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Index MBI-10
Date 14.01.2008 number 5
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
08.01.2008 THUESDAY
C O N T E N T S
1. SHORT REVIEW OF EVENTS
Vecer starts this festive week with stock ex- Public`s attention was also attracted by the
change analysis on previous year. According to the news that prices of internet and land-line phone
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3
article, Macedonian capital market made boom in services will be reduced if wimax-operators for
WEEKLY REVIEW OF THE MACEDONIAN STOCK 2007 with 681 million euros turnover. wireless electronic communications start operating.
EXCHANGE… . . . . . . . . . . . . . . . . . . . . . . . . . . . ...4 There was record breaking turnover on the ca- This service provides use of internet with great
pital market every month until the autumn when the capacity and speed, as well as transfer of data,
berzNIK, TUESDAY, WEDNESDAY, THURS- market stabilized and finish in drastic drop at the voice, sound and image without using of the net-
DAY…..5-7 end of the year. But, this is regular phenomenon work and resources of Makedonski
according to stock market experts, because they Telekomunikacii. Practically, the deadline in which
IINTERVIEW: KIRIL MITROVSKI - consider that the decline of shares value and both future national wimax-operators, Greek
INVESTBROKER AD SKOPJE . . . . . . . . . . . . .8-9 investors` interest should not apply for 2008. But, if Cosmotelko and American Nexcom, expires by the
PRIVATE FUNDS.........................................…..10-11 we take a look at shares` starting prices in 2007 end of the month. Both companies announced to
and prices at the end of December, the margin meet the terms in the public announcement for
IINTERVIEW: KIRIL MITROVSKI - shows that everybody profited in 2007. Beside the receiving of radiofrequencies and start their work
INVESTBROKER AD SKOPJE . . . . . . . . . . .12-13 price correction in October and declined intensity of within six months.
trading in the last two months, yet, almost all Spic informs that the case Makedonska Banka
shares recorded multiple growth compared to the shook Governor`s position. According to the infor-
berzNIK, , FRIDAY, SATURDAY . . . . . . . . . . .14-15 value at the beginning of the year. mation, discussion on Gosev`s vote of confidence
Utrinski Vesnik and Nova Makedonija publish- will be on Assembly`s agenda by mid-January, sin-
WEEKLY MAGAZINES … . . . . . . . . . . . . . . . . . ...16
ed analysis on the first three days long trade week. ce a group of 15 MPs these days submitted initiati-
-There are no drops or growths of shares` value, so ve explaining that he misappropriated his position
MONTHLY STATISTICAL REPORT..............…..17-20 we can not tell if stock exchange`s work is in stag- in the case of liquidation of Makedonska Banka.
nation. This is experts` explanation about MSE`s The demand for Gosev`s responsibility is signed by
work in the first three days of the year. Capital mar- MPs from all parties, except DUI and LDP.
ket worked with reduced turnover. Shares owned Catering and tourism enterprise Popova
I M P R E S S U M by Komercijalna Banka were dominant in the previ- Shapka prepares final documents for the third
ous week according to recorded turnover. Some attempt for sell of this winter tourist center on pub-
daily papers conveyed the news that today man- lic bidding. Two hotels, Slavija and Popova Shap-
agers of big industrial consumers should reply the kawith 240 beds, 11 ski-lifts and rope railway that
Government if they accept the offer to buy electric- connects Tetovo to the ski center are on sale, Vest
ity at the price of 75 euros per megawatt-hour, conveys.
Publishing: INTERNACIONAL NIK AD - Skopje
Media library and digital archive which is almost 20% lower than imported.
Editors office: berzNIK
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000,
R.Makedonija 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
Phone. 02/25.32.800 faks: 02/25.32.839
web: www.interNIK.com.mk; 1. MAKSTIL AND FERSPED WITH THE BIGGEST PRICE APPRECIATION, 38.5 PERCENT
e-mail: info@interNIK.com.mk
OF THE TURNOVER FOR KOMERCIJALNA (**)
Executive Director: Zdravko Josifovski
Account Menager: Divna Pesic 2. STARTING NEXT MONTH THE INTERNET AND LANDLINE PHONES TO BECOME
Public relations: Natasa Dimovska
Marketing manager: Ivona Josifovska CHEAPER (**)
Assistent: Stojne Danilova
E-business manager: Ratko Projkovski DNEVNIK VEST
Logistics manager: Ana Petrova p.1 STARTING NEXT MONTH THE p.7 POPOVA SHAPKA TO BE SOLD
Finance manager: Gordana Stojanovska
INTERNET AND LANDLINE PHO- FOR THE THIRD TIME
STOCK EXCHANGE REVIEW OF EVENTS IN THE NES TO BECOME CHEAPER p.16 MUNICIPALITY KISELA VODA
PRINT MEDIA berzNIK p.7 STARTING NEXT MONTH THE DOES NOT MEASURE POLLU-
INTERNET AND LANDLINE TION FROM USJE
berzNIK is founded in year 2007.
