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Business Industry Capital
BIC Capital Market Ltd. 
ISSN 1311-364X
Friday, 29 September 2023, Issue 6040
  Bulgaria   Bulgarian Industrial Association   World   Discover Bulgaria

 On-line issue
 Bulgarian issue
For sale: Plot of 10.2 decares in Pchelinski Bani (Kostenets Municipality)
Price: 95 000 EUR

An excellent investment with the possibility of building an attractive spa complex,  with a good location, mineral water and climate.

Expert's advice
phone: 0888 924185,


BNB Exchange Rates
  EUR   1.95583  
GBP   2.26545
USD   1.85580
CHF   2.02090
EUR/USD   1.0539*
ECB exchange rate
Basic Interest Rate
  as of 01.09   3.53%  

Wholesale of sugar and chocolate and sugar confectionery
BEIS rating
Top 10 companies by
Number of
  1   Inkofoods LTD - Kazitchene   476  
  2   GrestoCommerce SPLTD - Lyaskovetz   308  
  3   Fortuna Com LTD - Sofia   304  
  4   Rojen 1 LTD - Plovdiv   224  
  5   Effect 2002 LTD - Sofia   200  
  6   Mondelez Bulgaria SPLTD - Sofia   166  
  7   Teta SPLTD - Plovdiv   143  
  8   Vuchko - 2 - Vuchkovi s-ie Co - Batanovtzi   103  
  9   Zaharni zavodi trade SPJSC - Gorna Oryahovitza   100  
  10   Sirius LTD - Botevgrad   79  
Make your own Bulgarian companies rating in BEIS
General meetings today
  Activity National Network JSC - Varna
Aex JSC - Sofia
AKB Consortium JSC - Sofia
Beli Breg - Burel JSC - Gaber
Business Logistics Center Sofia JSC - Sofia
Corn Foods Sofia JSC - Sofia
Darzala holding JSC - Varna
Deneb JSC - Sofia
Dobrudzha Kit JSC - Isperih
Dupnitsa-Tabak JSC - Dupnitza
Easy Asset Management JSC - Sofia
Ecofilter JSC - Bourgas
Ekoclima JSC - Bourgas
Elowitza 1895 JSC - Charkovo
Ferochrom JSC - Kazanluk
First May JSC - Silistra
FMA Plc. JSC - Targovishte
Forages JSC - Sofia
Goldan Prajid Properties JSC - Sofia
Haskovo-Tabak (Haskovo-BT) JSC - Haskovo
Hebros bus JSC - Plovdiv
Hebros-2001 JSC - Plovdiv
Hmelinvest JSC - Velingrad
Industrial park Sofia JSC - Sofia
Inlivo BG JSC - Varna
Intelinter JSC - Sofia
Jossy JSC - Hadzhidimovo
Kapana JSC - Plovdiv
KPZ 99 JSC - Tsareva livada
Levcorp Group JSC - Sofia
Madara Print JSC - Sofia
Mebel JSC - Stara Zagora
Metalic JSC - Stara Zagora
National commodity exchange JSC - Plovdiv
Pension Insurance Company DSK-Rodina JSC - Sofia
Pirina Tehnologies JSC - Sofia
Prime Property BG REIT - Sofia
Registration tehnics JSC - Samokov
Skalni materiali JSC - Rousse
Slanchevo JSC - Slunchevo
Sofia-Bulgartabac JSC - Sofia
Terratest JSC - Sofia
Thermal Power Plant Bobov Dol SPJSC - Golemo selo
Yantra Style JSC - Sofia
Forthcoming General Meetings

