Will Bulgaria Have a Stable Government After Yet Another Election in June? Our Readers Have Spoken
On our Facebook page, readers were asked about Bulgaria's stability after the June elections
Bulgaria has given up on plans to find an investor for its only stock exchange and sell it during the first quarter of 2013.
Bulgaria's Finance Ministry, which holds a 50.0542% stake, suspended the sale procedure at the end of February in the wake of the shocking resignation of the former government, headed by Boyko Borisov, the bourse announced on Thursday.
According to BSE Chief Executive Ivan Takev the bourse is worth about EUR 10 M, which means a sale of the stake would be worth around EUR 5 M.
However, the depository is not a listed firm, so its valuation and sale price were to be calculated by the consultants in charge of selling the assets.
According to insiders the government initially hoped to sell the majority stake in the bourse by the end of 2011, but its plans went sour over lack of bidders. The deadline was later moved to the first quarter of 2013.
Shortly after the Bulgarian Stock Exchange launched the sale of its shares in January 2011, Finance Minister Simeon Djankov announced that there is a "huge" interest among investors.
CEE Stock Exchange Group however was the only one to openly declare its interest, but no detailed talks have been held so far.
Bulgaria's only stock exchange became a public company in the middle of December 2010 after the Financial Supervision Commission approved its prospectus and the bourse was listed on its own platform. The capital of the bourse is a total of BGN 6 582 860 at BGN 1 apiece.
Bulgaria's Finance Ministry raised at the beginning of October that year its share to 50% plus one share from 44% in the country's stock exchange. The government bought 715,000 shares at BN 1 apiece. The bourse planned to sell the remaining 50% held by private investors including brokerages and banks.
The shareholders said the move aimed to ease the future privatisation of the exchange and the search for a strategic investor.
Since 2008, the stock exchange has traded on the Deutsche Boerse's Xetra platform under a contract that expires in 2012. Bulgaria has discussed ways to sell its bourse stake over the past decade with Sweden's OMX AG and exchanges in Austria, Greece and Poland to boost interest in local stocks and make trading more transparent.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Sofia, the vibrant capital of Bulgaria, is experiencing a surge in its economic landscape, surpassing the average European standard of living, according to senior researcher Peter Ganev from the Institute for Market Economics
Mounting uncertainty looms over Bulgaria's anticipated entry into the Eurozone, with officials cautioning that the prospect may be delayed amidst persisting inflation challenges
According to the latest data released by the National Statistical Institute, Bulgarian household incomes experienced a remarkable surge in 2023, reaching an average of BGN 10,846 per household member.
The National Statistical Institute's latest report unveils a marginal annual increase in the income of Bulgarians in 2023 compared to their expenses, marking a reversal of the trend observed in 2022
In a recent interview on Nova TV, former Minister of Economy Bogdan Bogdanov expressed skepticism regarding Bulgaria's prospects of entering the Eurozone at the outset of 2025
The path to Eurozone accession for Bulgaria may see a significant milestone in 2025, albeit not at the outset of the year, according to Dimitar Radev, the governor of the Bulgarian National Bank (BNB)
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022