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17.01.2018

Telenor is seeking exit of its Bulgarian assets

The Norwegian telecom company is said to be in talks with a US-based fund for the sale of its eastern European assets in the following countries – Bulgaria, Serbia and Montenegro, Mergermarket reported citing three unnamed sources. The deal price is expected to be around EUR 2bn and could pote...

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16.01.2018

Sopharma calls a GSM to vote on the merger with Unipharm and a new buyback procedure (NEUTRAL)

Sopharma calls a GSM on 23 February to vote on the merger with Unipharm and a new buyback procedure. According to the merger agreement, Unipharm would merge into Sopharma as one Unipharm share would be exchanged for 0.891512 Sopharma shares. Note that Sopharma already owns 98.77% of Unipharm’s...

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15.01.2018

The unemployment rate up 0.2 p.p. MoM to 7.1% in December’17

December’17 unemployment rate increased by 0.2 p.p. MoM to 7.1% and decreased by 0.9 p.p. YoY, according to the National Employment Agency. A total of 232 066 unemployed were registered at the end of the month, which is 4 534 more compared to November’17 and 29 000 less YoY. The number o...

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15.01.2018

Bulgaria to auction 25-year bond

On 22 January, Bulgaria will auction 25-year bond with nominal value of BGN 100m. The bond carries 2% coupon paid semi-annually and matures in 2043. Currently, the outstanding domestic bond with longest tenor is an 11-year bond maturing in 2027 while the longest tenor Eurobond matures in 2035.

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15.01.2018

Advance Terrafund bought 385 daa and sold 672 daa agricultural land in December’17 (NEUTRAL)

Advance Terrafund REIT sold 672 daa agricultural land in December 2017, whereby the YTD sales amounted at 9 917daa at an average price of BGN 1 204/daa. Additionally, 6 597daa are sold under deferred payments scheme at an average price of BGN 1 346/daa. The fund acquired 385 daa agricultural land du...

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12.01.2018

HICP inflation up 0.7% MoM and 1.8% YoY in December’17

Bulgaria’s December’17 harmonized consumer price index /HICP/ increased by 0.7% MoM. The HICP was pulled upwards by the 2.9% jump on a monthly basis of ‘Restaurants and hotels’ prices and the 2.2% MoM growth of ‘Transport’ prices. The prices of food and non-alcoho...

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12.01.2018

Bulgaria’s November trade balance at a deficit of BGN 562.3m

Bulgaria’s November’17 exports (FOB) to third countries declined 12.7% YoY to BGN 1.4bn and the imports (FOB) were up 16.7% YoY to BGN 1.8bn. At the same time, the exports to the EU grew by 14.7% YoY to BGN 3.2bn, while the imports increased 15.4% YoY to BGN 3.4bn. As a result, the total...

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12.01.2018

Tourist revenue up 12.5% YoY in November; overnight stays increase 10.5%

The overnight stays in Bulgarian hotels reached 711k in November’17, up 10.5% compared to November’16. The revenue from overnight stays increased 12.5% YoY, reaching BGN 37.5m, as the revenue from foreign and Bulgarian tourists advanced by 9.8% and 14.7% YoY. The total number of tourists...

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11.01.2018

Bulgaria to apply for ERM-2 by June 2018

Bulgaria would most likely apply for ERM-2 by mid-year, the Finance Minister Vladislav Goranov announced on Thursday. The country had long met all formal criteria for joining the euro zone and was frustrated that fellow EU states were reluctant to let it in. EU officials have said that not all 19 ...

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11.01.2018

BNB gives preliminary approval for the acquisition of Municipal Bank

The Bulgarian National Bank gave preliminary nod for Municipal Bank acquisition by Novito Opportunities. Novito Opportunities is a Lichtenstein based alternative investment fund, which according to the BNB statement, is owned by CAIAC Fund Management AG, a Lichtenstein based fund administrator. Th...

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11.01.2018

BNB gives green light to the merger between UBB & Cibank

The Bulgarian National bank approved the merger between UBB and Cibank. Please recall that all the necessary regulatory institutions as well as the owner of Cibank, KBC, already approved the merger between the two banks.

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11.01.2018

Sopharma to invest BGN 30m in new lyophilic factory (POSITIVE)

Sopharma plans to build a new lyophilic factory in Sofia in the first half of 2018. The new plant will enable Sopharma to double its current production capacity. The built-up area of the two-storey building will be about 3 000 square meters and the whole project is expected to cost around BGN 30m. R...

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10.01.2018

Industrial output up 0.3% MoM and 1.7% YoY in November’17

Bulgaria's industrial production index added by 0.3% on a monthly basis in November’17, after being down 0.6% MoM in October, according to preliminary data of the National Statistics Institute. The working day adjusted index added 1.7% YoY. On a monthly basis, utilities sector grew 1.3% (-4.6%...

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10.01.2018

November’17 retail trade up 0.3% MoM and 3.8% YoY

November’17 seasonally adjusted turnover in the retail trade (excluding motor vehicles and motorcycles) added 0.3% MoM and the working day adjusted retail trade turnover grew by 3.8% YoY. The highest monthly increase was accounted in the retail sale of textiles, clothing, footwear and leather ...

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10.01.2018

Construction output up 1.4% MoM and 7.9% YoY in November’17

Bulgaria’s seasonally adjusted construction output index increased by 1.4% MoM in November’17 and the working day adjusted data showed a 7.9% increase on an annual basis, preliminary data of the National Statistical Institute showed. The building construction output increased 1.9% MoM (+...

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10.01.2018

BNP Paribas personal finance to operate as a bank’s branch

From the beginning of February the consumer credit company will operate as a bank called BNP Paribas personal finance S.A., Bulgaria branch The change in the company structure will be only legal, as no changes are envisioned in the terms and services that the financial institution offers. Note that ...

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09.01.2018

Sopharma’s Dec’17 sales grow 21% YoY (POSITIVE)

Sopharma’s Dec’17 sales grew by 21% YoY, with exports adding 4% and domestic sales surging 73%. The preliminary 2017 sales increased 13%, including 20% growth of the exports and 3% increase of domestic sales.

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09.01.2018

A subsidiary of Trace Group Hold signed a BGN 1.5m road construction contract (NEUTRAL)

Trace PZP Vranje, a subsidiary of Trace Group Hold, signed a BGN 1.5m contract for construction of a bridge in Serbia. The completion term is 180 days.

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08.01.2018

Serbia selects Vinci Airport as finalist in Belgrade airport concession tender

Serbia has invited Vinci Airport to sign take over Nikola Tesla airport in Belgrade under a 25 year concession agreement. The winning bid was for a payment of EUR 501m and a commitment for investment of EUR 732m in the airport. The initially envisaged investments included a hotel, new runway and new...

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05.01.2018

Huvepharma acquires the US company AgriLabs

Huvepharma has acquired the US-based animal health and nutrition company AgriLabs. “This acquisition furthers Huvepharma’s strategy in creating a balanced portfolio of products and enhancing our presence in the global market. It also enables more rapid commercialization of biological pro...

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