Society and Business
 The Ministry of Finance has imposed a new administrative burden on business
 Today we present to you no. No. 6000 of "Business Industry Capitals" - just a good start!
 Who would win if the state obliges employers to pay wages by bank transfer?
 The hardware market in Bulgaria 2023q1: for the second year below GDP growth. Which products increased turnover, which sank?
 The path to success in professional training and consulting: 20 years BIC Capital Market Ltd. - exclusive representative for Bulgaria of REFA-Germany for training and consulting in the field of optimization of production processes
 What does artificial intelligence (AI) answer to questions about the Minimum Wage (MW) in Bulgaria?
 The minimum wage should exceed the maximum wage :)
 The foreign trade stock turnover of Bulgaria and the EU27 (2002-2021) - achievements and challenges
 It`s more important not who but how is the Fund of Funds managed

Financial news

A total of BGN 2.16 billion is the financial aid for the agricultural sector in Bulgaria in 2023 - European and national funds, under all schemes and measures to support agriculture at the beginning of September. This amount does not include BGN 736 million direct area subsidies (so-called SEPP) from Campaign 2022, which were already paid out at the end of last year. With them, direct support (European with national co-payment) for the sector exceeds BGN 1.62 billion, and other measures with state funding exceed BGN 1 billion this year. A similar amount per area (perhaps smaller) will also be paid at the end of this year. Annually, more than BGN 2.5 billion is directed to local farmers. The funds for 2023 (without the aid per unit area paid in the fall of 2022) are distributed 2 to 1 in favor of the "Crop farming" sector - BGN 1.33 billion, compared to " Livestock" - BGN 626 million. The differences in direct payments are the largest, since the main payments are per unit of cultivated/used area. Grain-oil farms are proverbially benefited along this line. But this year they also receive a total of over BGN 200 million in line with other payments - for example, this is twice as much as the "Fruits" sector and four times as much as the "Vegetables" sector. For the grain sector, there is the largest support along the lines of market measures, they also receive the largest amount of state aid - BGN 116 million as of September 1. The so-called direct payments are the main instrument of the Common Agricultural Policy to support farmers. Its two largest components - the payment per unit of area (which is traditionally paid already at the end of the campaign year and is not included in the table) and the so-called green payments (practices that are favorable to the environment) are distributed among more than 54 thousand farms. Traditionally, the largest part of them goes to crop production and especially grain production, where the largest farms are. Livestock breeders, as well as the fruit, vegetable and protein crop sectors, receive direct aid, the size of which is tied to production - this is the so-called tied support, which is distributed almost equally to both sectors - BGN 110 million for vegetable crops and BGN 123 million for animals. In this case, dairy farmers are the most supported. Young farmers are also supported with about BGN 25 million per year through direct payments. Market measures are emergency interventions to stabilize agricultural markets in times of market crises. State aid is a particularly solid source of support for the sector. This column includes, for example, excise duty discounts for fuel used in the agricultural sector - about BGN 100 million per year, tax reliefs for agricultural producers, the minimum state aid for agriculture, also known as de minimis, which are provided to farmers at specific crisis situations on the market, etc. Livestock breeders are the main beneficiaries of the so-called Transitional National Aid with a budget of BGN 58 million - these are funds from the national budget with which cattle and sheep/mother goat farms are additionally supported. In the end, state payments to the sector this year will be over BGN 800 million, and if national additional payments to European subsidies are included, the sum will exceed a billion.

Source: Capital

The state fund "Agriculture" has paid BGN 65.5 million of the extraordinary financial aid to 11,550 sunflower producers. Half of the money is provided by the European Agricultural Guarantee Fund to support farmers and the other half is national funding. The aim is to compensate the farmers who suffered from the increased import of agricultural products from Ukraine.

