The beginning of the week saw the return of steel giant Kremikovtsi to the Bulgarian Stock Exchange (BSE).
On July 16, the BSE said that it had received Kremikovtsi’s report for the first quarter of 2007 as well as an annex to the 2006 report. The absence of these reports led to the shares of the steel giant being removed from the BSE some months ago. The steel plant, owned by Indian tycoon Pramod Mital, posted a non-consolidated loss of 24 million leva for the first half of 2007. The company’s spending was 61.892 million leva, and revenues were 33.692 million leva. Kremikovtsi’s stock capital is 13.147 million leva, and equity capital stood at 937.541 million leva. Kremikovtsi shares were traded at 13.46 leva a share in April.
It was a good week for industrial giants in Bulgaria after Chimimport, which has been among the top performers on the BSE for the past six months, acquired 500 360 shares or 76.98 per cent of the capital of Hyundai Properties special purpose investment company (SPIC) from Industrial Commerce. The general shareholders’ meeting of Black Sea Investment SPIC - Sofia is distributing a gross dividend of 25.13 leva a share for 2006, the BSE said. Black Sea Investment shares were traded at 2.55 leva last week.
In general, BSE indices ended mixed on July 16 in lower turnovers and continuing positive mood, brokers said. The blue-chip Sofix index of the 16 most liquid shares of the BSE fell for a second day in a row, losing 0.48 per cent to close at 1519.94 points. The broad BG40 index edged 0.08 per cent higher to 328.29 points. Among the risers on July 16 was Bulgarian power tool manufacturer Sparky Eltos which reported a first-half net profit of about 3.1 million leva, up from 72 000 leva for the same period a year ago. The company forecasts a net profit of 9.2 million leva for 2007, up from 929 000 leva last year. Companies listed on the BSE are required to report their first-half results by the end of this month. On the losing side were recently listed domestic lenders First Investment Bank and Corporate Commercial Bank.
July 16 brought the news about Bulgarian-based CBA Asset Management planning to launch shares on the BSE. CBA is to increase its capital by 24 per cent to 20.2 million leva, offering a stake of 19.3 per cent on the BSE. The company runs three regional retail chains under the trade mark CBA in the cities of Veliko Turnovo, Rousse and Gabrovo and specialises in the everyday purchases segment. The main competitors of the company are Germany‘s Metro Cash&Carry and Kaufland, and Austria’s Billa. The IPO of the company aims at expanding its market share. CBA expects to increase its sales four times to about 150 million leva in three years.