PHONES TO BECOME CHEAPER NOVA MAKEDONIJA
STOCK EXCHANGE REVIEW OF EVENTS IN THE
PRINT MEDIA berzNIK UTRINSKI VESNIK p.5 THE COMPANIES HAVE THE
Number: 5 p.7 THE STOCK EXCHANGE STILL, FINAL WORD ON THE OFFER OF
Date: 14.01.2008
THE INVESTORS ARE WAITING 75 EUROS PER MWH
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.5 MAKSTIL AND FERSPED WITH
VECER THE BIGGEST PRICE APPRECIA-
FRONT PAGE PHOTO: p.6 FACTORIES TO STATE IF THEY TION, 38.5 PERCENT OF THE
Photo: ACCEPT GOVERNMENT ELEC- TURNOVER FOR KOMERCIJAL-
TRICITY NA
Editorial staff of berzNIK p.7 MSE IS CONSIDERED SPIC
Internet distributive system: TO BE A GAMBLE
www.interNIK.com.mk
Editor: Makedonka Baldazarska
p.6 MAKEDONSKA BANKA CASE TO
DTP: Tatijana Trpkovska REPLACE GOSHEV?
Editorial staff:
News Evaluator: Anita Bashoska
[operators]: Arslan Skoro, Zoran Stamatovski, Martin Arsovski,
Gorge Redzik, Toni Arsovski i Darko Tripunovski *
[translators]: translator's manager Senka Mihajlovska, Angelina
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta
Menoska, Filip Koviloski, Darko Ivanovski
Fotoreporter: Robert Spasovski
09.01.2008 WEDNESDAY
1. SHORT REVIEW OF EVENTS
All daily media in their latest editions convey consumers because, according to them, they can phone services via wireless network, and become
the news that penalties for imported electricity are not predict the precise amount of power. direct competition to Makedonski Telekomunikacii.
overpriced. In fact, big consumers are going to pay Utrinski Vesnik also conveys the decision of the Biznis considers the new three-year agreement
penalties to transmission operator MEPSO if they European Commission that there are no grounds for services concluded between the Assembly and
fail to assume or demand predicted large amounts for penalizing OKTA. This is related to the fact that T-Mobile as bribery. Presented cell phones to MPs
of electricity in the process of import of power. refinery OKTA is going to produce fuels with high and other high officials are considered as 60.000
Representatives of eight industrial capacities asked concentration of sulphur in the next 18 months and euros bribe. Experts do not consider this act as gra-
the state owned company to be exempted from pay- fuels that does not correspond to recommended tuity, nor advertising, but typical case of corruption
ing penalties for electricity that will be paid by mar- European standards. This is part of the accord that that should be investigated and asked responsibili-
ket price, because it would represent additional Macedonian Government reached with OKTA on ty.
financial load. Practically, big industrial consumers the last day of 2007, since International Arbitrary All papers also convey the news issued by
should pay five times more than the regular price of Court in Paris reached a verdict in favor of Greek Energy Regulatory Commission that refers to the
1.7 euros per megawatt-hour for transmitted elec- owners. new wave of fuels price raise. Fuels are two denars
tricity that outstrips predicted quantity. If they spend Almost all printed media inform that the dead- more expensive and diesel 1.5 denars per litter.
less than predicted electricity, then the price is dou- line for start of work of the two wimax operators, This decision raises the price of refinery and retail
bled. This means that if factory happens to receive Nexcom and Cosmotelko, expires on 23rd of prices of oil derivates in average of 3.66% and
1.000 megawatts from MEPSO more than predict- January. If both national wimax operators fail to 2.69%.
ed, than it will cost 8.500 euros instead 1.700 euros. start commercial offer of the service, in accordance Biznis, Dnevnik and Utrinski Vesnik show
In case if the plant demands less electricity than to legal regulations, Electronic Communications charts of yesterday trade on Macedonian Stock Ex-
predicted, than the margin costs double of the price. Agency will revoke their licenses. It is a matter of change.
This proposal is not acceptable for big electricity technology that will provide services for land-line
DNEVNIK VECER
p.5 ASSEMBLY RECEIVES EVIDENCE AGAINST GOSEV p.4 NEXKOM AND COSMOTELCO ARE PREPARED
p.7 PETROL GOES UP FOR 2 MKD p.6 THE GASOLINE MORE EXPENSIVE FOR TWO DENARS
p.8 MBI 09.01.2008 p.6 TOO HIGH PENALTIES FOR IMPORT OF ELECTRICTY
p.8 NEXCOM WITH WIRELESS INTERNET AND TELEPHONY p.6 FOR COSMOFON THE TENDER IS NOT YET OVER
SOON
p.8 MEPSO TO FINE BIG FACTORIES VREME
* What was the thing that marked the secu- Montenegro as well. They invested in our country information than we did. In their own channels,
rities market in 2007? on the basis of their expert analyses for the they managed to find a way to acquire correct
Macedonia market, which according to my deep- information regarding the real value of the compa-
- Last year the capital market was character- est belief is based on the prices of the shares, nies and at their own assessment entered on time
ized with a strong ascent, which in the past 12 which in the past 12 years was very low, and from with prices that were much lower than the real
years has not been a tendency on the market. the aspect of the real value of the companies, level, i.e. under the real market price. Considering
That means that in 2007 the capital market culmi- which are present on the stock exchange. This sit- these facts, at the begging of the year (2007) they
nated and went up. At first, an upward trend was uation was also recorded and analyzed by the for- intensively entered solid companies, which were,
initiated by the foreign investors and the regional eign investors who, compared to us, had a larger are at the moment and would remain being solid.