Source: BNR

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

from 30.10-29.11.2023 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!!, тел. 0888 924185, 02/980-10-90,

The Commission for the Protection of Competition (CPC) received a notification from the pharmaceutical company Sopharma Trading about the plans to acquire companies for wholesale and retail trade in medicinal products - "Apteka - Lyubka Georgieva" Ltd and "Royal Farmasi" Ltd, "Pharma-24" Ltd and "Pinbau" Ltd. It recently became clear that the largest company by revenue in the "Pharmacy" sector in Bulgaria has reached an agreement and consent to acquire 9 pharmacies from the "Royal Pharmacies" chain. They are located in the area of Sofia, Pernik, Dupnitsa and Radomir, and the company plans to join the SOpharmacy family after the transaction is completed. For more than 15 years, Sopharma Trading has been a leader in the pharmaceutical market in Bulgaria. Since 2015, the company has been developing its own SOpharmacy retail concept. At the moment, over 200 pharmacies operate under the SOpharmacy brand in more than 40 cities in the country. Royal Pharmacy has been operating in the pharmacy market in Bulgaria for more than 10 years, currently uniting 11 sites in the cities of Sofia, Pernik, Dupnitsa and Radomir. A ruling on the transaction is pending from the Commission for the Protection of Competition. In the months leading up to its legal closure, the two chains will continue to operate independently.


"Port Varna" will invest BGN 40 million of its own funds for the modernization of its terminals over the next three years, announced the executive director of "Port Varna" EAD Ivaylo Gavrailov. The investment will improve the material base in the "Varna - East" and "Varna - West" ports. In "Varna-Iztok" closed type warehouses - silos with appropriate lanes will be built to avoid dust and to be able to load ships in a modern way. For "Varna - West" port, the technological processes for processing grain will be changed. Five silos have been licensed for receiving cargo under customs control, which will allow receiving transit grain, the director of the port also said, expressing expectations that serious ship loading norms will be achieved.

Source: BNR

The Kaufland Bulgaria team in Sofia will increase by 140 people by the end of the year. The expansion is related to ensuring the operation of the chain's two new hypermarkets, which are due to open their doors in the coming months in the capital's "Manastirski Livadi" and "Lyulin" districts. The company's total investment in the two stores exceeds BGN 90 million. With the opening of the new jobs, the Kaufland team in the country will reach a total of 7,000 people, distributed across the company's three structures – Head Office, Central Warehouse and branch network. Kaufland Bulgaria is a leader in the trade sector in our country with an annual turnover of nearly BGN 1.9 billion.

Source: 24 chasa

The Plovdiv zinc and lead producer KCM was established 62 years ago as a state-owned plant, and in 2000 it was privatized in July 2000 by the worker-management company "KCM 2000", which bought 80% of the enterprise for 14.6 million dollars and commitment to make the investments (later acquires the remaining state share). One of the few good examples of a successful worker-management company (WMC) privatization, today KCM produces about 150,000 tons of zinc and lead in total, as well as smaller amounts of other metals contained in the raw materials. More than 1,400 people are employed, and more than 3,000 people work in "Holding KCM 2000", which also includes mining and other companies of the group. What distinguishes KCM from other metal producers is that it actually has three plants on one site - for lead, for zinc and for precious metals, the latter being less well-known and processing a secondary product from lead production, as well as jewelry scrap. The plant has a very high level of secondary resource utilization - almost 30% are secondary raw materials in zinc production, mainly waste from the steel industry, and in lead production, in individual campaigns, the input of secondary raw materials reaches 50%. Much of the secondary lead comes from a battery recycling plant built in 2007 as part of the company's efforts to get more into recycling. In practice, KCM manages to utilize 100% of the batteries. In addition to incorporating lead into its production, the company also has technology to compress residual plastic. Thus, a product is obtained from it, which can be used, for example, as a base for the panels that enclose construction sites.
Source: Capital

The co-founder and head of the American office of "Shelley Group" (previously known as "Alterco") Svetlin Todorov has sold part of his shares in the company to German investors. Todorov sold outside the regulated market about 2% of the company's capital, or a total of 361,500 shares, at a price of EUR 19 per share (a little over BGN 37 at the central exchange rate of the BNB). The total value of the transaction amounts to almost EUR 6.87 million (over BGN 13.4 million). After the sale, Todorov's share in Shelly Group reached 30.39% (5,485,620 shares), i.e. he remains a major shareholder in the company.


