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Business Industry Capital
BIC Capital Market Ltd. 
ISSN 1311-364X
Friday, 12 July 2024, Issue 6233
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria

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For sale: 60 decares of land, facing the Hemus highway (65 km before the city of Sofia)

Цена: 240 000 EUR

3 adjacent plots, with a total area of 59,583 sq.m., 5th category arable land (change possible), in the status of a land property/plot.

Location: opposite OMV gas station (direction Varna) and next to OMV gas station (direction Sofia), about 65 km before Sofia.

Contact:

0888 924185

sfb@bia-bg.com



BNB Exchange Rates
(12.07.2024)
  EUR   1.95583  
GBP   2.31995
USD   1.80178
CHF   2.00619
EUR/USD   1.0855*
ECB exchange rate
Basic Interest Rate
  as of 01.07   3.63%  

изображение

For Sale: Administrative Building - 1265.43 sq.m in Sofia Center

Price: 3 500 000 EUR

The building represents a monolithic construction with basement level, ground floor, and six office floors. It has suitable premises for a bank office with a vault on two levels (basement and ground floor) with a total area of 298.622 sq.m. and six separate offices, each located on a floor.

Contacts:

0888 924185

sfb@bia-bg.com

image

For Sale: Independent Office Building in Kremikovci – 576 sq. m. (Botunets area)

Price: 495,000 EUR

The property is located on the territory of the former PURP Kremikovci AD with Yard (area: 3684 sq. m), and a SINGLE-FLOOR ADMINISTRATIVE BUILDING (with an area of 576 sq. m) with 26 rooms for offices, two sanitary rooms, and corridors.

Contacts:

0888 924185

sfb@bia-bg.com



Building completion
BEIS rating
Top 10 companies by
Number of
employees
for 31.12.2023
  
  1   MTM SPLTD - Varna   359  
  2   Galchev Engineering SPLTD - Sofia   165  
  3   Aris - Kostadin Aramazov ST - Plovdiv   157  
  4   Streza SPLTD - Sofia   137  
  5   Tehnomontazh SPLTD - Asenovgrad   125  
  6   Solei-06 LTD - Varna   123  
  7   Aras 2008 SPLTD - Varna   98  
  8   Stromet 2004 LTD - Kozloduy   95  
  9   Geo Kri SPLTD - Sliven   92  
  10   Te Trejid Grup LTD - Haskovo   88  
Make your own Bulgarian companies rating in BEIS
General meetings today
  Agro poa invest JSC - Sliven
Asenova krepost JSC - Asenovgrad
Hydrostroy-Invest JSC - Panagyurishte
Imeris Minerals Bulgaria JSC - Kurdzhali
ImVenture II Co - Sofia
 
Forthcoming General Meetings



Financial news

This year, the Ministry of Finance held six auctions for the sale of interest-bearing government securities (treasury bonds), according to data from the Bulgarian National Bank. One of them was in April, two in May, two in June and one in July. A total of BGN 1.3 billion has been accumulated in them. The average annual yield of each subsequent auction was higher. The great interest in these auctions is striking, as well as the fact that the orders accepted for participation were of a much higher value - BGN 2,058,950,000. In April, the sales were from the BG 20,300 24,116 issue, which matures on April 17, 2027. In the first auction on April 15, papers were sold for BGN 200 million at an average annual yield of 3.01 percent. On the second - on May 27, bonds were bought for BGN 300 million at a higher average annual yield of 3.21 percent. In the month of May, one auction was held from the issue with BG 20 400 24 213. On May 13, papers were sold for BGN 200 million at an average annual yield of 3.35 percent. The second auction of the same issue was on June 10. It offered and bought securities for 200 million BGN at an average annual yield of 3.54 percent. On June 24, an auction was held for the sale of part of the BG 20,300 24,116 issue dated June 17, 2024 (three-year interest-bearing treasury bonds) with a maturity of April 17, 2027. At that time, 200 million BGN bonds were sold at an average annual yield of 3.44 percent. On July 8, an auction was held from the issue with BG 20 400 24 213. Papers were sold for BGN 200 million at an average annual yield of 3.82 percent. The BNB states that the quantity of bonds proposed by the Ministry of Finance will be increased by selling an additional number of them.