investment funds from Croatia, Slovenia, Serbia, experience and knowledge in that segment, and After purchasing large volumes of shares at low
Bosnia and Herzegovina, and lately from what seems stranger is that they even had better prices, they initiated a process of appreciation.
Date 14.01.2008 number 5
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
9
This step was realized and afterwards followed by around 130 thousand. All of this is a minimal ratio, the aspect of business deals. Due to the Catholic
the domestic investors. Another thing is that the two to one or three to one and in some cases Christmas, the foreigners withdraw, and it was
domestic investors had bigger confidence in the even four to one. This means that the foreign buy- expected, however a depreciation of that scale
foreign investors, so consequently they followed ers followed the conditions on the Macedonian was not expected. At the end of the year were
their actions. Apart from this, they as shareholders market, made an assessment that the prices of experiencing a stagnation. So this was not the
had the right to an insight in the shareholders' our companies are low. Nevertheless, the inva- time of the drastic fall. It started earlier because
books in the Depositary where they saw that the sion of the domestic investors who were buying the resources of the domestic investors were
foreigners entered with great amounts of money. shares because of the foreign investments, made exhausted. That was the money and the capacity
As we would say, as long as a certain brokerage a fuss, an enormous interest for purchasing they had. They were exhausted, stopped and
house, fund etc, from Slovenia enters it would cer- shares, which eventually had to end. The eupho- waited for the prices to have an upward trend
tainly be a good thing for us to do the same. In ria, which affected our citizens, became "blind once more.
that manner, following the foreigners, our clients shopping", but on the other hand contributed to
drew investment moves on the Stock Exchange. the great price increase at the end of August. * Was there space and expectation for our
Nobody thought at the moment that al this would funds to take part?
* Do you feel that the foreign investors come to an end, the depreciation of the shares is
have (and whether it is needed) a special limited, just like the fall has a limit, and as every- - The open funds were just registered and are
agency that monitors the market, ranks the thing else there is a maximum followed leveling, still collecting finances, however this is not a suf-
companies, evaluates them and perceives and then comes the minimum. Nothing could be ficient capacity. I can see in the media that they
whether the value of a certain share is under- infinitely positive or negative. According to my are telling certain ideas of how to operate, but
estimated or overestimated? assessment, the domestic investors started buy- they do not have a lot of money at their disposal.
ing with a certain delay compared to the foreign- We could not expect for them to liven up the stock
- The foreign investors have special analyses ers, however, all of them entered the market right exchange. The purpose of the funds is to take in
sectors. With the training of the investment advis- after the foreign buyers, and somewhere in April - the inexperienced shareholders, investors and
ers we are also working in this field, however in May made a fantastic profit, which stimulated those who are afraid to made their own decision
our county this is still underdeveloped, and it them to continue buying. on where to invest. The capital that the funds have
would take time for the people to at their disposal is relatively small.
be trained, to practice and so on. Last year's growth of the market is what we have been expecting for years. There are brokerage houses, like
The same thing had happened in Because the capital is present in our country but it is still not correctly distributed, ours, that have higher funds then
their countries as well, and they that is, we still have immobilized capital among the citizens and the enterprises. these investment funds. We are
walked this road too. It is impor- Another reason that there was no investing on the Stock Exchange was the distrust registered with 500 thousand euros
tant that they had the initial data, of the citizens, which actually is a reflection of the financial problems from the past, a long time ago, we have not lost
and certain findings, which we did like the cases of blocked currencies, TAT… our capital, so we have bigger cap-
not know in the right moment, Despite our explanations that the Stock Exchange is not a company that gam- ital now, but still this is as far as we
however we still do not know how bles, or a company that is cheating the rules and regulations and that the money can go. A few yeas back I spoke
they came across such informa- could not be lost - the dilemma amongst the people remained. Luckily, last year's about the thing that happened in
tion. That means that they had the ascent, which happened thanks to the foreign investors, mainly to the regional 2007. I said in the stock exchange
information we could not under- investment funds that also encouraged our domestic investors and they were fol- circles: "Give me five million euros
stand, that is, to discover the con- lowed by an offensive of the citizens as well. and you would see what I am going
tacts of our companies with the to do on the Stock Exchange.
foreign ones. We discovered the information Money is needed but, turnover should be made as
about certain companies that realized larger deals * You are present on the market since the well. The foreign funds had the possibilities
after a certain time. These, if I may say, insiders' very beginning. It seems that in the past the because they are supported by a heavy number of
information important for the share prices or the legal entities appeared more often than to the people who are investing; they were able to par-
negotiations regarding a certain matter, are being citizens. There is a general impression that ticipate on the stock exchange and had the possi-
kept hidden by the Macedonian businessmen lately things have changed, is it so? bility to take chances. They are also purchasing
(maybe for a reason) because they do not want on markets for which they have insufficient infor-
the competition to find out about them, they fear - Although generally we still have no data, mation, but are trying to accomplish something,
undesired consequences, they do not want for the according to the monthly analyses of the stock they are able to increase certain prices, to with-
share price to rise because of that information. exchange, the percentile participation of the citi- draw on certain markets and cause depreciation.
