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DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 04.02.2008 number 8 berzNIK

Let us get familiar with eachother… berzNIK!

While in theworld it is aprestige to belisted on stockexchanges, dotrading, bedominant onthe markets, bea huge shareholder inseveral companies, inour countrythis topic, forthe time being,is somethingthat's not beentalked aboutmuch. Bigshareholdersdon't brag withtheir successfulinvestments,they don't wantthe people to knowhow much capital theypossess where

Until the next Monday

Makedonka BaldazarskaBerzNIK editor-in-chief

e-mail: [email protected]

- Our pages remain open for you…An invitation which I believe those who have

already reviewed and use our berzNIK-daily electron-ic distributive service of information from print media,do not find it boring but rather useful as a remindingto start cooperation with us. Those who see theweekly review of berzNIK for the first time will sure findit interesting to analyze it, make comments on it andsuggestions on the contents they think should bepresented, reported or processed on the pages ofthis specialized medium.

The idea for mutual cooperation and voluntaryfree representation of your office, association, com-pany, the way and service you treat is a step forward,step that will take you closer to the mutual users. Isay mutual because the circle of persons, legal enti-ties, organizations, associations and institutions inwhich perception the financial-stock exchange dataare, is small and most importantly seems like cov-ered up. And, while in the world it is a prestige to belisted on stock exchanges, do trading, be dominanton markets, be a huge shareholder in several compa-nies, in our country this topic, for the time being, issomething that's not been talked about much. Or, ifyou are of good will to make conversation on thisproblematic, you need visa from a higher rung. Bigshareholders don't brag with their successful invest-ments, they don't want the people to know how muchcapital they possess where. Hence, it looks like thetarget group which is familiar with, or more so usesthe services of specialized houses on working withsecurities, at least in our country, is pretty limited. I'mnot skeptic, but we must admit the owners of securi-ties are largely only heirs (from the aspect of receiv-ing and not buying the shares), who are partly awarethat they possess capital, some are using them aslottery and only small part know what they mean andtrade with them on the level they have on the capitalmarket.

That is why I think the associations dealing withsecurities should have as more affirmative presenta-tions, and the management teams to get to know,animate and popularize researches, analyses andpredictions on the company's capital movement, tothem and wider in relation to the other entities on themarket.

Maybe this conclusion of mine seems ridiculesand naive to you, but it's not that I'm emphasizing itwithout a reason. Here is one apparently simpleexample, which leaves many unanswered questionsbehind. Something happened to me not so long agowhile I was visiting the Securities Commission. Twoshareholders from the suburbs with a piece of paper

for share ownership (paper few years old), asked theinstitution to explain to them what the paper meant,what they had and if it had it any value. Isn't it symp-tomatic that they know there is Securities Commi-ssion and don't know if their shares have any valueor if the company they have the shares in is in bank-ruptcy.

This opens many questions.First, are these shareholders informed of where

their company stands? Do they know that the sharesare being registered in the Securities Commission?Are they aware they can get informed on the sharesat the Shareholders Meeting? That the closest notaryhouse can help them and direct them to exactly whatthey need to do concerning both the company's con-dition and the share ownership? Then, where are themanagers, if there is company why they let theirshareholders not knowing what they possess andhow their participation in the work can affect theshares value…? We can surely ask many morequestions about this example, but the point is that thecapital market is still unfamiliar for the share owners,it is still being treated like a market they got by acci-dent on, market they consider gambling house whereyou either win or lose. This gives me the right to thinkthat the presentation made in our pages should onlybe the first rung of affirmation of all directly or indi-rectly involved participants on the market. Eachgreater presentation made through us or with us tothe management teams, and even wider to the com-panies' shareholders, the institutions and all con-cerned with this problematic, is a mutual move: to getfamiliar with each other, cooperate, exchange ideas,positions, personal experiences; point remarks toone another, critiques; to mark the positive and neg-ative comments. All these moves lead toward onemutual step forward in joining, trading and develop-ing the capital market which, slowly but surelybecomes an everyday thing for many legal but phys-ical players on the capital market too…

I hope that the call for cooperation will turn theclosed card on a new more open way of cooperation,especially with the brokerage houses, investmentfunds (open and closed), as well as private and pen-sion funds, state institutions in charge of realization,observation and control of the market, auditing hous-es and all other participants on the capital market…

4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTSberzNIK number 8 Date 04.02.2008

WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGEperiod 28.01. - 01.02.2008 year

Turnover by market segments

Data on MBI-10 shares

Top ten listed shares


- At the beginnig of this week, the tender for 3-G technology is still one of the major topics in theprint media. Even though Macedonia has severalfree frequences for offering services of the third ge-neration of mobile telephony, it only awarded one toCosmofon through a tender. According to the ex-perts` opinion, it is a wrong move because this ser-vice, which is more and more applied world wide,should be offered by all who is able to do so.

- A lot of virtual mobile operators offer the 3-Gtechnology in the EU member states. They do nothave a personal network, they are using the networkof the other operators and they only pay a certain feeto them-the experts say.

Macedonia and Albania are the last countries inEurope without services from the third generation ofmobile phones. The experiences from the countriesfrom the region and the EU member states showthat the suppliers of 3-G services are not selectedthrough a tender, but that a license for offering of 3-G services is issued to any telecommunicationscompany which meets the standards. The third ten-der showdown in our country, which happenedbetween T-Mobile Macedonia and Cosmofon in aperiod of one month and on which, the secondmobile operator won, will probably cause major con-frontations and reaction in the professional and thewider public in this country.

The gasification in this country is a major topicagain. Several newspapers again actualized this to-pic, because progress has not been made in the fi-eld of gasification despite of the numerous theoreti-cal projects which are waiting to be implemented. Itis not disputed that all current governments empha-sized the gasification as a significant factor for eco-nomic development. For this year, the Governmentapproved 180 million MKD for implementation ofgasification projects, which are abundant in the com-petent ministries. But, despite all of that, Macedoniawas and remained on the verge of all started orannounced projects in the region.