Source: Banker

The registrations of new agricultural tractors, combine harvesters and telescopic loaders in Bulgaria continue to go down in the second quarter of this year, while the positive trend is consolidating for front loaders. This is indicated by the latest data from a report of Control and Technical Inspection to the Ministry of Agriculture and Food. The year 2023 put an end to the positive trend of the agricultural machinery market in Bulgaria, which lasted for the previous two years. For the period from January to June this year, there were 495 new wheeled tractors registered in Bulgaria. This corresponds to an annual decrease of 25.34%, or 168 units less than in the same period of 2023. For combine harvesters, the difference with January-June 2023 is as many as 55 less, or 64 new registered machines since the beginning of this year. This is 46.22% down on the same period last year, when registered combine harvesters were 119. For telehandlers, this year's numbers also show a drop, with 151 new machines registered, or 17.93% less than the same months of 2023 , when there were 184. Only front-end loaders have a positive trend - 171 newly registered machines since the beginning of the year, which is an increase of 37.9% on an annual basis. A downward trend in the agricultural machinery market in the first half of 2024 is observed not only in our country, but also in other key markets in Europe.

Source: BTA

The Аutumn REFA qualification course in Sofia on the topic:: Organization, management and optimization of production processes in the enterprise -

from 7.10-8.11.2024 in Sofia

Participation Request:
Enrollments are made on a first-come, first-served basis, until the maximum number of participants in the course is reached!!

http://refa.bia-bg.com/, тел. 0888 924185, 02/980-10-90,
Companies

It is expected to become clear which companies submitted an offer to buy the largest media and telecommunications group in Bulgaria - the operator "Vivacom" and "Nova TV", and recently also "Bulsatcom". As of 2020, telecom and television are owned by the Balkan holding company United Group, in which the London-based fund BC Partners is the majority shareholder. A significant share of about 40% in United is also held by its founder, the Serbian Dragan Sholak. The financial investor is now looking for a buyer for all or parts of United. The deal is huge - the valuation of the business is EUR 8 billion, and the Bulgarian companies bring in about BGN 1.6 billion in annual revenues. If it comes to final offers for the Bulgarian companies and a contract with a selected buyer or buyers, the transactions will have to be approved by the CPC or directly by the Directorate General "Competition" in Brussels. According to information from "Capital", there are several candidates who are interested in the group. Among them are both companies from the telecom sector and financial investors. The state-owned Saudi telecom STC will submit a secure offer for the entire United Group. It is already present in the region through its infrastructure division Tawal, which a year ago bought back from United Group 4,800 towers in Bulgaria, Croatia and Slovenia in a deal for 1.22 billion euros. The Saudi giant also acquired 4.9% in 2023 in Spain's Telefonica. The American Apollo fund is also mentioned as a potential interested party. But that deal, analysts say, will be difficult because this financial buyer's niche is heavily undervalued assets, and in United Group's case, the seller isn't looking for a cheap, quick exit. The American fund Providence, which was among the candidates for BTC in the last resale, is now only interested in the Bulgarian media group "Nova". Reuters and Bloomberg also mention other candidates such as fund Apax Partners and European telecoms Orange and Iliad. According to BC Partners managing partner Nikos Stathopoulos, the valuation of the entire group is in the order of 8 billion euros (8 times EBITDA). United Group's business includes telecommunications and media assets in Bulgaria, Serbia, Croatia, Slovenia and Greece. The revenues of the entire group for 2023 reached 2.79 billion euros. "Vivacom" is the second largest business in the group in terms of revenue after the Greek Nova - 646 million euros (1.27 billion leva). The profit before interest, taxes and depreciation (EBITDA) of the Bulgarian telecom brings the largest part of the profit of the United Group - 30%. Apart from telecom and cable operators in individual countries, United Group also includes the media division United Media, whose turnover last year was close to 340 million euros. A major part of it is also Bulgarian business - the "Nova Television" group, which also includes "Net Info" and newspapers. In United's report, there is no breakdown of their revenues for 2023, but for 2022, the turnover of "Nova Broadcasting Group" reached BGN 284 million. If we add the acquired operator "Bulsatcom" (with revenues of the order of BGN 150 million) BGN per year), the turnover of United's Bulgarian companies exceeds BGN 1.6 billion.