However, unlike the domestic, the foreign compa- zens is growing. That is, they have a dominant Above all they are powerful.
nies work with another methodology and they position compared to the legal entities.
inform and expose their domestic investors on * However could we say that last year our
time. * I do not refer to the people who became market had the greatest growth ever?
shareholders in the course of events, but
* Does this mean that they have access to about the people who did not receive shares Yes. It had the biggest growth because the
the information? during the transformation of the state-owned share appreciation was the greatest. The year
capital. 2006 was also good considering the share appre-
- They do have the possibility; they had an ciation, however not with this dynamics and mag-
infrastructure that enabled them to come to this - It is a matter of new investors, who kept their nitude where almost everything had a 200 percent
information, which by far contributed to successful money "under the pillow", or in a bank for a cer- increase. If we make a comparison, we would see
assessments. A major thing is that they concluded tain low interest. This means that it is not a matter that during the highest level in September com-
that the prices were very low. As a matter of fact of money taken as a loan, because this is a great pared to the begging of the year, the ratio of the
our market is a field where a lot could be earned. risk. Uncertainty is indeed present on the stock single share of "Toplifikacija" is one to four,
This has also been proven by our analyses. Here exchange. "Makpetrol" reached one to four, "Alkaloid" got to
is an example of how the prices of some of our I see certain articles where people, who are 14 thousand, i.e. one to three same as Granit, that
companies moved. In January last year, a singe not of our profession, i.e. are not experts of stock is an increase of 300 percent. We could practical-
share of "Toplifikacija" was worth 4,500 denars. exchange operations, forecast fall or increase of ly say that although this appreciation is three to
With the depreciation in the last few months of last certain stock exchange parameters. Nobody in four times higher is actually represents a real
year, it ended at a price of somewhere around 13 the world could predict this. To be honest I expect- image about the value of the shares. That means
thousand, correction included. Here "Alkaloid" ed, the depreciation that many said was a result of that this value was supposed to be the starting
also had a similar price and ended up at around the unpreparedness of our investors to handle it,
11 thousand denars, "Makpetrol", started with 48 but not with that magnitude and for that long. It is
Continues on pg. 12
thousand, and at the end of the year reached a fact that December is always a dead month from
10 berzNIK number 5
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 14.01.2008
PRIVATE FUNDS
ith the amendments of the Law on dance with the prospect and the Statute of finances are invested.
W Investment Funds, which were
adopted in May 2007, Macedonia
got the opportunity of founding associa-
investment.
The property of the open and the pri-
vate fund are managed separately from
Formation
tions for managing the private funds, and the associations of management and do The private funds usually are founded
private funds. not enter in their balances. by legal and physical entities who are
Throughout the world, the industry of The investments of the private fund are amalgamating their capital for achieving
private funds develops for over 100 years. controlled by the investors themselves joint business interest. The investors who
The first financial trusses are founded in through their information regarding the merge their finances are accepting the risk
Britain, in the 19th century, and most of investments. The private fund is obliged to of investing. The risk is defined in the
them are still working successfully. The submit accounts audited to its investors. prospect of the fund, which the investors
company Blackstone can be pointed out as are accepting knowingly. Because of the
an example, which for decades now is Types of private funds risk, the freedom of investment, as well as
active on the world markets. the absence of strict control of the regula-
In accordance with the legal regula- In practice, the private funds are tor, these funds are limited to private cen-
tions, the amount of the initial capital of the investing in different instruments. There tralization of finances, as well as with the
association for management of private are different kinds of private funds: minimal paid-in part of 50 thousand euros.
funds is 50 thousand euros (foreign cur-
rency), while for founding a private fund, - Exchangeable - which invest in MAK Assets Management manages the SEE
the minimal requirement for investing is securities of the organized markets, index- Invest Fund
500 thousand euros. es;
Generally speaking, the main differ- - Immovable - which invest in real The Association for management of
ence between the open and the private estate and mortgage instruments; private funds MAK Assets Management
funds is the way in which each of them is LLC is founded in June 2007. In July, the
founded. - Equity - which invest dominant capi- same year the first private fund of the
- The open funds are formed by collect- tal in the initial capital of the companies; Association SEE Invest Fund started func-
ing finances from legal and physical enti- tioning, as well. The fund, in accordance
ties, through a public call for payment of - Mixed funds, which represent mix- with its prospect is share-based and
share. ture of all the above mentioned investment invests in the organized markets in
- The private funds are formed through instruments, and other types of funds, Macedonia, Serbia, Bosnia and
a private offer of already well-known which at the same time, are in accordance Herzegovina, and Croatia.