According to the analyses, the charts and thediagrams for the condition at the Macedonian Stock

Exchange, which were presented by several dailynewspapers, the activities of the investors are noti-ceable. Even though the index MBI-10 lost about4.5% of its value from Monday to Friday last week,and in the same period, the index MBID lost 2.3%,the average daily turnover is almost double in com-parison with last week and it achieved an averageamount of 50 million MKD. The increase of the in-dexes in the last two trading days of the week, aftertheir two-day sever fall on Tuesday and Wednesday,is an auspice that the investors` optimism is res-toring. The shares of the civil engineering and con-struction company "Mavrovo" were the most tradedshares last week. Through a total turnover of 48.3million MKD (nearly 800.000 euros), were over30.000 shares of the civil engineering and con-struction company were sold.

The daily newspaper Utrinski vesnik publishedthat several companies from Veles owe about 80 mi-llion MKD to the Fund of Pension and Disability In-surance for unpaid contributions for the employees.The ceramics industry Kiro Kucuk is the biggestdebtor. It owes 44 million MKD for unpaid contribu-tions for 600 employees in a period of several years.The cooking oil factory Blagoj Gjorev owes 12 mil-lion MKD. Trans Veles and Tediko, both bankrupt,owe money, as well as the Factory for railway ve-hicles Kolska.

The daily newspaper Biznis continues with theexplanations about the using of the newly openedtransaction accounts for the citizens. Representati-ves of the Clearing house explain that they have alegitimate basis for managing with the only registerof transaction accounts and processing of these per-sonal data. The Clearing house will manage only thetransaction accounts in the only register, and it willnot have an insight of the balance of the accounts ofevery citizen in the process. This means that the bal-ance of the account will be known only to the bank,in which it is opened, and the banks are obliged tokeep the banking secrets. So there is no dangerwhen the privacy of the participants in the paymentoperations is concerned…

1. SHORT REVIEW OF EVENTS28.01.2008 MONDAY

Publishing: INTERNACIONAL NIK AD - SkopjeMedia library and digital archiveEditors office: berzNIKAddress: Square MAKEDONIJA bb, p.box 882 Skopje, 1000,

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Executive Director: Zdravko JosifovskiAccount Menager: Divna Pesic

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STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIK

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STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIKNumber: 8Date: 04.02.2008

IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY

FRONT PAGE PHOTO:Michael Lawrence - Chief Executive Director of T-mobile

Photo: Robert Spasovski

Editorial staff of berzNIKInternet distributive system: www.interNIK.com.mkEditor: Makedonka BaldazarskaDTP: Tatijana TrpkovskaEditorial 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, AngelinaFilipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, AnetaMenoska, Filip Koviloski, Darko IvanovskiFotoreporter: Robert Spasovski

Marketing, distribucija i proda`ba: INTERNACIONAL NIK AD - Skopje

I M P R E S S U M

C O N T E N T S

INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3

WEEKLY REVIEW OF THE MACEDONIAN STOCKEXCHANGE… . . . . . . . . . . . . . . . . . . . . . . . . . . . ...4

berzNIK, TUESDAY, WEDNESDAY, THURSDAY… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7

WE OFFER 2, 5 TIMESCHEAPER SERVICES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

GLOBAL REPRESENTATION OF HEDGEFUNDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

NOV PENZISKI FOND AD SKOPJE. . . . . . . . . . . . . 10

KB - FIRST PENSION COMPANY JSCSKOPJE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

STOCK EXCHANGE NEWS….. . . . . . . . . . . . . . . . . . .12

berzNIK, , THURSDAY, FRIDAY, SATURDAY . . . . . . . . . . . . . . . . . . . . . . . . . . .13-15

WEEKLY MAGAZINES...….. . . . . . . . . . . . . . . . . . . . . . . . .16

WEEKLY REVIEW OF THE MACEDONIAN STOCKEXCHANGE. . . . . . . . . . . . . . . . . . . . . . . . . . . . 17-19

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS 1. T-MOBILE OFFERED FIVE TIMES LOWER PRICE THAN COSMOFON (****)2. GASIFICATION PROJECTS IN MACEDONIA STUCK IN ONE PLACE . (***)

DNEVNIKp.9 GASIFICATION OF TEC NEGOTINO TO SA-

VE US FROM DARKNESSp.9 200 KIRO KJUCUK EMPLOYEES ON FOR-

CED VACATIONBIZNIS

p.1 TRANSACTIONS ACCOUNTS DO NOT IM-PAIR CITIZENS` PRIVACY

p.3 ONLY THE BANKS WILL KNOW THE ACCO-UNTS` BALANCE

p.3 TODAY IS THE EUROPEAN DAY FOR PER-SONAL DATA PROTECTION

p.3 TRANSACTIONS ACCOUNTS DO NOT IM-PAIR CITIZENS` PRIVACY

p.7 ON NET WITH LOCAL LANDLINE PHONECONVERSATIONS!

p.7 COSMOFON PREPARES AGREEMENTWITH AEK; T-MOBILE PREPARES A COM-PLAINT!?

