GOVERNMENT STRESSES ON CAPITAL MARKETS

Business | September 29, 2001, Saturday // 00:00

`The quick development of the Bulgarian capital market is among the government`s top priorities. The Public Offering of Shares Act will soon be amended to protect the rights of small shareholders. The legal framework of privatization, banking, tax rates, insurance companies and pension funds will also be changed. A brand new privatization bill was completed by a working group,` Deputy Prime Minister and Economy Minister Nikolay Vassilev said on September 28. He opened with these words a discussion on `Amendments to the Public Offering of Securities Act`. `Accordin to him, 1,783 companies will be privatized soon, the state interest in about 500 of them being over 50 per cent. `Some will be sold for cash only, while compensatory vouchers and bills and investment vouchers bought during mass privatization will be used as instruments of payment in the sale of others,` Vassilev added.` The Economy Ministry is working seriously on a privatization program for those companies and all problems will be arranged within a few months. When shares in key companies such as the Bulgarian Telecoms Company are offered on the stock exchange in six months, big investment intermediaries will enter the country. The State is preparing to sell corporate shares and derivatives. `It is important that the Bulgarian investment intermediaries be prepared for the fast changes in the capital market and encourage private companies to become public corporations,` according to Vassilev.

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