investors for sale of share; during what the with the prospect of investment accepted
minimal undertaken obligation for payment by the investors. The investments have characteristic
of one investor cannot be less than 50 for long term and are invested in such eco-
thousand euros. The funds can be formed also for: nomic fields which are considered to be
The duration of the private funds is lim- most perspective in the investing country.
ited, opposite of the open ones, where the - investing in certain industry, so called
deadline is not limited. The minimal dura- industrial funds; \ The association for management of the
tion of the private fund is eight years. Also, private funds MAK Assets Management
the number of investors is limited in the pri- - Energy fund - funds which invest in LLC Skopje analyzes possibilities for form-
vate funds, and it adds up to 20 legal and companies connected with the energy ing a fund for investing in small and middle
physical entities, opposite of the private only, companies through their purchase or com-
funds where the number of investors is pleted capitalization.
unlimited. - Information fund - fund which Of course, it will contribute the small
Otherwise, the open and the private invests only in companies from the infor- companies to get cheap capital, stable
fund both have not got the function of a mation technology, founder, so after a certain amount of time
legal entity and are investing in accor- they would be attractive for foreign, as well
- Agricultural fund - fund which as for the domestic investors.
invests only in agricultural companies, etc.
In the private fund, the investors are
signing an agreement for managing the
association for management of the private
funds, by which are prescribed the condi-
tions of the prospect with which the joint
Date 14.01.2008 number 5 berzNIK
11
12 berzNIK number 5
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 14.01.2008
one, but this did not happen because there were nomenon - major companies have the role of situation?
no investors. We have an interesting phenome- shareholders although this appearance is chang-
non of shareholding companies that date back ing and they are more interested not to be share- - Banks are still interested in that, but are lim-
from the era of socialism, where the management holders in banks i.e. to sell its capital, because in ited from NBRM which request a cover for risk
structures benefited from showing lower prices of the period of transition banks didn`t work with businesses, i.e. they request compulsory reserve
the shares, in order to purchase them later at a profitability, they didn`t provide adequate dividend because although they can realized major profits,
lowest price. They were interested in gathering as for the invested money because in order to use still didn`t invest in shares. In this period the time
more percents as possible under these condi- credits they had to be participants with shares in is not right for the banks to be active in investing;
tions, which is normal when there is nobody to banks. Now, the interest of the companies is now the banks invest only in state bonds, treasury
obstruct their plan. When the shares were appre- directed towards selling their shares in the banks bills where the state as safety is in question. In
ciating intensively, you recall that there were rec- at higher price. The entrance of the foreign order to be competitive they need to change, and
ommendations from certain managers. They investors who assessed that these prices are low, this is only one of many ways by which the banks
reacted that the share prices were growing artifi- shift the prices at upward in ration of 1:3 at almost should have to invest in order to be market play-
cially. Unfortunately as I believe the reactions every bank. This is where the people joined. ers. They can invest through the Stock Exchange
were not appropriate, because they should have However if we follow banks` shares, they are the in the current and the new companies. They have
understood, to undertake measures, purchase at same level for a longer time. Now, despite the to invest initially and if the price increases to sell
those prices, so we could see whether this action announcements, the external investors choose in the shares and to put the profit in disposal to the
was the best. Another thing is that the prices which bank to invest due to the regrouping in certain company not with a classical loans but
among those who reacted went up anyway. This same banks. with by purchasing and of shares - shares are
means that it was not a speculative, but a real bought, and then sold. It can be noticed through
price appreciation. Unfortunately, certain man- *There is another segment that is the Stock Exchange that at the moment the banks
agers did not want to admit that they underesti- launched in public- with the intensive entrance enter, the citizens will start to buy these shares. In
mated the shares of their companies. Now, these of foreign investors in the state the nationality this way banks can realize profit and the compa-
very companies are active on the market and buy of the banks vanishes. What is the world expe- ny can be in the process of development. In
shares in order to consolidate, however they are rience when the capital of one bank is in dom- Western countries, major part of the Pension
paying more expensive compared to the previous ination of the domestic or foreign investors? Funds realizes the profit through buying shares
period. and real estates. They have wider investment
- For every business the nationality, accord- spectrum. We still have many obstacles that are
*Certain analysts consider that some com- ing to me is not important because the purpose of hardy to exceed in order to invest in the Stock
panies, especially major banks are closed, the business is profit. The whole world is function- Exchange.
they fear of foreign investors' entrance? ing with foreign banks and I would be very happy
if we have lucky to have domination of the foreign- *Many citizens understood the Stock
-Banks as firms and companies are specific ers, in order to continue our work. I would be very Exchange as gambling house?
