The Commission approved prospectus for secondary public offering of bonds issued by Commercial Bank “Allianz Bulgaria”. The bonds issue has the following characteristics :
Issuer : Commercial Bank “Allianz Bulgaria”
Type of securities: ordinary, dematerialized, fully transferable, interest – bearing, mortgage bonds
Size of the issue: 15 000 bonds
Nominal value: Euro 1000 per bond
Annual interest rate : 5.75%
Term to maturity : 60 months
Payments : every 6 months
The Commission approved prospectus for secondary public offering of bonds issued by “United Bulgarian Bank” AD, Sofia. The bonds issue has the following characteristics :
Issuer : “United Bulgarian Bank” AD, Sofia
Type of securities: ordinary, dematerialized, fully transferable, interest – bearing, mortgage bonds
Size of the issue: 40 000 bonds
Nominal value: BGN 1000 per bond
Annual interest rate : 6.625 %
Term to maturity : 60 months
Payments : every 6 months
The Commission approved prospectus for secondary public offering of bonds issued by “TBI Credit” AD, Sofia. The bonds issue has the following characteristics :
Issuer: TBI Credit
Type of securities: ordinary, dematerialized, interest-bearing, fully transferable collateral bonds
Size of the issue: 10 000 bonds
Nominal value: BGN 1000 each
Issue value: BGN 1000 each
Term to maturity : 36 months
Annual interest rate: 7.5% on annual basis
Interest payments: every six months
The Commission approved prospectus for secondary public offering of bonds issued by AutoBohemia PLC. The bonds issue has the following characteristics :
Issuer: AutoBohemia PLC
Type of securities: ordinary, dematerialized, interest-bearing, fully transferable bonds
Size of the issue: 4 000 bonds
Nominal value: BGN 1000 each
Issue value: BGN 1000 each
Term to maturity : 36 months
Interest rate: 8.5% on annual basis
Interest payments: every six months
The Commission approved prospectus for secondary public offering of bonds issued by “ProCredit Bank” AD, Sofia. The bond issue has the following characteristics :
Issuer : “ProCredit Bank” AD, Sofia
Type of securities: ordinary, dematerialized, fully transferable, interest – bearing, mortgage bonds
Size of the issue: 10 000 bonds
Nominal value: BGN 1000 per bond
Annual interest rate : 6.25 %
Payments : every 6 months
The Commission entered Bulland Investments REIT into the Public Companies and Other Issuers of Securities Register.
The Commission entered an issue of securities issued by Bulland Investments REIT as a result of increase in the company’s capital stock from BGN 500,000 to BGN 1,000,000 through issuance of new 500,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having a nominal value of BGN 1 each, into the Public Companies Register for the purpose of trading these on a regulated securities market.
The Commission entered Web Media Group JSC, Sofia City, as a public company into the FSC’s Registry. The Commission also entered an issue of the company’s shares for the purpose of trading these on a regulated market. The issue is a result of increase in the company’s capital from BGN 710,000 to BGN 1,420,000 through issuance of new 710,000 pieces of shares, each having a nominal value of BGN 1.
1. The Commission issued a licence to Invest Property REIT, town of Vratsa, to pursue the following activities as a special purpose vehicle: investment of funds raised through issuance of securities in real estates /securitization of real estates/.
The Commission confirmed a Prospectus for public offering of 150,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having a nominal value of BGN 1 each, issued by Invest Property REIT as a result of primary increase in the company’s capital.
The Commission entered the aforesaid issue of shares /undergoing a process of issuance/ in the Public Register.
2. The Commission issued temporary prohibition on the publication of a tender offer submitted by ZMM – Bulgaria Holding Ltd., Sofia City, on purchase of shares of ZMM Nova Zagora AD, town of Nova Zagora, from the company’s other shareholders through Aval In AD Investment Intermediary.
3. The Commission entered in the Public Register a shares issue, amounting to 2,357,847 pieces of ordinary, registered and dematerialized voting shares, having a nominal value of BGN 1 each, issued by Hydraulic Elements & Systems AD, town of Yambol, for the purpose of trading these on a regulated securities market.
4. The Commission entered in the Public Register a shares issue issued by Bulgarian Rose Sevtopolis JSC, town of Kazanlak, as a result of increase in the company’s capital, and for the purpose of trading these on a regulated securities market. The issue is to the amount of 3,016,356 pieces of ordinary, dematerialized, registered voting shares, giving the right to one vote in the issuer’s General Meeting, and having a nominal value of BGN 1 and an issuance value of BGN 3 each.
5. The Commission issued an approval for the amendments to the Articles of Association of Transinvestment REIT.
6. The Commission issued a licence to SUPER BOROVETS PROPERTY FUND REIT, town of Varna, to pursue the following activities as a special purpose vehicle: investment of funds raised through issuance of securities in real estates /securitization of real estates/. Super Borovets Property Investment AD, having 65.50%, and West-East Bank (having 30%) are shareholders in the company.
The Commission confirmed a Prospectus for public offering of 150,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having a nominal value of BGN 1 each, issued by SUPER BOROVETS PROPERTY FUND REIT, town of Varna, as a result of primary increase in the company’s capital.
The Commission entered the aforesaid issue of shares /undergoing a process of issuance/ in the Public Register.
1. The Commission issued a licence to Alfa Property 1 REIT to pursue the following activities as a special purpose vehicle: investment of funds raised through issuance of securities in real estates.
