Only three foreign exchanges can purchase BSE

Based on the preliminary requirements for the privatisation of BSE-Sofia, only three foreign exchanges may apply for the purchase tender of the state share, announced Kamen Kolchev, Chairman of the Board of Directors of Elana Financial Holding Company during a discussion on the capital market yesterday. Vienna, Frankfurt and Warsaw stock exchange operators are the possible buyers. According to him, the most likely scenario is for Vienna to purchase the Bulgarian Stock Exchange.

The state should sell its BSE stake as quickly as possible, regardless of the set price. According to Kolchev, it is more important for our country that the privatisation of BSE will liven up the market rather than the earning of several millions of leva from the deal itself. His words were backed by the former Deputy Chairwoman of the FSC (Financial Supervision Commission), Dimana Rankova - it is very important for the privatisation deal to happen quickly.
Caesare Pizhkovski, Director of the Investment Banking department with UniCredit in Poland, stated that the Warsaw Stock Exchange is more attractive for companies from Central and Eastern Europe because, on the London market, they would have remained unnoticed because of their small size. Furthermore, according to him, the Warsaw Stock Exchange is visible enough for foreign investors.

During the discussion, the BSE Executive Director, Vassil Golemanski, commented that in order to boost the Stock Exchange, the state shares in electricity distribution companies will be sold through the Exchange until the autumn. It is expected for the listing and privatisation of CEZ and E.ON to take place at the beginning and the end of the summer, respectively. Kolchev commented that no official interest was expressed by the majority owners of minority stakes in CEZ and E.ON, and probably their secondary trading will be more active, compared to that of EVN, which will be positive for the stock market.

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