segment of the Stock Exchange. They don't pleased if the other banks brands enter such as
include physical entities as dominant sharehold- Societe Generale that bought Ohridska Banka, -I always say that the Stock Exchange is not
ers, especially not people management. They Deutche Bank, Reifeisen Bank. Our market is a hazard. When one gambles, one loses definite-
have been formed with big capital so the man- small and it can not function with so many banks. ly. On the Stock Exchange one seldom loses, can
agers that governed the banks didn`t have the Rationally, this banking system has to be reduced. gain or remain as it were. It depends from the pro-
opportunity to have great percentile participation. The foreign banking institutions are more organ- jection where you will invest. It depends on the
By the way, they had to move forward towards ized than ours. Domestic banks cooperate with assessment, desires, and the character of people.
special legal procedure at buying shares, foreign banks, they took training, specialized, Another thing is that on the Stock Exchange the
because they must have permission from NBRM attended seminars, it is about reorganization, investment is made with free money not with
for a certain per cent. Banks have another phe- fresh capital and new projects which will change loans. The loan is a risk. However the Stock
the manner of work and passive banks should Exchange is a safety place for investment
become active. They should approach aggres- because it has certain rules of the game. A set of
sively in the economy, to seek to finance projects, rules according to which if you invest money you
to be initiators of certain projects and to find their will certainly get shares. If you sell shares you will
realizers. Now the situation is opposite. Every definitely gain money. There are rigorous rules of
businessman enters in bank and roughly speak- the Stock Exchange, brokers and depository
ing pray on his knees to receive money. That`s which are on European level. These three seg-
the system. For example, Deutche Bank realizes ments are controlled by all EU standards and we
67 to70 per cent from the incomes on the Stock have the same evaluation from EU. So this seg-
Exchange and the currency Stock Exchange, ment is totally by EU standards, but our legislation
launches 20% of the assets on projects and 5 per is not adjusted on European business yet. For
cent on classical crediting. Hence there the cred- example, we can not purchase shares on the for-
iting is minor, contrary to us. eign Stock Exchanges not as brokerage house
nor as Kiril Mitrovski, nor as a bank… The law on
* Analogical to this should the banks currency is concise and it should work on liberal-
appear in future on the Stock Exchange as ization of this part. We are opened for foreign
share purchasers in certain companies in investors and closed for domestic investment out-
order the ratio to be opposite from the current flow. … The money circulation without an instru-
ment of the regulative can not be canalized,
Investbroker exists since March 1996, because much money is separated from the state.
when the Stock Exchange officially began They found channels outside. So, the state should
to operate. On the very beginning there fight for opening the doors for our investors in
were about 17 shareholders that formed the order to have the opportunity to realize their capi-
Stock Exchange, several savings bank and tal in other countries. There are statements for
companies, and we, as a brokerage houses change of this kind of direction. It remains to see
in the frames of the banks, Investbanka, when and how this is going to be realized….
Balkanska Banka, Tutunska Banka and
Almako. * Is it needed our brokers to have training
in foreign major markets?
Date 14.01.2008 number 5
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Also, what is needed is the creativity of the managers and the municipalities. They are
constantly complaining of not having assets, but can have them if they invest bonds.
- When I started to work there have been offer .They have to manage, to face the risk, and the Several years ago I have recommend to regulate
consultants from London to train us, because our seek further motivations …. The shareholders that the lower limit, but we didn`t do that. Now some
Stock Exchange is in accordance with London are going to buy those bonds will try to introduce are prepared to work for minimal percents, which
standards. But I refused the offer because our business, because it will be of their interest too, it considers to be developmental component. This
brokers are prepared enough. The legal base of they will also take advantage of. year I plan to alleviate the products not because
Macedonia and England in the past and now is of the competition but due to the taxation of the
not the same. It is much easier for them. We need * Are you satisfied from the business? capital gain of the citizens. The brokers insist this
young, ambitious people and experts. My idea Can it stand financial? provision not to be conducted now, at the begin-
was to abolish the package trade. It is much differ- ning, when our citizens began to trade in massive
ent where the brokers, i.e. the market`s players -Invetsbroker works 12 years and it is already number on the Stock Exchange. We seek motiva-
know each other. In other countries although the profitable brokerage house. Although project`s tions at least until 2010 which will result with big-
system is electronic, still the trading is on one hard conditions, last years we worked successful ger entrance of citizens.
place, the same as in package. We don`t have and the shareholders are satisfied. The competi- However the turnover and the transactions
public trace of the trade, which is important for the tion is strong. Currently there are 23 competitors without 2007 are increased 20 to 30 times… in
promotion of new companies. This is regular prac- and I expect at the end of the year their number to relation to the beginning of the Stock Exchange.
tice on the world Stock Exchanges. In our country be 30. And in order to receive a piece of the case On order to have financial effects one brokerage
if the major companies are to be sold the quantity they reduced the provisions. The provision indi- house should realize 15 million euros annual
of the work will reduce. New companies should vidually determines the each house individually. turnover at the least.
appear, the perspective is in the fact that should
be a legal relieves. Now according to the Law on LAST YEAR ALL PARTICIPANTS IN THE MARKET HAVE GAINED.