p.12 MBI 25.01.2008p.12 TOTAL TURNOVER OF 73.49 MILLION DE-

NARSp.12 MAVROVO SHARES - MOST TRADEDp.13 CHART AND GRAPHIC REVIEW OF MBI-10

FROM 21.01.2008 TO 25.01.2008p.13 MOVEMENT, AWAKENING AND RESTOR-

ING OF THE OPTIMISMUTRINSKI VESNIK

p.1 GASIFICATION PROJECTS IN MACEDONIASTUCK IN ONE PLACE

p.2 THE FEAR AND THE GREEDp.5 GASIFICATION PROJECTS IN MACEDONIA

STUCK IN ONE PLACE

p.8 COMPANIES FROM VELES OWE 80 MILLI-ON DENARS TO THE PENSION FUND

VECERp.6 FOR EVERY OPERATOR, ONE 3G FREQU-

ENCYp.6 4.500 TONS OF TOBACCO PURCHASEDp.7 MAVROVO SHARES REGAIN POPULARITY

VREMEp.3 ALBANIAN GOVERNMENT SUES GRANITp.5 THE THIRD TECHNOLOGY ESTRANGED

THE MOBILE OPERATORSp.5 LUKOIL SUFFOCATES FROM THE SULFUR

OF OKTA TOOp.7 SMELTERY TO BE DISLOCATED FAR

FROM VELESp.11 TTK BANKA TO RETURN THE EQUIPMENT

OF MEDICAL PLASTICVEST

p.7 T-MOBILE OFFERED FIVE TIMES LOWERPRICE THAN COSMOFON

NOVA MAKEDONIJAp.5 THE MOBILE OPERATORS WITHOUT 309

BASE STATIONSp.5 BANK PROBABLY GAVE KERVIEL HANDS

FREE TO TRADEp.5 STRONG CHANGES ON THE STOCK EX-

CHANGE, THE ICE IS CRACKING?SPIC

p.2 ACCUSED BANKER FROM SOCIETE GEN-ERALE WILL SOON FACE HEARING

p.5 THE FARMERS FROM BITOLA THREATENWITH SWEDMILK


1. SHORT REVIEW OF EVENTS

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE SLOVENIAN GROUP VIATOR-VECTOR TOOK OVER TRANSSPED COMMERCE . (****)2. NEW CRIMINAL CHARGES AGAINST THE MANAGER OF JAKA TABAK (****)

29.01.2008 TUESDAY

Another entrance on Macedonian marketThe Slovenian group Viator and Vektor yes-

terday made the purchase of Transped komercofficial. According to Dnevnik, the group which ispresent beside in Slovenia in Croatia, Bosnia Ser-bia but also in Romania, Russia and other countri-es, announced that the undertaking is the firststep in its ambitious plans for entrance on Mace-donian market. Beside the logistic, which is thebasic activity of Viator and Vektor, the companyannounces break in other segments of the pro-duction and services, opening new job positionsand imposing standards typical for the activity ofthis group, one of the biggest in Slovenia. NovaMakedonija announces detail information aboutthe company: Viator and Vector disposes of over500 own heavy goods vehicles and 350 buses fortourist transport. The companies have developednetwork of the agencies throughout Europe andowns over 200 square meters of storage space inSlovenia and abroad.

Problems with tax evasion in Jaka Tabak. Utrinski Vesnik announces that the sector for

internal affairs in Strumica filed criminal chargeagainst Gorgi Tanevski (47), General Director ofthe company Jaka Tabak from Radovis. A chargehas been filed also to Tatjana Krsteva (36) financi-al director in the same company and Stojka Atana-sova (53) manager of the accounting. The three

charged persons, according to the Ministry of In-terior, have committed criminal act-tax evasionand forgery of business books. Dnevnik adds thataccording to the police, the suspected committedthe criminal act in August 2005. Then in the acco-unting records of the company for issued raw ma-terials presented little amount than the realamount and didn`t pay value added tax of 174.146denars.

The actuality of the scandal in Societe Gene-rale is still a main topic in all written media. Vecerwrites that this fraud was a part of the illegal act inwhich total of 50 billion euros have been circulat-ing. According to the official announcement of thebank, the first doubt that indicated that somethingwas wrong emerged on 18 January, this yearwhen the competent bodies have been informed.Zerom Kervijel admitted that he had opened acco-unts and performed the fictive operations whosevalue is estimated to 35 billion euros which is mo-re than the value of the same bank that amounts35 billion euros, and is close to the French deficiton annual level. Kervijel started the fraud in Feb-ruary 2007 and continued until this month. Whenthe fraud has been revealed he was dismissed to-gether with the other four persons responsible inthe sector for share capital and financial deriva-tes. After this scandal, the bank announced that itwill take necessary measures for strengthening

the systems for risks control.Dnevnik writes that the State Lottery of Mace-

donia is the new company formed by the Govern-ment which will organize games of chances suchas Bingo and lottery. The members of the supervi-sory board were designated in October and themanaging board is not formed yet. The companyis registered as Shareholder Company in full own-ership of the state, the Government confirmed.According to the new amendments, adopted bythe Government in May last year, 48 percent fromthe money of the sale of tickets will be separatedin special fund for construction and maintainingsports facilities, and two percent for special fundfor fight against family violence.

Biznis regularly announces a review of thetrading of Macedonian Stock Exchange. On thesecurities market on Monday total trading value of35.864.833, 05 was realized through 129 transac-tions and the MBI-10 index increased for 0.51 per-cents. The total value per markets was the follow-ing: on the Official market 25.655.540, 00 denarswere realized from total 160 transactions, whilethe rest 10.209.343, 00 denars were realized onthe Regular market through 59 transactions. Themost traded were the shares of Komercijalna Ban-ka Skopje that realized 5.559.158, 00 denars thro-ugh 19 transactions. The average price of theseshares was 6.397, 10 denars.

DNEVNIKp.1 BINGO FOR GOVERNMENTp.2 BINGO FOR GOVERNMENTp.2 BE CAREFUL, THE BANKERS ARE MISUSING AS WELLp.7 THE DECEIVER FROM SOCIETE GENERAL PLAYED

AROUND WITH 50 BILLION EUROSp.7 MBI 28-01-2008p.14 NEW CRIMINAL CHARGES AGAINST THE MANAGER OF

JAKA TABAKp.15 ELECTRIC SHOCKS LEFT HALF SKOPJE WITHOUT CEN-

TRAL HEATINGBIZNIS

p.1 THE SLOVENIAN GROUP VIATOR-VECTOR TOOK OVERTRANSSPED COMMERCE

p.3 THE SLOVENIAN GROUP VIATOR-VECTOR TOOK OVERTRANSSPED COMMERCE

p.5 SIGNING AN AGREEMENT FOR EACH TRANSACTIONACCOUNT

p.12 MBI 28.01.2008p.12 NON TRADING SHARE TRANSFERSp.12 ADG MAVROVO POSSESSES NO PART IN MAVROVO INZE-

NERINGp.12 THE STOCKS OF KOMERCIJALNA BANKA, MOST TRADEDp.12 MBI-10 RECORDS A GROWTH BY 36.07 INDEX POINTSp.13 MAKEDONIJATURIST BUY-BACK ORDINARY SHARESp.13 PUBLIC WARNING FOR RZ INTER-TRANSPED

