively dropped to 12% and 18% of those asked forecast the index will remain flat.
Source: Pari (10.08.2009)

Two new companies, Easy Brokers AD and Lev Invest REIT, will be listed on the Bulgarian Stock Exchange (BSE) as of August 19, 2009. The issue of Easy Brokers will amount to BGN 50,000 distributed in 25,000 shares at BGN 2 par value. The company deals with import, export and trade, real estates etc. Lev Invest REIT's issue is for BGN 650,000 in the same amount of shares at BGN 1 nominal value.
Source: Pari (13.08.2009)

The optimism on the Bulgarian Stock Exchange over the last week gave grounds to 71.4% of the brokers to expect the rise of the blue-chip Sofix in the coming month, the regular Pari daily's Bullish Bearish Sentiment inquiry shows. They forecast record high rates for the benchmark this year. Pessimists also grew from 12% last week to 28.5% saying that after a quick jump there is often a quick fall.
Source: Pari (17.08.2009)

The question about listing some of the capital of Bulgarian Energy Holding (BEH) or its companies on the Bulgarian Stock Exchange (BSE) has not received a categorical answer yet, a Pari daily's inquiry shows. BEH is not so well structured, so it is better to list separate companies of the holding, the chairman of BSE's board of directors, Viktor Papazov, said. BenchMark Asset Management CEO Petko Valkov, however, thinks it is uncertain whether separate companies could be offered for trade. Our main idea is to unite state-owned stakes in different companies into a single holding and list it on the BSE, deputy finance minister Vladislav Goranov told the Pari daily before the July election. It is easier to list the holding but it is better to list separate companies, because financial accountancy and strategy are better on a corporate level, finance minister Simeon Dyankov said after the government took office. Whichever option is chosen, the capital market will be given a strong impetus, analysts are unanimous. I expect increased interest in the state-owned companies that will be offered for trade on the BSE, Papazov forecast. Companies that may get listed are BEH's Bulgargas, National Electric Company, Sofia's heating utility, Maritsa Iztok Mines. The main problem is that they are currently banned from privatisation and nobody dares to say how long it will take to make them public.
Source: Pari (20.08.2009)

The Bulgarian stock exchange has increased all indices by 74% in the last six months. The basic stock exchange index SOFIX jumped up from 262,01 points on February 26 to 456,03 points at the closing of the market yesterday. This figure is significantly over the annual scores in 2007 - (44,4% growth), for 2006 - (48,3%, for 2005 - (32%) and for 2004 (37,6%), investor.bg reminds. 2004, 2005, 2006, 2007 were registered as the golden years of the Bulgarian stock exchange. But for the last 6 months, SOFIX doubled the scores of the golden years. Of course, this leap came after the severe drop by 85% compared to the peaks in October 2007.
Source: Standart (27.08.2009)

Active trade on Friday pushed Bulgarian Stock Exchange (BSE) turnover up to nearly BGN 116.7 million, taking market indexes to nine-month highs. Sofix of blue chips closed at 461.29 points, up 1.35%. BG40 of the most traded stocks edged up 0.52% to 128.22 points. BGTR30 of the best performers in total return reached 343.97 points, up 1.37%. BGREIT increased 1.35% to 44.22 points.
Source: Pari (31.08.2009)

Sofix's positive trend in the last few days made investors optimistic about the leading benchmark's movement, Pari daily's regular Bullish Bearish Sentiment inquiry shows. A total of 54% are certain the index will continue to grow in the next four weeks. The number of pessimists dropped slightly, from 9% to 8%, and 38% believe Sofix will remain flat.
Source: Pari (23.09.2009)

The strong growth of the blue-chip Sofix index in the past few weeks is expected to be followed by a correction in the next 30 days, Pari daily's Bullish Bearish Sentiment (BBS) indicator shows. A total of 23% of brokers foresee a falling benchmark, up from 8% last week. However, 54% still believe the index will continue rising and 23% do not expect significant changes.
Source: Pari (28.09.2009)