The Commission confirmed a Prospectus for public offering of 150,000 pieces of ordinary shares having a nominal value of BGN 1 each, issued by the company as a result of primary increase in the company’s capital.
Alfa Finance Holding AD (holding 35.2% of the capital), Bulbrokers Consulting EOOD (holding 4.8% of the capital), Albena Invest Holding AD (holding 30% of the capital), and Alfa Index Imoti REIT (also holding 30%), are founders of the company.
Alfa Property 1 REIT envisages that the funds raised throughout the following two years are to be invested as a priority in the following sectors: “administrative areas” and “commercial areas”, and it intends to develop its activities primarily on the territory of Sofia, Varna, Plovdiv, Burgas. The company will invest in properties securing income in the form of rents and other current payments, and in purchase, construction and/or renovation of real estates for the purpose of subsequent sale or running of these.
2. The Commission imposed temporary prohibition on a tender offer submitted by Intertrust EAD, Sofia City, to purchase shares of Lead and Zinc Complex Plc., town of Kardjali, from the company’s other shareholders through Standard Investment AD Investment Intermediary.
3. The Commission withdrew the licence to pursue activities as a securities broker granted to Aleksander Draganov and Hristo Tanchev. The motives for the aforesaid decision are non-pursuance of activities as a securities broker for more than two years.
In relation to one person, namely Stanimir Mihaylov, the procedure on divestiture of the right to pursue activities as a securities broker was discontinued in connection with submission of explanations and additional information.
4. The Commission adopted at second reading a Draft Ordinance on the Individual Applications for Participation in a Supplementary Compulsory Pension Insurance Fund.
Under the Ordinance, the procedure on submitting an application for participation in a universal and professional pension fund and the requirements towards its form and contents were provided. It is envisaged that the application for participation is to be submitted personally to the pension insurance company into which the person would like to participate, or through an insurance intermediary, or as an electronic document. The persons are obligated to notify the pension insurance company, managing the fund into which the aforesaid persons effect an insurance of each amendment to the personal details as entered into the application submitted by them.
The promulgation of the Ordinance in the State Gazette is forthcoming.
5. The Commission adopted at first reading amendments to Ordinance No. 8 on the Central Securities Depository.
The amendments are related to an Ordinance defining the procedure on payment of dividends by public companies and issuers of securities. These are necessitated due to the fact that under Art.38, para. 1 of the Ordinance, a word is not contained stating that the indicated procedure is imperative and hence the public companies and the issuers of securities arrange their own procedures for payments of dividends, interest rates and principals. Such procedures (different for each public company) may lead to slowdown in payments and increase in the investors’ costs.
For the purpose of non-admission of an alternative procedure for payment of dividends, interest rates and principals, a supplement of Art.38, para. 1 of the Ordinance was adopted, where before the expression “Central Depository”, the word “only” is added.
“Art.38 (1) The public company and the issuer of debt securities pay dividends, interest rates and principals only through a Central Depository on the basis of the calculations made under the procedure of Art.37а.”
A new Chapter Five of Ordinance No. 8 is also adopted, under which administrative and penal liability of the persons who have committed breaches of the Ordinance, as well as of the persons who have allowed the perpetration of such breaches is introduced.
“Art.50 (1) Persons who have perpetrated violations of the Ordinance, as well as persons who have allowed perpetration of such violations shall be penalised pursuant to Art. 221, para. 1 of the LPOS.
(2) The statements of ascertainment regarding violations of the Ordinance established shall be drawn up by officers authorised by the Deputy Chair, and the penal enactment shall be issued by the Deputy Chair.
(3) Establishment of the violations, the issuance, the appeal against and the enforcement of the penal enactments shall be performed under the procedure set under the Administrative Violations and Penalties Act.”
The Draft Ordinance shall be co-ordinated with all interested persons and organizations.
1. The FSC confirmed a prospectus for secondary public offering of an issue of municipal bonds, issued by Stara Zagora Municipality. The issue is to the amount of BGN 5,000,000; distributed into 5,000 pieces of bonds, having a nominal and issue value of BGN 1,000 each.
The issue has a 120-month maturity, fixed coupon of 6% on annual basis, a six-month period of interest payment, issuance date: May 31, 2005, and a maturity: May 31, 2015.
Stara Zagora Municipality was entered into the FSC’s Public Registry as an issuer.
2. The Commission confirmed a prospectus for secondary public offering of corporate bonds, issued by TBI Credit EAD, Sofia City. The issuer and the issue were entered into the FSC’s Public Registry.
The issue is to the amount of BGN 20,000,000, distributed into 20,000 pieces of bonds, having a nominal and issue value of BGN 1,000 each, a 36-month maturity, fixed coupon of 7.5% on annual basis, a six-month period of interest payment, issuance date: July 6, 2005, and a maturity: July 6, 2008.
3. The FSC approved an application submitted by Real Finance AD Investment Intermediary, Varna, for abandonment of effecting transactions in securities for own account, underwriting securities issues and borrowing securities.
4. The Commission adopted Practice on Liquid and Exigible Liabilities of an Insurer.
The said Practice shall be published on the FSC’s website, Documents Section, Instructions and Requirements.
5. The FSC acknowledged the qualifications to perform activity as an investment advisor acquired by Georgi Georgiev Koynov.