UTRINSKI VESNIKp.8 MAVROVO LOOSES MAVROVO INZENERINGp.8 IN THE NEXT FOUR YEARS MACEDONIA WILL RECEIVE 280

MILLION DOLLARS FROM THE WORLD BANKp.8 SLOVENIAN VIATOR & VEKTOR BUYS TRANSPED KOMERC

FROM SKOPJEp.8 MBI 28.01.2008p.9 THE DEPARTMENT OF STOPANSKA BANKA CONTINUES

TRADINGp.9 THE CROATIAN INFODOM ENTERS ON OUR MARKETp.12 NEW CHARGES IN JAKA TABAK DUE TO TAX

VECERp.1 EVEN IF IT DOES NOT BANKRUPT, SOCIETE GENERAL

SINKSp.1 BE CAREFUL, THE BANKERS ARE MISUSING AS WELLp.6 THE BROKER GAMBLED 50 BILLION EUROS?p.7 SUNFLOWERS BACK ON FIELDSp.7 SLOVENIANS BECOME NEW OWNERS OF TRANSPEDp.9 NOVO LISICE DEBTORS - IN THE LINE OF FIREp.11 UNPAID TAX OF 200 THOUSAND DENARS

VREMEp.6 INSTEAD OF EUROPEAN QUALITY, MILLION DOLLAR PROF-

ITp.11 TENEVSKI ACCUSED ONCE MOREp.13 KARVIEL GAMBLED WITH 50 BILLION EUROS

VESTp.2 EDUCATION OF POOR CHILDREN TO BE SUPPORTED BY

WORLD BANK CREDITp.5 TELECOM BREAKS THE LAW ON PERSONAL DATA PROTEC-

TIONp.6 T-MOBILE OFFER IS DISQUALIFIEDp.7 SLOVENIAN VIATOR & VEKTOR BUYS TRANSPED

NOVA MAKEDONIJAp.5 SKUPINA VIATOR & VEKTOR NEW OWNER OF TRANSPED p.5 INTENSITY DECREASES, PASSIONS CALM DOWN, AVER-

AGE STOCK EXCHANGE TRADINGp.5 THE FRENCH BROKER GAMBLED 50 BILLION EUROS, NOT

ONLY 5 BILLION EUROSSPIC

p.3 THE BROKER TURNED AROUND EUR 50 BILLION AT SOCI-ETE GENERALE

p.8 SLOVENIAN GROUP TOOK OVER TRANSPED




1. T-MOBILE REQUESTS REANALYZING THE CHOICE FOR 3G-TECHNOLOGY (*****)2. SWEDMILK WINS OVER THE BITOLA DAIRYMEN (*****)

30 .01.2008 WEDNESDAY

Argues related to the election of 3G telepho-ny operator, do not calm. T-Mobile managementyesterday asked the Agency to reconsider thedecision for proclamation of Cosmofon as winneron the bidding with the offer of 4.5 denars perminute video call. Daily papers convey the expla-nation released by T-Mobile Macedonia afterbeing eliminated from the bidding for most favor-able operator to offer 3G telephony, becausebeside charts of prices for retail and wholesaleservices, winning company has also submittedexplanation of the offer, which is in contrary to thetender conditions. This company yesterdayexplained that they have decided to do so in orderof being transparent and clear in front of their cus-tomers. In contrary to this company, Agency onElectronic Communications says that offeredprice of 0.9 denars per minute of video or voicecall was conditioned by T-Mobile with 800 denarsof monthly subscription for citizens no matter ifthey were using the service or not. They alsoclaim that this was one of the reasons why T-Mobile`s offer failed. Other reason was T-Mobile`sdemand other operators to pay five denars percall, and three million euros for mobile, landline-

mobile and internet services on annual basis, nomatter if users spend that amount for conversa-tion.

Almost all daily papers convey the news fromthe New Pension Fund, which announced to cutprovision charged to its members, startingFebruary the 1st, and same announcements arecoming from KB First Pension Company as well.According to Director of New Pension FundKristijan Pavlovski, the provision will suffer 0.5%cut, as much as the cut introduced by MAPAStowards all pension funds.

Papers in their daily editions convey interest-ing and positive news for Macedonian stockbreeders.

-Macedonian stockbreeders have welcomedtheir five minutes. Large competition of diaries notonly increased the purchase price of theunprocessed milk, but forced milk-producers toenter merciless race for attracting more farmers.Stockbreeders are given the opportunity tochoose diary for cooperation for the first time.Skopje diary with Sweden capital, Swedmilk, inthe race to attract farmers from Bitola and milk-producers from region of Pelagonia, guarantees

cash payment for every delivered litter of milk, andnot milk and cheese. The new diary expressedreadiness to invest 2 million euros for improve-ment of farms owned by its cooperators if theybecome serious partners. This company will buylacto freezers and invest in generators in villageswith low voltage.

IK Banka, in accordance to the Law onPayment Operations, has automatically openedtransaction accounts to all clients who previouslyhad at least one service in the bank and theyentered Single Registry of Transactions Accounts.The bank does not charge allowance for this serv-ice. The bank has opened 255.000 transactionaccounts.

Securities market Tuesday recorded totaltrade value of 62.608.262 denars, and realized243 transactions and 1.04% drop of MBI-10Index. Shares owned by construction companyMavrovo Skopje were the most traded with real-ized 6.127.368 denars from 4.027 shares in 30transactions. Average price per share reached1.543 denars. Shares owned by winery Tikvesrecord 5.26% and Teteks 2.72% appreciation onthe official market.

