1. The Commission entered Advance Terrafund REIT as a public company. The Commission also entered an issue of the company’s shares for the purpose of trading these on a regulated market. The said issue amounts to 150,000 pieces of shares, having a nominal value of BGN 1 each. The issue’s initial public offering has been successfully completed.

2. The Commission issued a licence to BenchMark Asset Management AD Management Company to organise and manage a BenchMark Fund – 1 Contractual Fund. The Commission approved a prospectus for public offering of the Fund’s units. The Fund and the unit issue have been entered into the FSC’s Public Registry. The Contractual Fund is of the conservative type. Each unit’s nominal value is BGN 100.

3. The Commission issued a licence to DSK Asset Management Management Company to organise and manage a DSK Balanced Fund Contractual Fund. The Commission approved a prospectus for public offering of the Fund’s units. The Fund and the unit issue have been entered into the FSC’s Public Registry. Each unit’s nominal value is BGN 100.

4. The Commission imposed a final prohibition on a tender offer submitted by Bul-Vin EOOD, Petrich, for the purchase of shares of BRAVO JSCo, Kolarovo Village, from the company’s other shareholders through Zagora Finacorp JSCo Investment Intermediary, Stara Zagora.

5. The Commission passed Ordinance on Amendments to Ordinance No. 11 on authorizations to carry out activity as Stock Exchange, organiser of unofficial securities market, investment intermediary, investment company, management company and special investment purpose company. The publication of the said Ordinance in the State Gazette is forthcoming.
Under the above Ordinance, it is provided for amendments to the Ordinance valid until now with a view to its alignment with the amendments to the POSA (SG, Issue 39 of May 10, 2005). The term ‘permit’ has been substituted by ‘licence’. The requirements with regard to the documentation required for issuance of a licence to organise and manage a contractual fund; for issuance of an approval to amend the contractual fund’s rules and regulations, and/or the portfolio evaluation rules, and fixing the contractual fund’s assets’ net value, and for issuance of an approval to amend the depository services contract are established. Upon issuance of a licence to an investment intermediary and to a management company, the requirement to submit a document for initiation fee deposited with the Investors in Securities Compensation Fund, and a bank document certifying that each person of those subscribed units or shares has deposited the full amount of the installments due is introduced. A requirement is introduced with reference to the investment intermediaries to submit an activity plan and rules and regulations regarding the private transactions in securities of the members of the management and supervisory bodies of the investment intermediary, the investment intermediary’s employees, and the persons related to these. Similar requirement is also introduced with reference to the management companies.

1. The Commission approved a tender offer submitted by Radino AD, Sofia City, for the purchase of shares of Krameks JSC, Sofia City, from the company’s other shareholders through Financial House Ever Inc. Investment Intermediary, Sofia City. The price offered per one share is BGN 11.42.

2. The Commission issued a licence to Elana Fund Management Inc. Management Company to organise and manage Elana Balanced Eurofund Contractual Fund. The Commission approved a prospectus for public offering of the Fund’s units. The Fund and the unit issue have been entered into the FSC’s Public Registry.

3. The Commission issued an actuarial licence of pension assurance companies and of the supplementary pension insurance funds managed by these to Albena Mladenova Petrova.

1. The Commission entered a subsequent issue of shares issued by Dominant Finance AD, Sofia City, resulting from increase in the company’s capital from BGN 50,000 to BGN 1,200,000 through issuance of new 1,150,000 stocks having a nominal value of BGN 1 each.

2. The Commission entered a subsequent issue of shares issued by FairPlay Properties REIT JSC  resulting from increase in the company’s capital from BGN 25,350,000 to BGN 50,700,000 through issuance of new 25,350,000 stocks having a nominal and issuance value of BGN 1 each.

3. The Commission adopted a resolution to withdraw the licence to perform activities as a broker of securities issued to the following persons, where the reason is that these persons have not performed the said activities for two or more years:
– Aleksandar Dimitrov
– Anitsa Valkova
– Vladimir Djumaliev
– Krasimir Slaveykov
– Mario Markov
– Maryan Nikolov
– Nedyalko Nedyalkov
– Teodora Tomova
– Yulian Vishnevski.

4. The Commission issued a supplementary licence to Interamerican Bulgaria S. A. Insurance Company, Sofia City, which includes: “all damages liability arising where using land motor vehicles” /under Section ІІ, letter “А”, item 10.1 of Annexe No. 1 under the Insurance Code/.

1. The Commission entered a subsequent issue of shares issued by Dominant Finance AD, Sofia City, resulting from increase in the company’s capital from BGN 50,000 to BGN 1,200,000 through issuance of new 1,150,000 stocks having a nominal value of BGN 1 each.

