BSE to seperate shell companies for trading on a new market

Ludmila Kuyumdjieva

"The Bulgarian Stock Exchange (BSE) will move non-liquide companies to a separate market segment," announced Vassil Golemansky, Executive Director of the stock exchange operator. He further explained that the new market would again be managed by the BSE.

Seperating companies with less liquidity will be useful since their market information will be released separately, apart from the records of other companies. Publishing their data on another website is also being considered. "Thus, the information for both markets will not be mixed," said Ivan Takev, the second Executive Director of the Stock Exchange.

The measure has two objectives. First, non-liquid companies will retain their status of public companies and their delisting will not be considered, as this happened last year. And second, they will not be mixed with the liquid companies which meet the BSE criteria for public offering of shares.

Furthermore, as part of the measures aimed at strengthening the market, BSE will change the names of the different market segments introducing more clear and attractive descriptions. The entire process is related to changes in the rules of the Bulgarian Stock Exchange, explained BSE officials. According to them, the introduction of new criteria for the participation of companies offering shares on the different market segments can be expected.

Georgi Balgarski, a member of the Board of Directors of BSE, said that the Stock Exchange ha examined the financial reports of 1,000 companies and out of them 20 potential issuer of shares have been selected. The stock exchange operator is currently negotiating with them.

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