Bulgarian investment fund CSIF seeks nod to buy local agri co Sunny Apple Sofia-based investment company Clever Synergies Investment Fund (CSIF) is seeking clearance to acquire full control over local apple producer and trader Sunny Apple, the Bulgarian competition watchdog said on Friday. The deal is expected to have no impact on the country's apple production and trade market, the Commission for the Protection of Competition said in a statement on Tuesday. CSIF, established in 2005, is a private investment company focused on renewable energy, tourism, freight forwarding, engineering, and agriculture.
Source: Presa (06.01.2014)

Financial Supervision Commission put a halt to investment fund CSIF’s plans to consolidate its stakes in Pamporovo JSC and Despred JSC. Supervisory authority issued a temporary ban for publishing of tender propositions for purchase of shares of the two companies that were handed out in the body in December. Financial Supervision Commission’s decision applies to papers of both companies: Pamporovo JSC and Despred JSC. Supervision Commission wants data for related entity Perla Management Ltd., through which the tender offeror owns shares of Pamporovo JSC and Despred JSC. Preparation of tender proposals came after the fund bought shares of Perla Management LTD (the contract for sale and purchase of shares is from December 6, 2013). They are co-shareholder in both subsidiaries, subject to buy-back. Back in November, the Commission for Protection of Competition authorized concentration of these firms. As a result, CSIF now has direct control over Perla Management, and thereby indirectly control the forwarding company Despred JSC - Sofia, and of Pamporovo JSC.
Source: Banker (03.02.2014)

Bulgarian regulator issues ban on Pamporovo resort operator buyout The Bulgarian financial regulator said it has banned private investment fund CSIF from making a buyout offer for the shares of local ski resort operator Pamporovo it does not own yet. The Financial Supervision Commission permits CSIF to make a revised buyout offer, it said in a statement after regular meeting. In the beginning of February, the resort operator said CSIF plans to delist it once it acquires full control over it and that the investment company would offer to pay BGN 4.71 for each Pamporovo share it does not yet own. CSIF owned 48.76% of Pamporovo as of December 31, 2013, according to the resort’s latest financial report.
Source: investor.bg (21.03.2014)

Deal of Tvetelina Borislavova for Pamporovo stopped FSC stopped the CSIF JSC fund, owned by Tvetelina Borislavova, to buy minority stake at Pamporovo JSC. Borislavova wanted to acquire the shares through investment intermediary Karoll. The watchdog, however, has determined that the offered price is not fair. By the decision from 19 March, FSC imposed a temporary ban on publication of tender offers for the purchase of securities of the company. According to FSC, requirements are not met to determine the minimum price per share as the offered proce is lower than the weighted average market price of the securities in the last three months prior to the registration of the offer. FSC experts have estimated that more information is needed about the justification of the price offered and the draft tender offer should be supplemented with a detailed description of the methods used to assess the stock.
Source: Presa (01.04.2014)

New better tender offer was made by the majority owner of Pamporovo JSC. The proposed price per share by the CSIF JSC to the remaining shareholders is BGN 7.80 per share. The previous proposal was for BGN 7.58 per share, and in 2013 it offered BGN 4.71 per share. Pamporovo JSC owns hotels Orlovets, Arfa and Perelik. In 2013, most of the foreigners st Pamporovo are from the UK, Turkey, Russia, Greece, etc. The last transaction of the item was concluded at a price of BGN 7.50 per share, which is below the price suggested by CSIF JSC.
Source: profit.bg (14.04.2014)

CSFI, the investment fund controlled by banker Tsvetelina Borislavova, has bought a second port at the Burgas bay and it on its way to restore the ferry line between Bulgaria and Georgia, Capital Daily reports. Borislavova told the newspaper she was waiting for the ordered ferryboat to be delivered. The vessel has a capacity of 110 TIR trucks or 200 containers. The ferry line will be opened in August this year and will be carrying passengers and cargo. Borislavova believes the line could put Bulgaria on the map of logistics hubs in the region.
Source: Capital (11.06.2014)

U.S. co Tishman eyes national stadium project in Bulgaria - govt U.S.-based real estate developer Tishman International Companies has shown interest in the project for a national stadium in Bulgaria, the Bulgarian government said on Monday. The value of the planned investment was not disclosed, the government said in a press notice after a meeting between Bulgarian prime minister Plamen Oresharski and U.S. deputy under secretary for international trade Kenneth E. Hyatt. Tishman is undertaking the 250 million euro ($340 million) Sofia Airport Center development, according to data from the company’s website. Tishman’s initial acquisition in Bulgaria was the TNT building in Sofia, the Bulgarian headquarters of TNT International, a worldwide courier company.
Source: Standart (24.06.2014)