2. The Commission entered a subsequent issue of shares issued by FairPlay Properties REIT JSC  resulting from increase in the company’s capital from BGN 25,350,000 to BGN 50,700,000 through issuance of new 25,350,000 stocks having a nominal and issuance value of BGN 1 each.

3. The Commission adopted a resolution to withdraw the licence to perform activities as a broker of securities issued to the following persons, where the reason is that these persons have not performed the said activities for two or more years:
– Aleksandar Dimitrov
– Anitsa Valkova
– Vladimir Djumaliev
– Krasimir Slaveykov
– Mario Markov
– Maryan Nikolov
– Nedyalko Nedyalkov
– Teodora Tomova
– Yulian Vishnevski.

4. The Commission issued a supplementary licence to Interamerican Bulgaria S. A. Insurance Company, Sofia City, which includes: “all damages liability arising where using land motor vehicles” /under Section ІІ, letter “А”, item 10.1 of Annexe No. 1 under the Insurance Code/.

1. The Commission confirmed a prospectus for secondary public offering of an issue of naked corporate debentures, issued by UBB AD, Sofia City. The issue is to the amount of BGN 80,000,000, distributed into 80,000 pieces of debentures, having a nominal value of BGN 1,000 each, a 36-month maturity, maturity date: July 15, 2008, annual interest rate to the amount of 3.55%, and interest payments every six months.

2. The Commission imposed a temporary prohibition on a tender offer submitted by Energoremont Holding JSC for the purchase of shares of Energoremont Russe AD from the company’s other shareholders through First Financial Brokerage House Ltd. Investment Intermediary.

  1. The Commission approved a tender offer submitted by Energoremont Holding JSC, Sofia City, for the purchase of shares of Energoremont Russe AD, Russe, from the company’s other shareholders through First Financial Brokerage House Ltd. Investment Intermediary. The price offered per one share is BGN 15.68.

 2. The Commission approved a request submitted by Dealing Financial Company AD, under which request the Investment Intermediary surrenders the right to undertake transactions in securities for its own account and underwriting of issues.

 1. The Commission issued a licence to Intercapital Property Development SPV, Sofia City, to perform the following activities in its capacity of a special purpose vehicle: investment of monies raised through issuance of securities into real estate /real estate securitization/.
The Commission approved a prospectus for public offering of 750,000 pieces of ordinary, registered, dematerialized, freely-transferable voting shares, having a nominal value of BGN 1 each, issued by Intercapital Property Development SPV as a result of the company’s initial capital raise.
The Commission entered the abovementioned issue of shares /undergoing an issuance process/ into the Public Companies’ Registry.

 2. The Commission approved amendments to the Articles of Association of Park SPV, adopted by a resolution of the company’s general meeting of shareholders held on October 18, 2005.

3. The Commission adopted amendments to the Financial Supervision Commission’s Instructions with Regard to Submission of the Necessary Documentation on Issuance of Approvals, Permits, Confirmations and Periodic Disclosure of Information.

1. The Commission entered Invest Property REIT, Sofia City, into the Public Companies and Other Issuers of Securities Register as a public company. The Commission entered a securities issue issued by Invest Property REIT as a result of increase in the company’s capital from BGN 500,000 to BGN 650,000 through issuance of new 150,000 pieces of ordinary, registered, dematerialized, freely transferable voting shares, having a nominal and issuance value of BGN 1 each.
The said issue is entered into the FSC’s Public Register.

2. The Commission issued temporary prohibition on publication of an offer submitted by Litex Commerce AD, Sofia City, to purchase shares of Lovech Tours AD, town of Lovech, from the other shareholders in the company through Faktori JSC, Sofia City, Investment Intermediary.
 
3. The Commission did not issue irrevocable prohibition on publication of amended tender offer submitted by Rodina Tourist 97 AD, Sofia City, to purchase shares of Rodina Tourist AD, Sofia City, from the other shareholders in the company through Aval In AD, Sofia City, Investment Intermediary.
The price per share offered is BGN 25.50.

4. The Commission withdrew the licence issued to Evroforum OOD, Sofia City, to undertake activities as an investment intermediary following submission of a letter on their part for voluntary abandonment of the licence.

5. The Commission issued licences to Varchev Managing Company EAD Management Company to organize and manage VARCHEV HIGH-YIELD FUND Contractual Fund.  The Commission approved a Prospectus for public offering of units submitted by VARCHEV HIGH-YIELD FUND Contractual Fund and entered the issue of units into the Public Register kept by the FSC.
The Commission entered VARCHEV HIGH-YIELD FUND Contractual Fund as an issuer into the Register kept by the FSC.