       Bulgarian Industrial Association



Growth in eurozone corporate loans was the slowest in almost eight years in August, further evidence that the European Central Bank's aggressive rate hike is weighing on economic activity. Loans to the corporate sector of the euro bloc grew by only 0.6% compared to the same period last year, against 2.2% growth in July, the ECB informed in an official statement on September 27. Lending to households slowed to 1% from 1.3% in July. Eurozone monetary strategists are watching these and similar data closely to assess the impact of a 450 basis point increase in the community's interest rates from July 2022. European central bankers expect the 20-nation bloc to stagnate in the third quarter, even as business surveys show a contraction in the private sector.

Source: Banker


New York easily retains its place as the top global financial center, while London holds second place in a tight battle with Singapore and Hong Kong, according to the Global Financial Centers Index released by Reuters. New York, which displaced London from the top in September 2018, topped the rankings with 763 points based on 147 factors compiled by 121 institutions, including the World Bank, the United Nations and the OECD. London slightly narrowed its gap and received 744 points, which brings some relief after predictions that the British capital will lose its position as a global financial center due to Brexit and the fact that quite a few companies have left it in recent years. However, Singapore with its 742 points is already "breathing down London's neck", and Hong Kong is only one point behind it, which portends a fierce battle for second place. The index is produced every six months by London-based think tank Z/Yen and the China Development Institute. The survey shows that US financial centers are performing well and five of them are in the global top 10.

Source: BTA


Indonesian authorities have banned the use of social networks as a platform for selling goods and services and will continue to work to regulate e-commerce to protect the interests of local companies, reports US TV channel CNBC. A few days earlier, President Joko Widodo said that competition from social networks, which allow the purchase of many different, including foreign goods, is negatively affecting the sales of micro, small and medium enterprises in Indonesia. The ban imposed by the authorities will be a positive development for local companies specializing in e-commerce, as well as for Singapore's Shopee, one of the leading players in the field of online commerce in the region, according to Citi analysts. The new restrictions are expected to hit TikTok the hardest. The platform's audience in the country is 113 million users, only slightly lower than the main US market (116.5 million users). The company respects local laws and hopes that the adoption of the announced rules will take into account their impact on the ability of the more than 6 million sellers using TikTok Shop to make a living, the social network's administration emphasized. In June, CEO Shaw Ji Chu announced that TikTok wants to invest billions of dollars in Indonesia and Southeast Asia as a whole over the next few years.


Indexes of Stock Exchanges
Dow Jones Industrial
33 550.27 (-68.61)
Nasdaq Composite
13 092.80 (29.24)
Commodity exchanges
  Commodity Price  
Light crude ($US/bbl.)93.66
Heating oil ($US/gal.)3.2573
Natural gas ($US/mmbtu)2.8860
Unleaded gas ($US/gal.)3.3110
Gold ($US/Troy Oz.)1 894.60
Silver ($US/Troy Oz.)22.81
Platinum ($US/Troy Oz.)887.40
Hogs (cents/lb.)82.08
Live cattle (cents/lb.)188.33

       Discover Bulgaria

Strandja mountain

Strandja mountain is situated in southeastern Bulgaria. It includes three huge mountain parts, as the major of them is placed entirely in Turkey. The Bulgarian-Turkish border crosses Granichni rid (the second part, which means Border bank in Bulgarian). The lowest massif named Bosna is found entirely in the Bulgarian lands. Its crest is quite cobble, even flat. Strandja is wealth of its unique and rare vegetation and fauna. The most renowned rivers here are Veleka, Ropotamo, Rezovska, and Dyavolska reka (Devil River). The mountain is covered with archeological, historical and cultural monuments. Here, in a picturesque place the only nestinar (firedancers) village in Bulgaria is found – the village called Bulgari (Bulgarians). Keeping and reviving the tradition local people make the village unique and unforgettable not only for the foreigners, but for the Bulgarians as well.

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