The shares of 62 Bulgarian companies will be offered at the 22nd centralized public bid organized by the Bulgarian Stock Exchange. This has been announced Friday by the Bulgarian Privatizations Agency 57 of the companies will be offered against compensatory payments while 4 - against money payments. For one company a mixed payment method will be demanded. Among these companies will be Svobodna Bezmitna Zona – Burgas JSC, Svobodna Bezmitna Zona – Plovdiv JSC, Balkancar-Ruen JSC, and others.
Source: econ.bg (19.10.2009)

Privatization Agency pursuant to Article 32, paragraph 1, item 4 PPCA, § 2 of the Supplementary Provisions of the Act that deals with compensation instruments, article 22, article 45a Article 45b, paragraph 1 and 2 and Article 45f of the Regulation on conditions and procedures for organizing and conducting centralized public auctions for the sale of shares - owned by the state in connection with contract ¹ 24/17.11.2003 on awarding the technical implementation of the centralized public auctions concluded with BSE - Sofia– JSC and Decision ¹ 117 of 21.02.2003 of the Council of Ministers ( SG. 20 2003) adopting the annual list of companies with state participation in the capital in the privatization of which is eligible non-cash payment in 2003 Decision ¹ 855 of 8.12.2003 ( SG . 109 of 2003 ), Decision ¹ 974 of 11.12.2004 ( SG . 111 of 2004 ), Decision ¹ 424 of 2.07.2008 d . ( SG . 73 of 2008 ) and Decision ¹ 576 of 1.07.2009 ( SG . 72 2009) Council of Ministers amending Decision ¹ 117 of 21.02.2003 MC Decision ¹ 2253 -P of 15.04.2003, Decision ¹ 2611 -P of 15.01.2004, Decision ¹ 2653 -P of 16.02.2004, Decision ¹ 2681-P/10.03.2004, the decision ¹ 2722 - P dated 13.04.2004, Decision ¹ 2886 - P dated 9.09.2004, Decision ¹ 2935 - P dated 8.12.2004, decision ¹ 3015 - P dated 22.06.2005, Decision ¹ 3047 - P dated 11.11.2005 Decision ¹ 3058 -P of 28.02.2006, Decision ¹ 3081 - P dated 9.08.2006, Decision ¹ 3108 - P dated 21.12.2006, Decision ¹ 3130 - P of 13.06.2007, Decision ¹ 3177 -P of 17.03.2008, Decision ¹ 3178 -P of 15.04.2008 Decision ¹ 3187 -P from 4.08.2008, Decision ¹ 3189 -P by 23.09.2008 decision ¹ 3203 - P dated 21.04.2009, Decision ¹ 3206 - P dated 23.06.2009, and the protocol decision ¹ 12766 of 14.10.2009 of IC PA announces:1 Start of twenty second centralized public tender at which shares of the following companies will be offered; 2 Centralized public tender for sale of package of shares, referred to in paragraph 1 will be held on Privatization Market segment of "Centralized Public Auction" of Bulgarian Stock Exchange - Sofia- JSC, under the Rules of the Exchange and Annex ¹ 9 - Rules of organization and conducting of centralized public auctions.3 Initial date of offering of shares for sale on the centralized public tender is the sixth working days from the date of publication of the notice in the Official Gazette. 4 Final date of Offering for sale on centralized public auction is the fourteenth day from the date of publication of the notice in the "Official Gazette". The duration of the centralized public auction is until the expiration of the term under the preceding sentence or until depletion of auctioned quantity of shares. 5 Seven days before the date of the centralized public auction BSE - Sofia- JSC will publish information brochures for companies under item 1 in its newsletter or on its website. 6 In case of difference in specified data from auction announcement and information brochure the former are considered authentic. 7 Companies of Section I of the tender notice are not required to update the information prospectus pursuant to article 21, paragraph 3 of the Ordinance on the conditions and procedure for organizing and conducting centralized public auctions for the sale of shares - owned by the state. CEO: T. Nikolov
Source: State Gazette (27.10.2009)