DNEVNIKp.5 NLB NEW PENSION FUND LOWERED THE COMMISSION

FOR ONE PERCENTp.5 FOR UNRELEASED MEDICINE, THE REPLEK PHARMACY

FINED WITH 75.000 DENARSp.8 MBI 29-01-2008p.8 T-MOBILE CONDITIONED THE LOW PRICE WITH EXPENSIVE

SUBSCRIPTIONp.9 SWEDMILK WINS OVER THE BITOLA DAIRYMEN

BIZNISp.2 THE REPLEK PHARMACY IN GTC WITH FINE OF 75.000

DENARSp.2 THE MILK WITH NO RESTRICTIONS WILL TRAVEL TO THE

EUp.3 ELIMINATED ONLY BECAUSE OF THE ADDITIONAL EXPLA-

NATIONS GIVEN IN THE OFFER?p.3 EVEN WITH EARLY RETIREMENT ONE CAN SELECT PEN-

SION ASSOCIATIONp.11 NEW DEADLINE FOR FORMING THE PACKAGE OF SHARES

FOR SALEp.11 NEW 55.000 TRANSACTION ACCOUNTS OPENED FOR

PHYSICAL ENTITIESp.12 MBI 29.01.2008p.12 RZ USLUGI WILL NOT INVEST IN COPPER AND COPPER

ALLOYSp.12 SHARES OF TIKVES WINERY WITH PRICE GROWTHp.12 MBI-10 REDUCED FOR 1.04 PERCENTS

UTRINSKI VESNIKp.8 MBI 29.01.2008p.8 LOWER COMMISSION IN NEW PENSION FUND STARTING

FEBRUARYp.8 EC BANK OPENS ITS CLIENTS TRANSACTION ACCOUNTSp.8 MINIMUM SALARY, CONDITION FOR EUp.9 AGROKOR AND BLEKSTON FAVOURITES FOR MIGROSp.9 TRGOTEKSTIL IS DIVIDING ILLEGALLY, CLAIM SHAREHOLD-

ERSp.9 T-MOBILE REQUESTS REANALYZING THE CHOICE FOR 3G-

TECHNOLOGY

p.9 SWEDMILK TO ATTRACT FARMERS OF BITOLA

VECERp.4 REPLEK FINEDp.6 NATURAL GAS PRICE INCREASES QUICKLY AS LIGHTENINGp.7 THERE WILL BE MILK FOR EXPORTp.7 T-MOBILE PUT OUT OF THE GAME DUE TO BEING TRANS-

PARENTp.7 START OF ERA CITY CONSTRUCTION

VREMEp.6 THE MUNICIPALITIES WHICH WILL NOT PAY FOR ELECTRIC-

ITY - IN DARKp.6 RECONSIDERATION OF THE SELECTION OF VIDEOPHONYp.6 TOPLIFIKACIJA DOES NOT WANT TO BE A MONOPOLYp.7 SWEDMILK IN QUEST FOR MILKp.13 KERVIEL REFUSES TO BECOME A SCAPEGOAT

VESTp.2 NEW PENSION FUND REDUCES COMMISSION FOR 0.5%p.3 FINE OF 75.000 MKD FOR REPLEK BECAUSE OF HIDING OF

MEDICINESp.7 T-MOBILE REQUESTS LICENSE FOR VIDEO TELEPHONYp.7 SWEDMILK IN QUEST FOR MILK IN BITOLA

NOVA MAKEDONIJAp.3 PHARMACY REPLEK FINED WITH 75.000 MKD p.4 THE UNSETTLED DEBT TO BE PAID BY FEBRUARYp.5 THERE IS NO CASE IN EUROPE WITH ONLY ONE 3G TECH-

NOLOGY LICENSEp.5 THE GOVERNMENT LISTENS TO BRUSSELS; ELEM WILL

NOT BE A WHOLESALE SUPPLIER

SPICp.6 T-MOBILE WILL TAKE 3G-TELEPHONY TO COURTp.7 FARMERS SATISFIED FROM THE DAIRY BUSINESSp.8 REPLEK IN CITY SHOPPING CENTER WAS FINEDp.9 EVN WILL LIGHT THE MUNICIPALITIES IF THEY PAY


T-MOBILE claims

WE OFFER 2,5 TIMES CHEAPER SERVICES

You are not going to find any state inEurope in which only one company hasthe 3G license. It is more logical the both

operators which participated on the tender toreceive license for the third mobile generationwhich offers video telephony, is what T-mobile`s- Macedonia management considers, whoseoffer on the tender for 3G license was disquali-fied by the Agency for Electronic Communicati-ons.

The chief executive director, Michael Law-rence announced that the granting of only onelicense will not only damage the citizens, but itwill also have repercussion on the telecommu-nications in Macedonia. Nevertheless, hebelieves that this decision by the Agency forElectronic Communications (AEK) is not goingto directly influence the work of the company

which has over 1, 2 million users at the mo-ment, and which will remain fair and transpa-rent partner in the country, in the future.

Otherwise, last year T-mobile invested ro-und 20 million euros in technology developmentand it plans to invest the same amount this yearin new technologies as well as in new services,such as web & blog, web SMS and push mail.

T-mobile explains that on the tender for 3Gradiofrequency they had an opportune and bet-ter offer. The referral package was clear, preci-se and transparent, without any concealing.Simply, it has no hidden prices, as it is the casewith the other side, like for example it gives achart with calls and their prices, but it does notsay who the calls are intended for. At the sametime, in the part of verbal calls, as well as for thevideo calls, our wholesale and the retail offeredprices are even up 2, 5 to three times lowerthan the ones given by Cosmofon, says Micha-el Lawrence, Chief Executive Director of T-mo-bile, decisively. We would be satisfied if theAgency for Electronic Communications took so-me time off to reconsider its decision, and T-mobile will announce its opinion after the dis-cussions with its shareholders, he explained onthe presentation for comparison of the prices,which they and their opponents have offered onthe tender for using radiofrequencies intendedfor services from the 3G technology.

According to the presented data on thechart, the prices from the referral package offe-red by T-mobile for mobile services intended forthe citizens are 6, 9 denars, whereas Cosmo-fon`s price is 17, 5 denars, the price for the in-ternet is only one denar, opposite 1, 5 denars,price offered by Cosmofon. T-mobile is also un-satisfied with the fact that they have not beenconcretely explained according to what criteriathey have lost to Cosmofon on the tender for3G technology, or more correctly the com-mission of the Agency for Electronic Communi-cations informed them only from technical pointof view that their offer has been rejected, with-out any precise elaboration of the decision,

because of what they ask the Agency forElectronic Communications to reevaluate thedecision for the license granting.