1. The Commission confirmed a prospectus for secondary public offering of corporate bonds issued by United Milk Company AD, town of Plovdiv. The issue, having ISIN code: BG2100004063, amounts to EUR 5,000,000, distributed in 5,000 pieces of ordinary, naked, interest-bearing debentures having a nominal value of EUR 1,000 each, and a fixed interest rate to the amount of 8% on annual basis, having interest payments at every six-month period where the time period of the debenture loan is 5 years as of February 03, 2006, the maturity being February 03, 2011. The Commission entered the issue and the issuer into the FSC’s Public Register.
The issue is being issued with a buy-back option on the part of the issuer. The issuer has and shall retain the right to buy-back the whole issue of bonds two years after the issue date.
United Milk Holdings Limited, a subsidiary of the Black Sea Fund managed by Global Finance, and International Real Estate Investors Holding S.A., a subsidiary of Doverie Capital AD are major shareholders in United Milk Company AD.

2. The Commission confirmed a prospectus for secondary public offering of corporate bonds issued by Agrileasing EAD, Sofia City. The issue, having ISIN code: BG2100006068, amounts to EUR 2,000,000, distributed in 2,000 pieces of ordinary, secured, interest-bearing debentures having a nominal value of EUR 1,000 each, having a floating interest percentage rate amounting to a three-month Euribor + 4.15 % on annual basis, where the principal is to be paid in 16 equal three-month repayment installments to the amount of EUR 125,000, due along with coupon payments, a period of the debenture loan of 48 months as of February 07, 2006, the maturity being as of February 07, 2010. The Commission entered the issue and the issuer into the FSC’s Public Register.
The main sphere of activity of Agrileasing EAD is extending a financial lease mainly to farmers. Sole owner of Agrileasing EAD’s capital is Varex Ltd., Sofia City.

3. The Commission confirmed a prospectus for secondary public offering of corporate bonds issued by Transleasing EAD, Sofia City. The issue, having ISIN code: BG2100005060, amounts to EUR 2,000,000, distributed in 2,000 pieces of ordinary, secured, interest-bearing debentures having a nominal value of EUR 1,000 each, having a floating coupon amount to a three-month Euribor + 4.15 % on annual basis, where the interest payments are made every three-months, the period of the debenture loan is 48 months as of February 07, 2006, and the maturity being as of February 07, 2010. The Commission entered the issue and the issuer into the FSC’s Public Register.
The main sphere of activity of Transleasing EAD is extending a financial lease of machinery and equipment for the agricultural sector, as well as of new and used automobiles. Sole owner of Transleasing EAD’s capital is Varex Ltd., Sofia City.

4. The Commission confirmed a prospectus for secondary public offering of corporate bonds issued by Zarneni Hrani Bulgaria EAD, Sofia City. The issue, having ISIN code: BG2100035059, amounts to EUR 7,000,000, distributed in 7,000 pieces of ordinary, naked, interest-bearing debentures having a nominal value of EUR 1,000 each, having a floating coupon amount to a six-month Euribor + an extra of six points, a period of the debenture loan of six years as of November 11, 2005, a maturity – as of November 11, 2011. The Commission entered the issue and the issuer into the FSC’s Public Register.
The company’s main activity is related to the purchase, sale, storage and processing of grain crops. Sole owner of Zarneni Hrani Bulgaria EAD’s capital is Notap Company Limited, Cyprus. Zarneni Hrani Bulgaria EAD is part of the economic group formed with its subsidiary Port of Balchik AD.

5. The Commission entered into the public register an issue of shares issued by Transcard AD as a result of increase in the company’s capital from BGN 5,000,000 to BGN 7,000,002. The issue is to the amount of 2,000,002 pieces of ordinary shares having a nominal value of BGN 1 each.

6. The Commission denied issuing a licence to Eurofond Realties REIT to perform activities as a special purpose vehicle. The lack of institutional investor and the bad financial standing of the company – co-founder are among the main motives for the denial.

7. The Commission issued a licence to perform activity as a management company to Titan Asset Management JSCo. Within a 14-days’ period as of receipt of the notification, Titan Asset Management JSCo is to certify that the requisite capital of BGN 250,000 has been fully paid-in.
Vickvision EOOD is the founder of Titan Asset Management JSCo, holding 100 % of its capital.

8. The Commission adopted a Practice on application of Art. 123c, para. 1, item 9 of the Social Insurance Code.
Pursuant to the Practice adopted, it is allowed that transactions in shares and/or units issued by collective investment schemes which are not performed on a regulated market to be carried out directly by the pension insurance companies through sale or repurchase of securities by the management company.
The aforesaid Practice has been published on our website under Documents Section, Instructions and Requirements.

1. The Commission adopted an Ordinance on compulsory insurance under Art. 249, paras. 1 and 2 of the Insurance Code and on the methodology of claims settlement of damage indemnities caused by motor vehicles. The Ordinance’s publication in the State Gazette is forthcoming.

