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FFBH - Bulgaria Daily Update - Aug 30, 2011


SOFIX gained 0.96% to 376.41 as a few strong moves supported the index. First Investment Bank (5F4, BGN 2.564, +6.83%) and Chimimport (6C4, BGN 2.282, +3.73%) advanced as both were very well bid and the supply seemed to be limited. Stara Planina Hold (5SR, BGN 3.469, +2.63%) rallied on better than expected Q2 consolidated results and Monbat (5MB, BGN 6.39, +0.47%) moved higher on moderate volume. Bulgartabac Holding (57B) didn’t capitalized on the news of the privatization and the lack of any decent buyers led to 3.43% decline to BGN 26.556.

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Energy sector

Energy regulator considers up to 20% gas price increase in Q4

The State energy regulator is considering two scenarios regarding the increase of natural gas prices in Q4, according to its chairman of Angel Semerdzhiev. Under the optimistic scenario, gas prices in Q4 will rise by less than 10%, while in the pessimistic scenario, the State Energy and Water Regulatory Commission will fulfill the request by Bulgarian gas monopoly Bulgargaz for a jump by 19.98%.

The current gas price is BGN 557.22 per 1,000 cubic metres.

Source: Dnevnik; FFBH

Energy sector

EVN to launch € 51.1m cogeneration plant in Bulgaria

Electricity company EVN Bulgaria announced it will launch on 2 September a cogeneration plant worth €51.1m in Bulgaria's second largest city of Plovdiv. The plant will have a combined capacity of 50 MW. Its construction started a year ago.

The stakes of the state in EVN Bulgaria Elektrorazpredelenie and EVN Bulgaria Elektrosnabdyavane, each of 33%, will be sold on the BSE as part of a government plan to sell its stakes in a number of companies in the energy sector.

Source: SeeNews


Industrial Holding Bulgaria AD [4ID]

Turkish company cancels contract for 55.5k DWT ship with Bulyard

The shipbuilding contract for ship with Hull N 103 between Bulyard Shipbuilding Industry and Turkish company Diler Shipping & Trading Inc. has been canceled, IHB, which holds 61.5% of Bulyard Shipbuilding Industry, announced. The ship will be built for Serdika, a 100% subsidiary of Bulyard Shipbuilding Industry and it is expected to be completed in October 2011.

Bulyard on 15 April delivered the first 55.5k DWT bulk carrier it built for Diler Shipping & Trading.

The initial value of the cancelled contract for the building of the 55.54k DWT ship was USD 41.1m.

In 2009 IHB, which has its own fleet of ships for its marine transportation line of business, bought another ship which it initially was building for a client, namely Navibulgar.

Source: IHB; FFBH

Fund Estates REIT [6BMA]

Fund Estates extends loans from NBG and UBB

Fund Estates REIT announced it has restructured and extended its loan contracts with National Bank of Greece and United Bulgarian Bank. No further details were disclosed.

As of end-June 2011, the outstanding amount on the loan from NBG was BGN 41.2m and the sum due under the loan from UBB was BGN 3m. The loans were taken in July 2008. The loan from NBG’s original term was up to 2016 and the loan from UBB had to be repaid in 2011.

Source: Fund Estates; FFBH


Copyright: 2006 First Financial Brokerage House. All rights reserved.For further Information please contact FFBH, 2 Enos Str., 1408 Sofia, Bulgaria
Phone: +359 2 810 64 00, fax: +359 2 810 64 01, e-mail: ffbh@ffbh.bg, web site: http://www.ffbh.bg


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