Listing on the Official market the companies that
want to list should have three years experience, Last year all participants on the market gained. My prognosis is that the maximal
financial reports, and they are all LLC. prices from the last year can be corrected now, however without such dynamic.
Good liquid companies normally correct the prices, even if this amount of prices,
* Will the brokerage houses demand liber- which was maximal exceeds, but this is going to happen after 15-20 days. By my cal-
alization in this section, because it is also in culations the first semester of 2008 will show if this is going to happen, if nothing
your interest to have new clients? else the maximal prices are going to return, because they weren`t pumped up, but
came too quickly on this price level. Last year in September for example, the main
- A quality material is needed in order to purpose for the sudden and strong price correction was the fact that the foreign
obtain information that the company that is listed investment funds have directed themselves towards the Croatian Telecom. So, they
is in order. Currently LLC can become JSC, but on didn`t ran away but had a need at the moment to invest in profitable actions.
the third market. What needs is the creativity of Unfortunately, the state is not launching Macedonian Telecom. We have a potential
the manager and municipalities. They are con- where many citizens can purchase in mass number. I want to say that it is a good
stantly complaining that they have no assets, but thing that many people neglect the previous attitude that foreign investors have
can have them if they invest in bonds. The whole entered despite this analogy and had courage to take part on the Stock Exchange.
world is financing on this way, but there has to be The participation on the Stock Exchange doe not represent great risk, it just needs
certain project. Everybody waits for the good individual assessment - if, where, what, how to purchase and when to sell.
Government and the mayor to do something
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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 14.01.2008
11.01.2008 FRIDAY
1. SHORT REVIEW OF EVENTS
The case between the Government and refin- Communications today will hold public opening of Disability Insurance Fund and shareholders who
ery OKTA is not calming, topic that is in details bids for 3G technology. Fast internet, high speed own ordinary shares are registered as
elaborated by all daily papers in Macedonia. data transfer, access to multimedia contents, owners…This paper also conveys the news that
- The Government resurrected OKTA`s video-telephony and television are part of servic- representatives of the most favorable bidder for
monopoly with the agreement for settlement that es offered by this technology. Experts are skepti- buying the property of Alumina, Israeli company
was signed in the eve of New Year holidays. The cal and say that 3G technology is not service for Gazit Globe, has signed the agreement for
cabinet wants to sell electricity to big consumers vast population, due to expensive cell phones and takeover of this former loss-making firm.
produced in TPP Negotino from heating oil from high prices… Company has paid the deposit of 795 thou-
OKTA, SDSM Vice President Igor Ivanovski, stat- Utrinski Vesnik asks if the Government tries sand euros and the rest of the deal in amount of
ed. to control Governors`s position. Opposition parties 19 million will be paid within 21 days, Aco
According to him, Macedonia spends in aver- are assured that ruling structures have intentions Damcevski, liquidator of Alumina, stated.
age 300.000 tons of heating oil without require- to force Gosev to file his resignation across the Vest informs that brickfield in Chaska, owned
ments of TPP Negotino, and if we include plant`s vote of confidence and other forms of public pres- by Kiro Kucuk from Veles, will be bought by the
consumption of heating oil, the quantity is dou- sure. Government is categorical that NBRM`s factory for production of building materials Elenica
bled. That is how the Government and OKTA autonomy is respected. Monetary authority in from Strumica.
made a deal for placement of low quality heating Macedonia is independent. The Government, as After the verdict reached in the case on
oil in amount of 600.000 tons. This amount will be executive power, acts only in the frames of the Slavija, Dnevnik informs that State Prosecution
paid by big consumers and citizens. In contrary to Constitution and laws when it comes to its relation will execute the pronounced seizure of 97.6 mil-
these accusations, Government spokesperson with monetary power. lion denars that belong to company`s owner, Kiril
Ivica Bocevski reminds that all agreements signed Vreme informs that the current owner of Kocevski. He is sentenced on 6 years of imprison-
with OKTA can be found on Government`s web tobacco combine Jaka Tabak from Radovis and ment for breach of duty in the process of privatiza-
site, which is proves that there are no schemes, scheme of shifts of its management structure is tion of this company. Claims of damaged share-
no annexes, no sub-agreements, no tacit agree- unknown although former Directors were detained holders and employees in Slavija are settled in
ments. Written agreement renders amendments under accusation for embezzlement of state trial procedure. Biznis informs that shares owned
in the rulebook for fuels` quality which will improve owned tobacco, and the outcome of the affair by Evropa record 63% growth on capital market. It
their quality. Spokesperson underlines that this related to share sell and purchase is expected. is a matter of sell of small number of shares, 12
agreement reduces the obligation of 93 million According to the current situation, employees still shares at the price of 5.000 denars in one trans-
dollars to, assumed by Crvenkovski`s cabinet, to do not know who they are working for. Jaka Tabak action and other block of 20 shares at the price of
40 million dollars. is registered in the Central Securities Depositor as 9.990 denars.
