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17.10.2018

Bulgaria ranked most competitive amongst Balkan countries in the latest WEF report

The Global Competitiveness Index 4.0 ranks Bulgaria 51st in terms of competitiveness. The country scores high in adoption of new technologies, macroeconomic stability and innovation capability. In the Balkans, Bulgaria and Romania keep 51st and 52nd places respectively, followed by Greece (57th, -4 ...

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17.10.2018

Lavena invests BGN 4.99m in 5.2k sq. m of new production facilities (NEUTRAL)

Lavena announced that it is going to increase production capacity through a BGN 4.99m investment. The company will expand an existing production facility and a warehouse, which will take place on land owned by the company. This would add 5.2k sq. m. to production and storage and will increase net PP...

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17.10.2018

Sirma Group Holding registers new subsidiary – Sirma CI (NEUTRAL)

Sirma Group Holding disclosed that it will register another subsidiary, called Sirma CI. The company will be headquartered in Sofia with registered capital of BGN 133k. Sirma Group Holding will subscribe for 80% of the shares though a non-cash contribution to equity of BGN 26.6k. The new company wil...

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16.10.2018

Gradus completes a BGN 3.5m investment in production capacity (POSITIVE)

Gradus announced that it has finished an expansion project that added 6 production buildings and 12 halls for main parent flocks. The investment, which totalled BGN 3.5m, added 72k broiler parent flocks to total output. Another 7 production buildings and 14 halls are to be completed by the end of 20...

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16.10.2018

Albena’s Paradise Blue gets a Maritim franchise (POSITIVE)

The international hotel chain Maritim has granted a franchise to one of Albena’s hotels – the five-star Paradise Blue. The group consists of 48 hotels, predominantly concentrated in Germany. Supposedly, the brand is well recognized in the country, which could be the reason for the partne...

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16.10.2018

FSC approves a warrant issue by BPD Industrial REIT

The FSC approved the prospectus of BPD Industrial REIT for a warrant issue. The size of the latter is 299m at a price of BGN 0.001. The warrants will prompt the holder to acquire a share in the REIT at an issue price of BGN 1 within a 5-year term. The conversion ratio is 1:1.

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15.10.2018

HICP down 0.3% MoM, reaches +3.6% YoY in September’18

Bulgaria’s September’18 harmonized consumer price index /HICP/ fell by 0.3% MoM after 5 consecutive monthly increases. YoY the index added 3.6%, close to the 3.7% cyclical high reported in August. The prices of food and non-alcoholic drinks, which have the largest weight in the index, ...

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15.10.2018

The government starts subsidizing companies that want to go public

Small and medium sized companies could apply for a BGN 50k IPO subsidy for covering issue-related costs, the government announced. The initiative started with BGN 1.5m of funding, enough to make 30 companies public. The major requirement for the recipients is to attract at least BGN 500k of equity i...

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15.10.2018

Advance Terrafund increases its portfolio by 700 daa in September (NEUTRAL)

Advance Terrafund REIT bought 895 daa land at an average price of BGN 1 020/daa in September’18 and disposed of 195daa. The total portfolio of the fund reached 224 623 daa agricultural and 133 daa urban land. The management’s guidance for rental revenue for the 2017-2018 agricultural yea...

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12.10.2018

A.R.U.S Holding offers BGN 4.70 per share to Svilosa minority shareholders

A.R.U.S Holding has filed a tender offer for 2 139 070 shares of Svilosa (6.74% of share capital). The company controls 93.26% of the latter indirectly through a common governance agreement with KBD SA. The offer price is BGN 4.70 per share, a 2.2% premium over the market price. The tender offer is ...

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11.10.2018

The tourist revenue up 7.5% YoY in August’18, overnight stays gain 2.3%

The overnight stays in Bulgarian hotels were 6.1m in August’18 registering an increase of 2.3% YoY. The monthly revenue surged 7.5% YoY and amounted to BGN 348m, as the proceeds from foreign and Bulgarian tourists advanced by 9.0% and 7.2% YoY, respectively. The total number of tourists was up...

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11.10.2018

IHD’s control of Hydroizomat reaches 93.3% after the tender offer (NEUTRAL)

Industrial Holding Doverie (IHD) announced that it has acquired 79 966 shares in Hydroizomat through a tender offer at BGN 1.43 per share. This increased the share of IHD by 2.67 p.p. to 93.3%, less than the expected 100%. The buyer intends to take the company private after the offer.

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10.10.2018

YTD trade deficit stabilizes at BGN 3.0bn in August due to declining imports from the EU

Bulgaria’s August’18 exports (FOB) to third countries continued their decline since the start of the year, shrinking 21.0% YoY to BGN 1.3bn for the month. Imports outside the EU grew 10.6% in August, bringing the 8-mo total to BGN 13.4bn (+4.0% YoY) on total exports within the same perio...

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10.10.2018

ECB stress tests Bulgaria’s biggest banks

ECB has chosen six banks for AQR as a prerequisite for joining the Banking Union, Capital.bg reported. Amongst those supposedly are the 3 biggest lenders – UniCredit Bulbank, OTP owned DSK, and UBB, part of KBC. They will be stress tested using the most recent ECB’s methodology that take...

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10.10.2018

The government stops the concession procedure for Plovdiv Airport

The Council of Ministers decided to stop the concession procedure for Plovdiv Airport due to a legislative amendment made after its initiations. The Chinese HNA won the bid, but decided not to sign the contract in the last moment. The concession was not offered to the tie up Consortium Plovdiv Airpo...

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10.10.2018

Speedy acquires Rapido at 4.5-5 times 2018 EBITDA (NEUTRAL)

After a green light by the competition regulator, Speedy announced that it will acquire Rapido at a price in the range of 4.5 to 5 times 2018 normalized EBITDA. The sum would have to be paid to the owners of the company in 30 months time. The company will be a subsidiary of Speedy, retaining current...

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09.10.2018

IMF and the Ministry of Finance lower Bulgaria’s 2018 GDP growth forecasts

In its latest World Economic Outlook IMF projected a 3.6% 2018 real GDP growth for Bulgaria. This is a 0.2 p.p. downward revision when compared to April’s forecast, while the expectations for 2019 remained unchanged – 3.1%. The Ministry of Finance also reconsidered its estimates, cutting...

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09.10.2018

Industrial production up by 0.8% MoM, gains 2.3% YoY in August’18

Bulgaria's industrial production index rose 0.8% on a monthly basis in August’18, after being down 1.2% MoM in July. The working day adjusted index, jumped 2.3% YoY, even though the mining quarrying production fell 17.4%. On a monthly basis, the latter fell 2.1%, the production in the utilitie...

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09.10.2018

The August’18 retail trade adds 0.5% MoM and 5.1% YoY

The August’18 seasonally adjusted turnover in the retail trade (excluding motor vehicles and motorcycles) grew for a sixth month in a row, gaining 0.5% MoM, while the working day adjusted retail trade turnover added 5.1% YoY. The highest monthly increases were accounted in retail sales of comp...

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09.10.2018

August’18 construction production falls by 0.6% MoM and 1.1% YoY

The Agusut’18 seasonally adjusted index of construction production fell 0.6% MoM following a July’s increase. Building construction was down by 0.8% MoM, while the index for civil engineering declined by 0.3% MoM after a 2.9% upward move in the month prior. Annually, the index lost 1.1% ...

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