Send to Kindle
Bulgarian billionaire Vassil Bozhkov (pictured) has repeatedly said that the collapse of Moststroy AD will in no way impact the performance of Holding Roads. Photo by BGNES
Bulgarian billionaire Vassil Bozhkov has reduced his stake in Holding Roads from 10.57% to 0.79%, the company announced.
Last Thursday Bozhkov transferred 3 million shares in Holding Roads (9.78%) to Mak Cap EAD at BGN 1 apiece, the statement said.
The holding shed 4.2% of its market value on Tuesday, down to BGN 0.62 per piece.
The bank accounts of Holding Roads, controlled by Bulgarian billionaire Vassil Bozhkov, have not been frozen, representatives of the United Bulgarian Bank announced in the middle of October last year, denying earlier reports.
The holding shed 70.92% of its market value over one week that month.
Meanwhile an Elana trading analysts' review of indebted companies according to the main indices of the stock market SOFIX and BG40 showed that Evrohold Bulgaria, Petrol, Holding Roads and Kaolin are the companies with higher levels of debt as compared to the resources available.
According to the analysis the holding companies with bigger and more complicated structure will be closely monitored by investors and their shares will most probably lag behind the developments of the market in the mid-term.
Reports of Holding Roads frozen bank accounts surfaced days after Moststroy AD, a construction company believed to be controlled by Vassil Bozhkov, filed for bankruptcy after all its bank accounts were frozen because of unpaid debts.
A loan borrowed from the United Bulgarian Bank, a unit of the National Bank of Greece SA, was due on May 31, but the company said it had no money. Its construction machines and other equipment have been seized by Interlease, the company that leased them.
Analysts commented that the file for insolvency of Moststroy AD was very bad news for the Bulgarian capital market, but comes as no surprise. The precedent was feared to further dent the trust of the investors, particularly those from abroad, and make it more difficult to get credits from banks.
Sofia City Court however rejected the application for insolvency by Moststroy AD, saying it has decided not to presume insolvency as the company has sufficient assets.
Under local legislation a company, which has declared insolvency, can restructure and draw up a rehabilitation plan.
British company Cambridge Analytica, which is at the center of a Facebook scandal, has announced that it has begun insolvency proceedings and "stops all its operations immediately," says Bgnes.
British banks were also a part of the large-scale Russian operation for money laundering through Moldova and Latvia in the period 2010 – 2014, showed data from an international investigation, cited by The Guardian.
Six new companies have joined the indices of the regional stock exchange platform SEE Link, announced the Bulgarian Stock Exchange.
Road Conditions in northeast Bulgaria remain severe.
Belgium-based KBC group has finalized the purchase of the United Bulgarian Bank (UBB) and leasing company Interlease, according to its own statement.
Every year 200,000 enterprises in the EU go bankrupt which results in the loss of 1.
Bulgaria’s parliament has approved an agreement with North Macedonia to build and operate a cross-border railway tunnel connecting the two countries.
The introduction of the euro in Bulgaria is unfolding in line with expectations, according to Bulgarian National Bank Governor Dimitar Radev, who spoke at an economic forum in Sofia hosted by The Economist magazine.
An annual employer survey conducted by the Bulgarian Chamber of Commerce and Industry shows that the gap between education and business needs in Bulgaria remains deep and persistent
Bulgaria’s export sector continued to face challenges in 2025, marking the third consecutive year of decline
Bulgaria continues to stand out in the European labor market for both its low unemployment and the high employment rate among young graduates
Bulgaria’s National Statistical Institute (NSI) has reported a visible deceleration in inflation, according to the latest Consumer Price Index, calculated on the basis of more than 40,000 price observations covering around 8,000 goods and services
Novinite 2025 in Review: A Year That Tested Bulgaria and the World
A Disgraceful Betrayal: Bulgaria's Shameful Entry into Trump's Board of Peace