Source: Capital

Aurubis announced large-scale changes in its management. A manager with managerial experience in a number of large companies will stand at the head of the global supplier of non-ferrous metals, and the new chief operating officer comes from the Bulgarian division of the group - "Aurubis Bulgaria", the largest company in Bulgaria by revenue. Roland Harings is handing over the CEO position to Dr. Thoralf Haag as of September 1 after a transition period starting in July. The new CEO is a graduate of business sciences, having been part of the company and previously - as the chief financial officer in 2002-2005. In addition, his biography includes management positions at ThyssenKrupp, the Swiss pharmaceutical Lonza Group and the Voith Group, where was also CEO. The Aurubis Supervisory Board also appointed a new Chief Operating Officer - Tim Kurt, who until now was the CEO of "Aurubis Bulgaria". He has been with the group since 2006, having also held the position of vice president. Outside of Aurubis, his career includes positions at Unilever and Numico, and he is also president of the German-Bulgarian Chamber of Commerce and Industry. "Tim Kurth has done a remarkable job in the development of the plant in Bulgaria. His extensive experience makes him the ideal candidate to assume responsibility for important segments of the Group's metallurgical network," Dr. Fritz Varenholt, chairman, was quoted as saying in the official announcement. of Aurubis supervision.

Source: money.bg

Without a competition and after two days of scandals, the Metropolitan Municipal Council adopted a decision changing the composition of the boards of directors in 6 key municipal companies that manage assets over BGN 3 billion. The changes will go into effect even if they are contested, as a preliminary implementation has been approved. At the same time, it was voted to announce competitions for permanent managers of the companies. They will be done according to the previous rules, despite the intention of the PP-DB/"Save Sofia" managers to have this happen in a new, more transparent way. The companies that will have new management are: "Toplofikatsia Sofia", "Center for Urban Mobility", "Stolichen autotransport", "Stolichen Electrotransport", "Metropolitan" and "Sofinvest". Four of the five members of the "Metropolitan" management board are changing. The new leadership includes former Deputy Minister of Transport, appointed under the management of the "Petkov" Cabinet, and Deputy Head of the "Ruse-Caspian" project at the National Railway Infrastructure Company - Nikolay Naydenov, a lawyer who was in the municipal "Pazari Zapad" - Delyana Ivanova, as well as Konstantin Azov, who changed a number of management positions in state transport companies in recent years. He was last in the management of BDZ, and his career started in the management of GERB at the national level. The current executive director and former mayor of the "Studentski" district of GERB, Dimitar Dilchev, has been released from the Center for Urban Mobility. The only current board member who has retained her seat is Rumiana Milova, who over the years was responsible for parking in paid zones. New to the management of the company is Ekaterina Stefanova, who was the director of "Development and administrative activities" in the company, worked in the "Studentski" district under the management of Dilchev. The administration also includes Petar Seferov - director of "Port Infrastructure" until October 2023, Stanimir Arabadzhiev - deputy director of the state "Automotive Administration" and Alexander Georgiev, who also works at TsGM. One person also remains on the board of "Stolichen autotransport" - Lachezar Pekov. The new management includes two people who now work for the company, a lawyer, a person who worked in the "Road Infrastructure" agency, as well as the owner of a waste company. Directors Evgeniy Ganchev and Kiril Georgiev are proposed to keep their positions in the management of "Stolichen Electrotransport". Among the new members of the board is a person who worked at "Sofia Airport" as well as a manager of a food additives company. As for the supervisory board of "Toplofikatsia Sofia" - Sasho Chakalski, who was the head of Municipal Bank before its privatization, retains his position. and two new members enter - Georgi Balabanov, who was a manager of business development and international projects, as well as an advisor in the European Parliament, and Miglena Ivanova - financial controller at "Bulgargaz". They replace Valentin Terziyski and Milena Tsenova "Toplofikatsia Sofia" elects the board of the company, from which the executive director is issued. Only one person retains his place in the management of "Sofinvest".