Actually, the additional remarks in T-mobile`s offer, as explained by the director formarketing and regulations, Branko Stanchev,are the base for their qualification. - We did thatafter the official sessions with the Agency forElectronic Communications, during which weasked for certain clarifications regarding the

tender, and we were told that our offer shouldbe as transparent as possible, without any con-cealing, and that everything should be present-ed as clear as possible".

Practically, T-mobile which on this tenderhad offered a single compensation for receivingan approval for using the 3G radiofrequenciesin amount of 10.000.100 euros, whereasCosmofon paid only 10.050.000 euros for thesame service, announced an appeal to theAdministrative Court.

T-mobile`s management asks the Agency for Electronic Communications to reevaluate the decision for grantingthe license, because they offered a clear, precise and transparent package, without any concealment behind it.

Simply, there are not hidden prices in it, as it is the case with the other side.

Agency for electronic Communications

T-MOBILE OFFERED A LOW PRICE, BUTAN OBLIGATORY SUBSCRIPTIONThe offered price of 0, 9 denars per

minute of video or verbal call was condi-tioned by T- mobile with 800 denars ofmonthly subscription for the citizens, nomatter whether they have talked or not,says the Agency for Electronic Commu-nications. They claim that it was one of thereasons the offer by T-mobile was rejectedon the public announcement for the thirdgeneration of mobile telephony. The otherreason was the fact that T-mobile asked theother operators to pay five denars for estab-lishing a call, as well as three million eurosper year (one million for mobile, for landlineand for internet services), no matter if theirsubscribers will spend as much on conver-sations.

COSMOFON claims

OUR OFFER FOR THE 3G TECHNOLOGY IS THE CHEAPEST Cosmofon throws away T-mobile`s contentions that its offer for the 3G technology is non trans-

parent and with hidden costs, as well as that is three times more expensive.The authorities from Cosmofon explain that these findings from their opponent which did not

received the license for the 3G technology are untrue and are not based on facts, which put the pub-lic in misdirection.

We have fulfilled all the conditions assigned with the tender for the 3G technology, we gave thebest offer explicitly and transparently, and at the same time we did not conditioned it with limitationsand additional compensations which were not allowed in the tender, is Cosmofon`s opinion, pub-lished in the media.


GLOBAL REPRESENTATION OF HEDGE FUNDS

FUNDS ALLOCATED IN EASTERNEUROPE AND RUSSIA HAVE

HIGHEST INCOMES

The number of new hedge funds founded inEurope increases rapidly in the past tenyears, although at the moment it is char-

acterized with a slower growth. The newlyformed funds have a better structure and areespecially focused on the risk management,compared to the past. A working group of 14leading hedge funds (HRWG) in London wouldvoluntary introduce stricter standards forrevealing of information and management,especially in the part of risk management andvaluating the complex financial instruments, inorder to increase the trust in the stability of thefinancial industry amongst the investors. Themain direction towards which the Europeanfunds are developing is positive. There is anincreasing allocation of financial means to thedeveloping markets, as well as better consis-tency and stability of the incomes by usingsuperior managerial talent.

Most of the investors, approximately 75%,in the hedge funds come from Europe, whileonly around 20% from the USA. If the eurokeeps its strong position towards the US dollarand the Asian currencies, bigger allocation isexpected by the investors from the Americanand Asian towards the European hedge funds.

A major part of the total number of hedgefunds have their headquarters located in GreatBritain, around 76%, most of which are inLondon (70%). The participation of these fundsIn Germany is the lowest, with around 1% of thetotal number, mainly as a result of the strict reg-ulations.

Regarding the regions in which they wereallocated, the globally invested Europeanhedge funds are dominant (58%) and theirnumber is increasing, while the number ofthose focused in Europe (24%) is declining.However, highest incomes (absolute and riskadjusted) in the past year have the funds, whichare allocated in Eastern Europe and Russia, aswell those in Middle East and Africa.

Regarding the investment strategy, mostEuropean hedge funds are in stocks, around

40% of the total number, similar to the funds inNorth America, but they are lower compared tothose in Asia (56% of hedge funds).

A crucial matter for the hedge funds is theability of the management to evaluate and pre-dict the conditions on the capital market and tochoose the investment strategy of fundsresources. From the abovementioned it couldbe noticed that the management is faced with a

wide range of complex strategies, however inthe past year, taking a short position on the sec-ondary mortgage market has proven to be mostsuccessful for the funds. For these funds, thehigh degree of financial markets instabilityoffers profitable opportunities in the short-termtrading. This was the example of JohnPaulson's Paulson & Co (USA) who made bil-lions of dollars in profits by predicting the futuremarket trends correctly.

In comparison with the Asian and LatinAmerican, the European hedge funds showlower incomes. However, compared to theNorth American, last year they were leveled,and even surpassed by the European, whichwere in a subordinated position in the past nineyears. The interval in which the separateEuropean funds are varying is also tighter, com-pared to the North American. This is an indica-tor that it is easier to choose a wining fund inEurope than in the USA.

According to the analysis of Euro Ekviti Invest Fond, the number of new hedge funds founded in Europe increasesrapidly in the past ten years, although at the moment it is characterized with a slower growth…

Most of the investors, approximately 75%, in the hedge funds come from Europe, while only around 20% comefrom the USA…

A major part of the total number of hedge funds have their headquarters located in Great Britain, around 76%,most of which are in London (70%)…

EUROPEAN HEDGE FUNDS TREND


NOV PENZISKI FOND JSC SKOPJE

SAFE INVESTMENT - SAFE PENSIONARY DAYS

Starting February 1, NLB Nov penziskifond will charge its members with front-end load of 6.9 percents. The commis-

sion, as the General Manager of Nov penziskifond Kristijan Pavlovski points out, will bereduced for one percent, which is a result of theMAPAS commission decrease of 0.5 percents

towards all pension associations. - If we arepositive in our operation and if all economic,political, and systemic assumptions remain thesame, we will continue reducing this commis-sion and I expect by the end of this year to sur-mount all front-end loads, Pavlovski announ-ced.