The Ordinance regulates the terms of and the conditions for performing compulsory insurance under the Third Party Liability of the Motorists Insurance and Accident of the Passengers Insurance by conforming these to the new requirements set under the Insurance Code. The insurers may also apply terms and conditions different to those specified under the Ordinance only in the case where these are more favourable to the customers.

The Ordinance specifies the minimum requirements towards the contents of the policies on these insurances, such as data on the insurer, data on the insured person and car, premium due, etc. The documentation that is to be submitted by the injured persons in order to consider their claim and specify the insurance indemnity is also listed. The requirement stating that the insurer is to compulsorily provide a sticker to the insured is preserved. The said sticker is to be placed on the automobile’s windscreen. The requirement stating that the driver is always to also carry with him/her the counterfoil (control sheet) along with the sticker, which is to be submitted along with the insurance policy in the case of inspection by the controlling authorities is newly introduced.

The minimum amount of the indemnity against damages caused to automobiles shall be specified by utilizing the methodology which is an addendum to the Ordinance. The said methodology establishes a procedure for specifying the actual value of the different automobiles and the factors that are to be considered when calculating the indemnity’s amount. The methodology shall be applied by insurers and by the Guarantee Fund; where the insurers may also utilize a different methodology at their own discretion should such methodology be more favourable to the customers and provide for forming higher indemnities in terms of amount.

2. The FSC issued a new licence to Elana Trading JSC, Sofia City, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under POSA, including underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 1,500,000. 

3. The FSC issued a new licence to Balkan Advisory Company Ltd., Sofia City, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under POSA, without underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 250,000. 

4. The FSC issued a new licence to Aval In AD, Sofia City, to perform activity as an investment intermediary. The investment intermediary may effect the investment and additional activities and services provided for under POSA, without underwriting issues and transacting in securities for one’s own account. In order to perform activities and provide services under the new licence, it shall be required that the company has at its disposal at any time capital amounting to not less than BGN 250,000. 

5. The FSC issued a new licence to Sentinel Asset Management JSC to perform activities as a management company.

6. The Commission confirmed a prospectus for secondary public offering of an issue of ordinary dematerialized voting shares issued by Bulgarian-American Credit Bank PLC, Sofia City. The issue amounts to BGN 12,624,725, distributed in 12,624,725 pieces of ordinary shares having nominal value of BGN 1 each, having ISIN Code: BG1100098059. The issue represents the company’s authorised capital stock. Bulgarian-American Credit Bank PLC shall be entered as a public company into the FSC’s Registry, and the issue of shares shall be traded on the stock exchange.
Bulgarian-American Credit Bank PLC is part of the economic group of its main shareholder – The Bulgarian-American Enterprise Fund (BAEF), which directly holds 99.08% of the bank’s stock.

7. The Commission confirmed a prospectus for secondary public offering of an issue of secured corporate bonds issued by BM Leasing JSC, having ISIN Code: BG2100023055. The issue amounts to EUR 3,500,000, distributed in 3,500 pieces of ordinary, registered, dematerialized, interest-bearing, secured bonds having a nominal and issue value of EUR 1,000 each one, 36-month maturity, a fixed interest percentage rate amounting to 6.40% simple interest on an annual basis, a three-month interest payment period, date of issuance: September 20, 2005, and maturity: September 20, 2008. BM Leasing JSC shall be entered as an issuer into the FSC’s Public Registry.
The BM Leasing JSC’s subject of activity is mainly connected with leasing assets: machines, production equipment, cars and lorries, specialized transport equipment, real estates. The issuer’s majority owner, holding 67.55% of its capital stock, is The Bulgarian-American Enterprise Fund (BAEF).

8. The Commission confirmed a prospectus for secondary public offering of an issue of non-secured corporate bonds issued by SV. SV. KONSTANTIN I ELENA HOLDING PLC, Varna, having ISIN Code: BG2100041057. The issue amounts to EUR 5,000,000, distributed in 5,000 pieces of ordinary, registered, dematerialized, interest-bearing, secured bonds having a nominal and issue value of EUR 1,000 each one, 72-month maturity, with floating interest percentage rate to the amount of 6-month EUROBOR plus a margin of 5 points simple interest rate on an annual basis, a six-month interest payment period, date of issuance: December 20, 2005, and maturity: December 20, 2011.
The funds raised through the issue shall be used for construction development and sales of houses, tourism development and shares acquisition, related to the company’s direct activity.
The company’s main shareholders are Andezit Ltd., Ital Commerce 75 Single Person LLC, Rent-a-Park Single Person LLC, each one holding 28.17% of the issuer’s stock capital.

9. The Commission registered Pravin Benker as a professional investor.