Source: mediapool.bg

Sopharma Trading JSC has acquired a 79% stake in the Belarusian drug wholesale company Brititrade LLC. The Bulgarian company participated in a capital increase of the Belarusian trader, as a result of which it acquired a 79% majority share of its capital. Brititrade has over 10 years of history on the market. The company wholesales medicinal products and medical devices, being present on the Belarusian market through a network of 12 subsidiaries managing 192 pharmacies. "Sopharma Trading" has significantly expanded its own pharmacy network in recent years, having acquired the chains "Royal Farmasi", "PharmaStore", Ceiba, Sanita, SCS and Vitalis. The company operates over 200 pharmacies under the SOpharmacy brand in more than 40 cities across the country.

Source: investor.bg

IoT device maker Shelley Group has acquired the tangible assets, including intellectual property (IP) and inventory, of Dutch smart lock maker LOQED B.V. The deal also includes direct access to the manufacturer's contract factory in China and raw material suppliers. The acquisition price is EUR 150,000, payable in cash. Shelley Group expects the sale of smart door locks to make a significant contribution to revenue and earnings from 2025 onwards. In order for users to continue using LOQED smart locks without restrictions, Shelly Group will continue to support the LOQED platform and subsequently implement it in Shelly Cloud solutions as part of an upcoming integration. According to research, the smart lock product category is expected to grow at an average annual rate of 15.4%, with the market estimated to reach $5.8 billion by 2029. Apart from households, various businesses are also introducing smart locks for more easy management of premises security. Doors with LOQED smart locks can be opened via a smartphone using Bluetooth or by manually entering a code. The locks have various functions, such as controlled opening and closing or access notifications.

Source: investor.bg

The executive director with the department "Sales and commercial network" at "Generali Zastrahovane" JSC Yuri Kopach will be released from his post as of September 1. He is also leaving the Management Board, the change being at his request due to acquiring the right to retire. His career began in state institutions, and he entered insurance in 1997. He was the manager of the DZI branches in Burgas and Sofia, as well as a member of the Board of Directors. His place in the organization will be taken by the CEO of "Generali Zastrakhovane" JSC Nikolay Stanchev.

Source: money.bg

The Regional Inspectorate for Environment and Water in Ruse has approved the construction of a new "Kaolin" plant in Dulovo. Work on the project for more than BGN 150 million has been going on for 5 years, but after the decision of the RISV, the way to the start of construction is open - there is no evidence that the act was appealed. According to the investment proposal, the enterprise will be built on nearly 312 decares, and will have workshops, warehouses, bunkers, railway facilities, its own borehole for water at a depth of 750 meters, laboratories, administrative and residential complex, etc. The plant will operate around the clock and will produce 300,000 tons of quartz glass sand, 53,000 tons of ceramic grades of kaolins, 72,000 tons of calcined kaolin and 155,000 tons of by-products from oversize and intermediate fractions per year. The intentions of "Kaolin" are to invest in the region over 150 million BGN and for the plant to become one of the most modern in the world in its field. According to the chairman of the Supervisory Board of the company, Robert Lindemann-Berk, the enterprise will start work with 120 employees, and the goal is to create even more jobs at subcontractors and suppliers. Part of the funds will be invested in the development of the "Kolobar" and "Balabana" deposits. In 2020, the government of that time awarded a class "A" investment certificate to "Kaolin", and it became clear that only the plant in Dulovo will cost over BGN 60 million. The project has been known since 2016, when information appeared that, along with the modernization of its factories in Senovo, Vetovo and Kaolinovo, the company is also planning a new capacity in our country. In 2019, the specific investment intention for it was also entered, and in 2021, Lindemann-Berk announced that the plans for the plant were ready. The procedure in RIOSV reached the final stage nearly 3 years later - at the end of June this year.