The Nov penziski fond, summarizing the re-sults of its two-year operation, assesses 2007as a successful year in which their plannedgoals and expectations have been fulfilled.Namely, the membership number has beenincreased for 15,500 new members, and at thetime being the Fund has more than 77 000members.

- Our Fund, or the net-value of the Fund,

has exceeded the number of 1.4 billion denars,i.e. 23.3 million euros. Those are the funds atAssociation`s disposal. Last year for the firsttime we have also achieved positive financialresult in the operation, Pavlovski underlined. -Even though it is a symbolic one, however, thatwas the reason to reexamine our policies vis-?-

vis the commission with whichwe charge our membersbecause the Nov penskiskifond, as part of the reputedNLB Group has alwaysdeclared the profit not to be theonly motive for our investmentin Macedonia, but a determin-ing moment in creation of ourpolicies will always be thesocial aspect as well.

The promoted conserva-tive investment policy of theFund, which principally has atask to provide safety of the in-vestment funds, has resultedwith yield of 7.48 percents,which is definitely improve-ment in comparison to 2006,when the funds` yield amo-unted 5.9 percents. In times ofturbulent movements on thedomestic Stock Exchange,regional and world stockexchanges, of great import-ance for our members is tohave safe investment becausethe realization of a safe profiteventually means safe pen-sionary days, Pavlovskiemphasized.

Last year was also charac-teristic for Nov penziski fond bythe first investment abroad inamount of 200 thousandeuros, which means that the

members of this Fund are now owners of for-eign securities of companies from the sectors:

energy, pharmacy, cosmetics, and banking. TheFund follows the events on the foreignexchanges alertly and at the moment we con-sider the fall of the foreign securities` indexesand values will stop, at that precise moment wewill decide whether to invest or not, Pavlovskisays.

Although this year for the first time themembership gets the opportunity to shift fromone fund to another, we do not expect someconsiderable movements. As Association wehave elaborated a strategy with which we aregoing to motivate our members to stay in ourFund. We hope that with this step of front-endload reduction we will continue making highyields of the Fund by working on a relation withthe membership. The transparency and themutual communication with the membershipare preserved so I do not expect any rationalmoments to happen and make them replaceour Fund with another. The shift procedure,when someone from our Fund would go toanother will not be transparent at the momentwhen the member decides to do that. Thismeans we will know that at the moment whenMAPAS will give the information to us that themember has signed temporary contract and willbe shifted from our Association in the other one.So far we have only heard about members whowant to pass from the other association in our. Icannot say the exact number but there aremore than twenty.

- I expect by the end of this year all front-end loads to be exceeded because at thebeginning they were very high. We are going toshorten this period with this tendency. I expectthose expenses to be exceeded during thisyear and to make effective net yield.

The positive effect of the Fund operation issymbolical. On January 31 it will be final, andunofficially it is now somewhere around 5.9 mil-lion denars. The portfolio structure in 2007 hadaround 55 percents in bonds, 22 percents inbank deposits, and 23 percents in shares.

V.M.

- In times of turbulent movements on the domestic Stock Exchange, regional and world stock exchanges, of great importance for our members is to have safe investment because the realization of a safe profit

eventually means safe pensionary days.

Starting February 1, NLB Novpenziski fond will charge its mem-

bers with front-end load of 6.9 percents, which means

commission reduction of onepercent. Namely, the net-value of

the company is about 23.3 millioneuros, 55 percents of which are

invested in bonds, 22 percents inbank deposits, and 23 percents in

shares.

For the first time in 2007,the members` money isinvested into securities inamount of approximately200,000 euros.

HOW MANY MEMBERS HAVE NOT PAID CONTRIBUTIONS?- According to the data at Fund`s disposal, approximately 15 percents of the members have

inconstant incomes. Around 20 percents of the clients we call non-functional and a smaller percent-age are members that have so-called zero accounts. Unfortunately, we have no information whetherthe people who have zero accounts are working or not. We assume that most probably they havelost their job, or, perhaps, are receiving salary in other way just to be materially stimulated becausethe employer is not regularly paying the obligations. Furthermore, we have appealed both to PDIRMand MAPAS about this and we expect the country to take measures that will stimulate the employ-ers to fulfill their obligations on time and pay employees` contributions. It means that this requiresimplementation of more effective system by the country in order to preserve the rights of the employ-ees.


The Pension Fund, KB First openPension Fund - Skopje, made a deci-sion for reducing the allowance from the

deposited contributions from 7.9 to 6.8 per-cent, starting February 1st this year.

Reducing the commission for 1.1 percentis a result of the 0.5 percent reductionapproved by MAPAS and the 0.6 percentspermitted by KB First open Pension Fund.The main reason for reducing the commis-sion, apart from the interests of its members,as the director generalof this Fund, JadrankaMrshik explains is pro-viding of a competitiveoffer and better condi-tions and safety for theassets of the membersof KB First OpenPension Fund. Actu-ally, this is the groundthe activity of the Fundis based on, wherethey express their gre-at satisfaction from theresults achieved lastyear.

- The assets in2007 increased 149percent and now amo-unt 1.7 billion denarsi.e. 28 million euros.We invested about 95 percent on the financialmarket in the Republic of Macedonia thusbecoming a significant player on this market.In the frames of the legal limits, we investedalmost five percent on foreign markets, andbecame the first Macedonian investors at theforeign stock exchanges. We accomplishedour investment policy in 2007, and with expertanalysis and prognosis of the movementsand opportunities on the financial markets theFund made a profit of 83.5 million denars -director Jadranka Mrshik points out.

In the past year the pension fund KB FirstOpen Pension Fund records increasing of itsmembership. From the total of 34,622 newmembers in the second pension fund, 19,122decided to trust this Fund, which is a 29-per-cent increase compared to 2006, so now KBFirst Pension Fund has 65,746 members andtemporary allocated people, in total. - Ourexpectations this year are that the trend of

increasing the employment in the Republic ofMacedonia would continue, in accordancewith the support of the Government regardingthe new employment projects, and this is thereason why we are planning to have almost100 thousand members by the end of thisyear and assets for managing in amount ofaround three billion denars, i.e. around 48million euros. In 2008 we will continue achiev-ing our goal that is providing security for thefunds of our members and profit in order forthem to have a bigger pension - Mrshik says.