Papers convey that Agency for Electronic private owned joined stock company. Pension and
31.12.2007-05.01.2008 MONDAY-SATURDAY
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS the biggest moving force on the stock exchange in 2007, are
settling their balances and getting prepared for new invest-
P.29 OFFICIALS MAIN "CUSTOMERS" OF THE FINAN- ments.
CIAL POLICE
SUMMARIZING P.29 BULGARIAN ALFA FINANCIAL HOLDING BUYS THE
Last year, the Financial Police discovered that top state offi- BROKER COMPANY EURO-BROKER?!
cials, directors of state organs and public institutions, civil ser- According to unofficial information Kapital got hold of, the ini-
vants, as well as directors of banks and firms, customs offi- tial agreement on taking over 51% of the capital of Euro-bro-
cers, liquidators etc. were the most frequent perpetrators of ker by the Bulgarian financial group is already reached. The
crimes. current owner of the broker house Dragan Lasik, will apparent-
? How many crimes did the Financial Police discover this ly keep ownership of over 49% of the shares and relatively big
year? control in managing the company.
- During 2007, the Financial Police discovered and proved 76
crimes. It filed 41 criminal charges for 61 persons to the com- P.33 MBI-10 STARTS THE YEAR WITH A FALL
petent public prosecutor`s offices. We discovered and proved In the first three days of trade in the new year, the index of the
that a damage of about 12.6 million euros was inflicted to the Macedonia stock exchange recorded a fall by 1.2 percent. The
2007 budget with the perpetrated crimes. shorted stock exchange week did not bring anything spectac-
ular in view of the turnover and the stock prices, which is
FORUM expected in the beginning of the year.
P.8 WILL THE GOVERNOR BE GIVEN THE SACK? P.34 WE DO NOT PLAN TO BUY ANY MORE BANKS IN
In the middle of this month on the Assembly agenda should be MACEDONIA
the discussion regarding Governor Petar Goshev`s interpella- It is announced that the further capitalization of Nova
tion. The request of accountability from the NBRM Head was Ljubljanska Banka will be in the amount of EUR 300 million.
submitted by 15 MPs of almost all parties in the Parliament Which way the capitalization will be conducted and what we
(except DUI and LDP). In the explanation of this initiative with will be the purpose of the provided money?
which Goshev is accused for abuse of the legal regulations is NLB since 2007 underwent further capitalization amounting
indicated that the reason is the liquidation of Makedonska EUR 100 million.
banka, which the interpellation submitters believe to be non-
sense since it is a matter of positive cash flows and profitable P.37 AGRICULTURAL CREDITS WITH INTEREST OF 4%
bank at the same time. Investbanka from Skopje started disposing funds of 8.2 million
euros that the Government has provided, intended for financ-
P.31 KOMERCIJALNA BANKA SHARE DOMINANT ing individual farmers and legal entities dealing with agricul-
Dominant share of Komercijalna Banka was realized last ture.
Friday when 3.090 shares were traded, from a total of 0.16%
of the bank`s main capital for an average price of 6.839 MKD P.45 PROCREDIT BANK ISSUES THE FIRST CORPORA-
in the three trading days, which is 0.2% price drop in relation TIVE BOND
with the last week. At the end of last year ProCredit Bank issued the first emis-
According to the realized profit of 8.9 million MKD, Alkaloid is sion of corporative bond. This is the first emission of corpora-
a runner up and its share marked 1.18% drop of its average tive bonds that a bank in Macedonia has issued.
price. Although issuing corporative bonds is a regular practice in the
other economies from the region and wider, it is not the case
KAPITAL with Macedonia, unfortunately.
P.26 WILL THE GROWTH ON MACEDONIAN STOCK P.46 MACEDONIA GOT THE FIRST INVESTMENT ADVI-
EXCHANGE BE THE SAME IN 2008? SORS
Usually, the beginning of the year is a period for establishing The growth of the potential investors` information about the
the (un)successfulness of all economic institutions the past 12 conditions on the securities market and the monitoring of the
months, and so of the stock exchanges as well. The worst stock exchange occurrences are part of the investment advi-
result of all regional stock exchanges the past year has shown sors` responsibilities, who were awarded yesterday diplomas
the Banja Luka stock exchange, which index of most liquid after the successful completion of the training.
companies, BIRS, in spite the slight appreciation in December,
throughout the whole 2007, has realized negative balance of MAKEDONSKO SONCE
11.1%.
P.26 PROFITS MORE ATTRACTIVE THAN RISKS
P.28 MAKPETROL AMONG THE FOUR MOST TRADED Although the end of last year brought certain stagnation, the
WITH TURNOVER OF 70 THOUSAND EUROS domestic capital market is expected to become much more
With turnover of only 4.6 million denars or 73 thousand euros, interesting both for the potential foreign and home sharehold-
the share of Makpetrol joined the four most traded in the ers. Actually, all citizens with free assets at their disposal,
beginning of the year. instead of putting their money on bank account, can deposit it
The low level of trading is not uncommon for this period of the in shares in a company at their choice, by buying cheaper and
year, taking into consideration that the investment funds, as selling more expensively, so they will make a profit.
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