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12.12.2017

Tourist revenue up 0.8% YoY in October; overnight stays decrease 1.9%

The overnight stays in Bulgarian hotels reached 865k in October’17, down 1.9% compared to October’16. The revenue from overnight stays added 0.8% YoY, reaching BGN 44.8m, as the revenue from foreign tourists advanced by 3.9% YoY while that of Bulgarian tourists declined by 2.6% YoY. The ...

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12.12.2017

Euroins increases its capital two fold to BGN 32.5m (NEUTRAL)

Euroins doubled its capital to BGN 32.5m via 16m newly issued shares with a nominal value and an issue price of BGN 1. All new shares have been fully subscribed and paid in by EIG, the majority shareholder of the insurer. Consequently, The Bulgarian insurer achieved Solvency Capital Requirement rati...

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11.12.2017

Bulgaria’s October trade balance at a deficit of BGN 183.3m

Bulgaria’s October’17 exports (FOB) to third countries grew 22.6% YoY to BGN 1.72bn and the imports (FOB) were up 18.8% YoY to BGN 1.75bn. At the same time, the exports to the EU grew by 10.5% YoY to BGN 3.2bn, while the imports increased 10.3% YoY to BGN 3.4bn. As a result, the total Oc...

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11.12.2017

FSC refuses to provide polish authorities information regarding Euroins' intention to operate in Poland

Based on Euroins' insufficient own funds to cover capital requirements FSC has decided to refuse to provide information to relevant polish authorities in regards to Euroins' intention to provide civil insurance for motor vehicles in that market without opening a branch. Euroins is part of Eurohold...

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08.12.2017

Construction output up 1.8% MoM and 10.1% YoY in October’17

Bulgaria’s seasonally adjusted construction output index increased by 1.8% MoM in October’17 and the working day adjusted data showed a 10.1% increase on an annual basis, preliminary data of the National Statistical Institute showed. The building construction output added 1.5% MoM (+15.1...

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08.12.2017

Industrial output down 0.6% MoM and up 2.8% YoY in October’17

Bulgaria's industrial production index decreased by 0.6% on a monthly basis in October’17, after being up 0.3% MoM in September, according to preliminary data of the National Statistics Institute. The working day adjusted index added 2.8% YoY. On a monthly basis, utilities sector decreased by ...

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08.12.2017

October’17 retail trade up 0.6% MoM and 3.8% YoY

October’17 seasonally adjusted turnover in the retail trade (excluding motor vehicles and motorcycles) increased by 0.6% 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 retail sale of computers, software ...

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08.12.2017

Bulgargaz proposed 2.8% QoQ increase in the Q1’18 natural gas prices

Bulgargaz proposed 2.8% QoQ increase in the Q1’18 domestic natural gas prices to BGN 352.9 per 1 000 cubic meters (VAT excluded). The proposition is yet to be approved by the Energy and Water Regulatory Commission.

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08.12.2017

Proposed regulatory changes to mandate all electricity trade to be carried out on energy exchange

Proposed changes to the energy regulation in Bulgaria mandate that all electricity trade, including that from renewables, be carried out on an organised exchange. If approved, the change will come into force on January 1, 2018. The change should have a positive effect on the Independent Bulgarian En...

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08.12.2017

Rompharm reduces stake in Sopharma to 9.41% (NEUTRAL)

Rompharm Company has decreased its stake in Sopharma to 9.41% by selling 10 685 000 shares at BGN 4.27/share, in a number of deals settled in the Central Depository on 7 and 8 December. Today should be the settlement of another 2.5m shares with a most likely seller Rompharm. If this is the case then...

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08.12.2017

Sopharma bought back 105 844 own shares (NEUTRAL)

Sopharma announced that it has bought back 105 844 own shares at an average price of BGN 4.27 per share. The buyback has taken place on 7th of December 2017, following which the company owned a total of 8 882 629 treasury stocks, equivalent to 6.59% of its share capital. Please note that Sopharma ha...

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07.12.2017

Sopharma bought back 3 061 292 own shares (NEUTRAL)

Sopharma announced that it has bought back 3 061 292 own shares at an average price of BGN 4.27 per share. The buyback has taken place on 6th of December 2017, following which the company owned a total of 9 146 785 treasury stocks, equivalent to 6.786% of its share capital.

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07.12.2017

WSE admits for trading 52m shares of Eurohold Bulgaria (NEUTRAL)

The Warsaw stock exchange admitted for trading 52 012 288 shares of Eurohold Bulgaria. The shares will be traded on main market, effective from 8th of December 2017. With the completion of the procedure the total number of shares admitted for trading on WSE is 161 345 000. Please note that Eurohold...

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06.12.2017

The shareholders of UBB approved the merger with CIBANK

At the EGM held on 6 December, the shareholders of UBB approved the merger with CIBANK. The latter shares would be converted into the former and UBB capital would be increased to BGN 93.84m, up from BGN 75.96m. KBC, the owner of CIBANK, has also approved the merger. The merger will be completed afte...

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06.12.2017

Sopharma bought back 924 732 own shares (NEUTRAL)

Sopharma announced that it has bought back 924 732 own shares at an average price of BGN 4.27 per share. The buyback has taken place between 1 and 5 of December 2017, following which the company owned a total of 6 085 493 treasury stocks, equivalent to 4.51% of its share capital.

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05.12.2017

Bulgaria’s Q3’17 GDP up by 0.9% QoQ and 3.9% YoY

According to preliminary data of NSI, Bulgaria’s seasonally adjusted Q3’17 GDP increased by 0.9% QoQ and 3.9% YoY to BGN 27.0bn (current prices), while the seasonally adjusted GVA grew by 0.7% QoQ and 4.0% YoY to BGN 23.3bn. The quarterly final consumption increased by 4.3% YoY (+0.9% Qo...

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05.12.2017

Liechtenstein company is the only bidder for Municipal bank

The only submitted bid for the 67.64% stake in Municipal bank came from the Liechtenstein-based company Novito Opportunities, a fully owned subsidiary of CAIAC Fund Management AG, an investment fund management company independent from banks established under Liechtenstein Law. The fund has a share c...

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05.12.2017

Monbat initiates the public offering of €30m convertible bond (NEUTRAL)

Monbat initiates the public offering of 30 000 dematerialized, interest-bearing, convertible, freely transferable, unsecured bonds with par value of €1 000 each and total issue value of €30m. The bond will bear a floating annual interest of 6-month EURIBOR + 3%, but not less than 3% annual...

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05.12.2017

Sopharma increases stake in Doverie United Holding to 32.49% (NEUTRAL)

Through a number of deals concluded on 1 December, Sopharma increased its direct stake in Doverie United Holding to 32.49% from 24.96% previously. As of 5 December, Sopharma owns 6 087 911 shares of Doverie.

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04.12.2017

Bulgaria placed 7.5-years government bonds at 0.36% yield

Bulgaria issued BGN 80m government bonds, maturing on 27 March 2025 at 0.36% yield. The issue was placed at a spread of 37 basis points relative to the German Bunds. The filed subscription orders totalled BGN 138.0m, making a bid-to-cover ratio of 1.73. Around 52.6% of the issue was subscribed by ba...

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