Source: money.bg

BrightCap's second fund is worth EUR 60 million, of which EUR 44 million has already been raised, and the rest will be raised within two years. The total amount is more than twice that of the first fund, which started work in 2018 with a resource of 25 million euros. Half of the money for the new fund - 30 million euros, comes from the recovery plans for Bulgaria (20 million euros) and Romania (10 million euros), and the selection of teams for funds under them is managed by the European Investment Fund (EIF ). With public funds comes a condition that the money must be invested in companies that are connected to both countries. The rest of the capital comes from private investors, including those who were in the first fund, as well as self-participation of partners Elina Halacheva, Diana Stefanova and Georgi Mitov. The three, along with Daniel Laurer, started BrightCap's first fund, but Laurer later became involved in politics, and Stefanova remained at the fund only as a partner because she ran VMware's European business before the company was acquired by Broadcom. BrightCap's second fund will follow the strategy of the first - to invest primarily in companies with a local founder that are looking for expansion to Western markets and specifically the US. In the first fund, 12 companies from a total of 22 investments were found in this way. BrightCap's largest investment to date is LucidLink, co-founded by Bulgarian Georgi Dochev, which has raised $115 million to date. BrightCap has exited five of its investments so far - Cloudpipes, FITE, Woom, Enview and Pliant. Of the total portfolio, about half of the money, between 50 and 60%, will be used for initial investments in companies. The rest will be directed to their additional funding at a later stage. The strategy was similar in the first fund, where there is still a remaining resource for additional investments - about 2 million euros. As with the first fund, BrightCap will invest primarily in software companies that sell to other businesses (B2B). And just like before, the goal is to find such companies in the earliest possible phase of growth - seed or pre-seed, although in venture capital such terms are very flexible, according to the understanding of different managers. The term of the fund will be standard - a total of ten years, of which five are the active investment phase, followed by a further five years with the possibility of extension in which to exit their investments. BrightCap is headed by three partners - Elina Halacheva, Diana Stefanova and Georgi Mitov. Halacheva graduated in finance and international business from the University of Richmond, as well as an MBA from Stanford University. Prior to venture capital, he worked for five years at Citi Bank, where he managed real estate funds. Diana Stefanova is best known as managing VMware's business for Bulgaria and Europe. It was part of the Bulgarian company Sciant between 2004 and 2007, which VMware subsequently acquired. Stefanova was managing director for Bulgaria and Europe at VMware between 2007 and 2024, when the company was finally bought by Broadcom, which in turn embarked on radical changes in the business. Stefanova was unable to participate as an active partner in BrightCap's first fund due to her commitments to VMware. Georgi Mitov was also part of Sciant until the acquisition by VMware. In 2009, he founded the startup Aviaso, which in 2015 was bought by Honeywell. Mitov spent three more years there as director before joining BrightCap.

Source: Capital



       Bulgarian Industrial Association




       World

Europe

2024 will be a very bad year for cereals in the European Union - with lower yields from less planted area, according to data from Copa-Cogeca - Europe's largest agricultural organisation. Its experts warn that the situation could further deteriorate in the coming weeks. Cereal production in the EU is set to reach 257.3 million tonnes, down 4.7 percent from the harvest in what is considered to be a weak 2023. Yields are down 1.2 percent and sown areas down 3. 5%. The production of wheat and barley decreased significantly (respectively by 6.3% and 9%), corn was stable, and there was even a significant increase in oats. Most northern, central and eastern EU countries saw a decline in cereal production, while Spain saw an increase of 3 million tonnes. The Bulgarian Minister of Agriculture also commented a month ago that there will be a slight contraction of the harvest in 2024. According to the organization, the situation with oilseeds is stable - 1.6% less area, but 0.7% higher yields with a final result of 1 per a hundred more modest production. There was a 50 percent jump in Spain and a 15 percent drop in Poland. For protein crops (e.g. peas and beans) the data are positive except for France. Copa-Cogeca warned that the situation could worsen in the coming weeks due to difficult weather conditions and the impossibility of working on the fields.

