The Executive Director of the cosmetic company Rubella Mr. Krassimir Mitov is owner again of the half from the capital of Astera, decided Sofia Appeal Court. The Court postponed the decision of the General Meeting of Astera holding in 2000 for enervation of Mr. Mitev. Mr. Mitev is also back in the Board of Directors of Astera which is owner of 98.5 per cent from Aroma.
Source: Sega 

The Deputy Chairman of the Financial Supervision Commission Mr. Dimana Rankova forbade the company Rodopska slava to register an increase of its capital in the Trade register. The reason is that the change in the capital is made through rising of the face value of the company’s shares, which is not in accordance with the Public Offering of Securities Law.
Source: Banker

The General Meeting of the shareholders of Bank Consolidation Company (BCC) JSC, which will be conducted on July 22, will decide how will be distributed the profit of the company. BCC JSC reported a profit of BGN 167.9 million as of 2002. According to the Executive Director of BCC Mrs. Neli Kordovska it is not decided yet what part of the profit would be distributed as dividends for the shareholders. A part of the profit will be allocated in Reserves Fund for payment of the obligations to Bank Austria, which purchased Biochim and to the Hungarian OTP, which became an owner of State Savings Bank DSK.
Source: Banker 

The Board of Directors of the Russian company LUKoil will convene an Extraordinary Meeting in Bulgaria on September 25. The meeting in Bulgaria will be connected with the 40th anniversary of LUKoil-Neftochim. Burgas-based refinery and Prista oil are negotiating for joint activity at the processing of petrol oils.
Source: Duma

Napredak Holding JSC won’t distribute a dividend for 2002, announced the Investors Relations Director Ms. Desislava Georgieva after the General Meeting that took place on June 19. The company reported a profit of BGN 118 000 that will be referred to cover a part of the losses from past years.
Source: Capital market

USA
General Motors on Friday said it planned to offer about $10bn in debt securities and convertible debentures as the US carmaker struggles to improve its balance sheet and to help close the hole in its underfunded US pension fund. The carmaker, which earlier this month said that falling bond rates had added $6bn-$8bn to its retirement liabilities, said that most of the proceeds would be used to fund its US pension funds and "other retiree benefit obligations". The hole in GM's pension fund comes at a time when the company is struggling with a fierce domestic price war. The group said on Friday that the new offerings would effectively double GM's original balance sheet-strengthening target for 2003 to $20bn and improve its near-term liquidity to more than $30bn. John Devine, GM vice chairman and chief financial officer, said: "The general cost of borrowing in US markets is at historic lows and we are acting quickly to take advantage of the favorable capital markets environment. These offerings give GM the opportunity to strengthen its balance sheet while freeing up cash and improving financial flexibility." Earlier this month Mr Devine said the weak state of the fund was making GM's goal of tripling earnings to $10 a share by the middle of the decade more difficult. As of the end of 2002, GM said that its US pension plans were $19.3bn underfunded. The group has previously said that it would contribute $15bn to the plan by 2007. 
Source: FT