The Bulgarian Stock Exchange (BSE) might take a final decision to scrap the planned delisting from the regulated market of around 200 low-liquid public companies of 800,000 shareholders. At a meeting with the bourse operator last week, all stakeholders including brokerages, pension and mutual funds managers, business groups and the Financial Supervision Commission (FSC) declared against the proposal to strike off companies only exchanging scarce volumes. One compromise on the table is delisting only the insolvent firms or those in the process of liquidation, which speak for approximately 10% of all low-liquid companies. The BSE is due to come up with a final decision by November 10. The information was confirmed for Dnevnik by FSC chairman Petar Chobanov, deputy chairwoman in charge of investment supervision Ralitsa Againe and Nikola Abadjiev, chair of the Bulgarian Association of Supplementary Pension Security Companies (BAAASPSC).
Source: Dnevnik (02.11.2009)

Greek-owned Mayfair Group was listed on the Bulgarian Stock Exchange (BSE) on Monday, November 9, though it has not started its main activity yet. The company aims at acquiring majority shares in Greek enterprises operating in the area of medical services. One of the main goals is to set up a medical centre in Bulgaria. Meanwhile, Mayfair's managers intend to invest funds in a call centre. The company's issue amounts to BGN 50,000 distributed in 25,000 shares with a BGN 2 par value each. Since the beginning of 2009 a number of Bulgarian public companies with Greek shareholders and majority owners have been listed on BSE, all of them after secondary public offering. According to brokers, the reasons for the Greek invasion are the lower costs needed for a public company in Bulgaria and the tax regulations.
Source: Pari (10.11.2009)

Trading in shares of Aroma JSC is recovering on Monday, November 16th. This was announced by the Bulgarian Stock Exchange after receiving a notification from the Central Depository for removing the distrain upon the registered capital of the company. It was levied because of private litigation, which has been conducting for more than 9 years. The exchange precedent with Aroma JSC dated from July 2008, when the depository said that respected the application of a judge of the Sofia City Court and requested the distrain of the shares of public company.
Source: Darik Radio (16.11.2009)

Foreign investors interested in BEH Foreign investors are already showing interest in the conditions and the time of listing parts of the Bulgarian Energy Holding on the Stock Exchange, said BSE head – Bistra Ilkova. Interest in the listing of 10-15 percent of the state-run energy companies comes from Germany. Ilkova said that an experts work group would cooperate for the procedure. The experts team was assembled in order to assist the institutions with the initiatives related to the listing on the Stock Exchange – potential allocation of part of the money to the Silver Fund, privatization, legislative changes. According to the information that BSE may change its regulation concerning the minimal requirements for the listed entities, which would lead to the delisting of over 200 companies in 2 months, Ilkova commented that The Exchange has rules and they are kept.
Source: 24 chasa (18.11.2009)

Bulgarian investments have assummulated roughly BGN 150 million that could be invested in the local capital market, said Strahil Vidinov, executive director of sector company Allianz Bulgaria. Daniela Petkova, executive director of Doverie, said pension funds manage upwards of BGN 3 billion in assets, where approximately BGN 1 billion has already been put oversees. She predicted that the gap between the growth in assets and market growth will widen further, with universal and occupational funds provided with a steady increase in resources thanks to social security contributions. She noted that companies have reached the point where they have nothing to buy on the Bulgarian Stock Exchange (BSE). Pension funds are conservative minority shareholders and cannot purchase big stakes, she explained.
Source: Dnevnik (18.11.2009)

Mutual funds have bought 23.1% of the capital of Slantse Stara Zagora Tabac, the Bulgarian Stock Exchange (BSE) said. Four collective investment schemes have acquired 272,140 shares in the tobacco processing and cigarette making factory. Real Finance Balance Fund and Real Finance High-Yield Fund have bought 60,000 lots (5.09% of capital) each. CCB Active has acquired 72,000 shares (6.11%) and CCB Leader, 80,140 lots (6.80%). Seller of the shares is Stara Zagora-based Sila Holding. After the deals, the company preserves its majority stake and now holds 822,486 lots or 69.83% of the capital. Exactly the same total number of shares, 272,140, were transferred at a regular session on the BSE on November 10 at BGN 7.50 apiece. That makes a market capitalisation of BGN 8.8 million.
Source: Pari (23.11.2009)