Source: BTA

America

U.S. wholesale inventories rose sharply in May, likely prompting investment in the sector to support U.S. economic growth in the second quarter, Reuters reported. The Commerce Department's Census Bureau reported today that U.S. inventory rose 0.6 percent in May on a monthly basis, matching data released last month, as expected. By comparison, wholesalers' inventories rose 0.2 percent in April. Inventories fell 0.5 percent year-on-year in May. Private sector investment in inventories has weighed on GDP for two straight quarters as companies carefully manage their inventories and domestic demand remains strong. There is cautious optimism that their build-up could offset some of the expected hit to GDP from the widening US trade deficit. Economic growth forecasts for the second quarter are around 2 percent year-on-year. The US economy grew by 1.4 percent in the first quarter of the year. Inventories of motor vehicles rose 1.4 percent in May. Excluding autos, wholesale inventories rose 0.5 percent. This component enters into the calculation of GDP. Sales at vehicle wholesalers rose 0.4 percent in May after a 0.2 percent rise in April. At May sales rates, it will take wholesalers 1.35 months to sell the goods in the retail network, the same as in April.

Source: BTA

Asia

The government of Kazakhstan has made an offer to state corporations of China to sign a contract for the supply of Kazakh grain and oil crops in the amount of up to 3 million tons. The document can be signed by the national company of Kazakhstan "Prodcorporation" and the relevant state-owned companies of China. This is a third of the total volume of grain produced in Kazakhstan, according to Prodcorporation. According to data from the National Bureau of Statistics of Kazakhstan, the volume of wheat exports from Kazakhstan for the first 4 months of the year decreased by more than 30% on an annual basis. The drop in supplies is to many countries, including Uzbekistan, Tajikistan, Afghanistan, Turkmenistan and Italy. Only China, however, increased purchases of Kazakh grain 2.6 times, rising to over 200,000 tons. Meanwhile, the Kazakh government continues to work to increase meat supplies from Kazakhstan to China. Readiness to increase beef supplies to 500,000 tons is declared. At the same time, the Kazakh side has drawn the attention of its Chinese counterparts to the presence of "barriers" on the Chinese side that prevent the full export of agricultural products from Kazakhstan to China, and that these issues need to be resolved.

Source: money.bg

 
Indexes of Stock Exchanges
11.07.2024
Dow Jones Industrial
39.00 (65.20)
Nasdaq Composite
18.00 (-343.55)
Commodity exchanges
11.07.2024
  Commodity Price  
Light crude ($US/bbl.)82.41
Heating oil ($US/gal.)2.5242
Natural gas ($US/mmbtu)2.3240
Unleaded gas ($US/gal.)2.5242
Gold ($US/Troy Oz.)2.00
Silver ($US/Troy Oz.)31.08
Platinum ($US/Troy Oz.)1 007.40
Hogs (cents/lb.)88.45
Live cattle (cents/lb.)182.25

       Discover Bulgaria

Shabla Lake

The Shabla Lake is located in Northeastern Bulgaria, close to the town of Shabla. The Shabla lake unites the two sea-coastal lakes Ezerets and Shabla. They are connected through a canal and are included in a protected area of 510 hectares. The Lake is included in the list of Ornithology-important places in Europe. It is inhabited by over 80 protected bird species - Great Bittern, Snowy plover, Ferruginous Duck, Marsh Harrier, few species of ducks, loons, herons, swans, etc. The Shabla lake is a lagoon and lies on a 4-5 m sand alluvium, piled over a rich peat layer – an evidence for a long lake period. Besides the variety of rare birds the Lake accommodates also some rare plants.

Location



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