Sofia wants to sell its holding in the Bulgarian Stock Exchange within several months, reviving plans abandoned several years ago. Finance Minister Simeon Dyankov said in an interview that Bulgaria would seek a fairly big investor who would develop the bourse at a regional level. Deutsche Boerse and the Vienna Stock Exchange have already expressed interest in the sale, Dyankov said. According to the minister, the offered price should be a key criterion in the privatisation deal, and if it is higher, "it will mean the buyer also has a better strategy for the development of the market." The finance ministry is the biggest shareholder in the stock exchange with a 44% stake, while the rest is held by banks and investment brokers.
Source: Dnevnik (26.11.2009)

Finance minister Simeon Dyankov will be the final arbiter of the dispute about the delisting of low-liquidity companies from the Bulgarian Stock Exchange (BSE). A day after he said he will try to attract a buyer for the state's stake in the exchange operator, Dyankov had to solve another case about the BSE. At a meeting on Thursday, BSE's board of directors decided unanimously not to change the bourse regulations, thus declining the request of the Financial Supervision Commission (FSC) to settle the matter about low-liquidity companies. We will meet with the finance minister to tell him that the measure may violate shareholders' rights, FSC deputy chairperson Ralitsa Agayn-Guri told the Pari daily. In her words, if Dyankov says that the companies should stay public, the financial watchdog will compel the BSE to fulfill the decision. That will help avoid amendments to the Public Offering of Securities Act and introduction of mandatory tender offers. That option was discussed by the FSC already but it was criticised by the Industrial Capital Association. I hope we will convince minister Dyankov that we are right by showing him figures from our analyses, BSE CEO Bistra Ilkova told Pari. According to her, as representative of the biggest shareholder in the BSE the minister will listen to both sides before coming up with a decision. Capital market organisations also call for dialogue. There is no mechanism in place to regulate the delisting of low-liquidity companies, so we'd better proceed with the talks until we reach a consensus, the management board chairman of the Association of Asset Management Companies, Stoyan Toshev, pointed out. BSE's decision, however, is backed by the Association of Banks in Bulgaria. First Investment Bank's supervisory board member Todor Breshkov and Eurobank EFG's CEO Asen Yagodin, who are members of BSE's board of directors, voted for the decision.
Source: Pari (27.11.2009)

Financial Supervision Commission, Bulgarian Association of Management Companies, the Bulgarian Association of Societies for supplementary pension insurance and the Bulgarian Association of Licensed Investment Intermediaries are united against the decision of the Bulgarian Stock Exchange (BSE) for delisting of illiquid companies. Over 200 companies, also known as "dormant" companies as their shares are rarely traded, face delisting. A 3-month probationary period started on October 1. After the period, companies which have average monthly turnover of less than 4000 BGN and less than 5 transactions in shares per month would be removed from BSE.
Source: Trud (27.11.2009)

Austrian bourse is interested in the planned privatization of the Bulgarian Stock Exchange (BSE) by the new government, said Chief Executive Officer of the Vienna Stock Exchange, Michael Bull. "Sofia is also of interest," Bull answered a questions about plans for the expansion of the Vienna Stock Exchange. He added that the decision of the Bulgarian Stock Exchange to use the trading system Xetra of the Deutsche Boerse, which is also used by the Vienna Stock Exchange, is perhaps an indication that its chances for purchase are good.
Source: Standart (03.12.2009)

Bulgaria's Banks and Stock Exchange Under Common Cap Following Norway's example, the government in Sofia is mulling over to put the insurers, investment brokers and the stock exchange under a common cap. Deputy PM and minister of finance Simeon Djankov is on a working visit to Oslo, where he is scheduled to meet representatives of the Norwegian government and discuss with them the experience they have with unified supervision on the banks and the other financial institutions. Not long ago, Mr. Djankov said that the supervisory functions of the Bulgarian National Bank and the Financial Supervision Commission could merge. During his visit to Oslo, Mr. Djankov will discuss with his Norwegian colleagues the opportunities for Norwegian pension funds to invest in Bulgaria.
Source: Standart (08.12.2009)

The Bulgarian Stock Exchange (BSE) will have to revoke its regulations in the part requiring minimum liquidity from companies and restore its previous rules. The Financial Supervision Commission (FSC) set a deadline until December 15 for the compulsory measure to be carried out. We initiated proceedings to compel the exchange operator restore its previous regulations, FSC deputy chairwoman Ralitsa Agayn-Guri told the Pari daily. The measure has to be implemented by the deadline and then the BSE will have the right to appeal it. The receipt of the measure was confirmed by BSE CEO Bistra Ilkova, who declined to comment on the operator's future steps. BSE's new regulations will result in the delisting of 229 companies, i.e. 68.36% of all public entities, the FSC writes in it motives for the decision. According to data of the Central Depository, that would affect 912,342 individuals. Pension funds hold BGN 15.2 million stocks that may be deleted from trade, which makes up 0.5% of funds' assets. At the same time the law obliges pension funds to invest only in companies traded on the regulated market. The investment community is not unanimous about the problem. Most industry organisations slam BSE's new regulations.
Source: Pari (11.12.2009)

The longest slump in Sofix's value in months doubled the number of pessimists from last week. After six straight days of decline, 52% of the brokers lost faith in the blue chips and are foreseeing other drops to follow until the end of the year. That emerged from Pari daily's Bullish Bearish Sentiment inquiry about the movement of the Bulgarian Stock Exchange leading index. On the other hand, 34% are optimistic that the recovery processes in this country have started and soon companies will see improvement. Of those asked, 14% believe that the coming Christmas holidays will bring trade to a standstill and no change in Sofix will be seen.
Source: Pari (14.12.2009)

Bulgarian Stock Exchange - Sofia JSC - Sofia has appointed Extraordinary Meeting on 10.01.2010. Meeting agenda includes: changes within the management bodies.
Source: Registry Agency (15.12.2009)

The 229 thinly traded companies that faced delisting from the official market of the Bulgarian Stock Exchange (BSE) will stay there after January 1, according to the amended regulations submitted by the bourse operator with the financial watchdog FSC. The new rules will take effect once they have got the green light by the Financial Supervision Commission, the operator told. The operator’s board chairman Viktor Papazov declined to say whether the measures imposed by the regulator will be contested in court.
Source: Dnevnik (16.12.2009)

The slump on the Bulgarian Stock Exchange (BSE) since the beginning of December has rearranged the companies in the top 5 list by market capitalisation, a Pari daily's survey shows. On Thursday, 13 deals in Bulgarian Telecommunication Company erased 33.55% (BGN 291.65 million) of its market valuation to BGN 577.53 million. The company became fourth after ranking first at the end of the third quarter with a capitalisation of BGN 1.04 billion. After Thursday's session giant enterprises with occasional deals occupied the first three places. Leader now is EIBank with a BGN 769.3 million capitalisation. Second is Arco Towers REIT, followed by DZI General Insurance with market caps of BGN 650 million and BGN 598.3 million respectively. Sopharma won its place in the top 5 companies ousting Petrol to the sixth position. All BSE indexes followed the downbeat mood. Blue-chip Sofix registered a ten-day successive drop record, breaking the previous one of nine straight falls in October 2008. It lost 2.25% of its value to 407.86 points. BGTR30 of the best performers in total return slumped 1.83% to 417.71 points. BG40 of the most traded stocks slipped 1.54% and closed at 114.33 points. BGREIT went down 0.60% to 46.63 points.
Source: Pari (18.12.2009)

The distributor of fuels Petrol will transfer a substantial part of its properties - 196 gas stations and adjacent land in a new company, Elit Petrol, which will be listed on BSE-Sofia as company with special investment purpose. The decision for this was taken on the extraordinary general meeting of Petrol. Elit Petrol project was approved by the vote of one of the present minority shareholders - an offshore company connected with the majority owners of the distributor of fuels - Mitko Sabev and Denis Ershov (they control Petrol through Petrol Holding).
Source: Dnevnik (19.12.2009)