The policy of investing assets of KB FirsPension Company, according to the explana-tion of Janko Trenkovski, second directorgeneral, is based on the modern portfolio the-ory, on the grounds of which decisions arebeing made. In these turbulent conditions onthe markets we put the risk as number onefactor, which we evaluate and which has thegreatest influence over us when reachinginvestment decisions. The Fund, which man-ages KB First Pension Company, completedthe year with 27.7 million euros in assets. Thetotal profit of the Fund in 2007 is 1.4 millioneuros. From the domestic investments,Trenkovski says, we in accordance with theLaw and our possibilities invested around 84percent in state bonds, about 16 percent inbank deposits and shares of 13 domestic jointstock companies, with a 15-percent participa-tion in the total assets. We invested theremaining five percents, which is the legal

limit, abroad. That means that we are pioneers and

leaders on the Macedonian market in the fieldof investing and diversification on the foreignmarkets and we could gladly say that regard-ing the risk, the portfolio of KB first PensionCompany and the Fund is rather conservativeand with this kind of policy we are makinggood profit, i.e. good incomes.

Indirectly, over 85 thousand citizens ofMacedonia are present on the world sock

exchanges, and couldsay that in some waythey own shares in thewell-established worldcompanies like Gene-ral Electric Co, Procter& Gamble Co, OracleCorporation, Bank ofAmerica Corporation,Cisco Systems Inc, 3MCo, Genentech Inc,Dell Inc, all from theUSA; BMW from Ger-many, Total SA, allfrom France; BHP Billi-ton PLC from GreatBritain; Uncredito Itali-ano SpA from Italy andthe Investment Fund(ETF) iShares MSCIJapan Index Fund, onthe New York Stock

Exchange. Regarding the fact that the company

started making positive financial results, andit is expected this year as well, from the pen-sion funds KB First Open Pension Fund theypredict to cover their initial losses made in2005 no earlier than 2009. If there is a possi-bility, in case if the working expenses werereduced, in the interest of the members, adecision would be made for further reductionof the commission.

In this pension fund they are makingpreparations for introduction of the third pillar,i.e. voluntary pension insurance. - We aregoing to be involved, and will make a decisionfor establishing a Voluntary Pension FundsManagement Company - Marushik explains.Considering the fact that we are specializedin managing pension funds` assets, it is logi-cal that we are going to be involved andmange voluntary pension funds.

KB - FIRST PENSION COMPANY JSC SKOPJE

FIRST MACEDONIAN INVESTOR ONFOREIGN STOCK EXCHANGES

The Fund that is managing KB First Pension Company completed the year with 27.7 million euros in assets. The total profit of the Fund in 2007 is 1.4million euros. They invested around 84 percent in state bonds, about 16 percent in bank deposits and shares of 13 domestic joint stock companies, witha 15-percent participation in the total assets. They invested the remaining five percents, which is the legal limit, abroad. This means that over 85 thou-

sand citizens of Macedonia are indirectly present on the world sock exchanges, and could say that in some way they own shares in the well-establishedworld companies like General Electric Co, Procter & Gamble Oracle, Cisco Systems, BMW, Total, Carrefour etc…

We are pioneers on the market in Macedonia regardinginvesting and diversification on the foreign markets.


STOCK EXCHANGE NEWS… STOCK EXCHANGE NEWS…

After reaching an agreement for setting up a consortium with the Turboinstitut fromSlovenia, Feroinvest DOO Veles and Toplifikacija AD Skopje, GD Granit AD bided on thetender for construction of small hydro electric power plants and other additional facilities inthe Republic of Macedonia.

The Government of the Republic of Macedonia has chosen this consortium as the bestbidder for construction and concession of 15 small hydro electric power plants. For this pur-pose, GD Granit had brought a decision for forming a new joint interest and partnershipcompany - MALI HIDROELEKTRANI DOO SKOPJE, or MHE DOO Skopje in short, inwhich it is going to invest 20% of the initial capital. The company has the sole function ofmaking a contract for construction of these hydro electric power plants and concession forusing water for electric power production. The tender documentation obliges the construc-tion of the hydro electric power plants to be completed no later than three years, and pro-vides 20 year concession.

STOPANSKA BANKA BITOLA

DEADLINE FOR FORMING PACKAGEOF SHARES FOR SALE EXTENDED

For the purpose of gathering offers forpurchasing the majority package ofshares by interested foreign strategicinvestors-foreign banks, StopanskaBanka AD Bitola extends the Contract`sdeadline of 31.01.2008 until 30.06.2008,due to continuation of the ongoing activi-ties.

All interested shareholders ofStopanska Banka AD Bitola that want ad-ditional information about the Contractcan contact on the telephone numbers:047 207 515; 207 556 and 207549;

OHRIDSKA BANKA AD OHRID

NEW SUPERVISION BOARD AND AUDIT BOARD MEMBERS

Last week Ohridska Banka AD Ohrid held the 18th session of its Shareholders`Assembly for the purpose of their harmonization with the Banking Law.

The Assembly proposed and adopted the changes in the Bank`s Status and electednew Supervision Board and Audit Board members.

Newly appointed Bank`s Supervision Board members are:Jean Didier Reigner, Head of Europe for Societe Generale`s international retail bank-

ing division, Perrin Marie Gilbert, Deputy Manager for Marketing and Sale Promotion inSociete Generale`s international retail banking division, Philippe Guidez, President of theExecutive Board of Societe Generale Serbia-Belgrade, all as shareholders.

Newly elected independent members of this organ: Ratko Chadikovski, President ofthe Supervision Board of Tikves Kavadarci vinery, and Koco Macan, President of theSupervision Board of Tehnometal Vardar AD Skopje.

Newly elected members of the Bank`s Audit Board are the abovementionedSupervision Board members from the shareholders and two independent members: PhD.Vanco Uzunov from the law school at the University Ss. Cyril and Methodius Skopje, andRudi Lazarevski, business advice partner in RSB Konsalting -Makedonija, as competentaudit.

The members of the Supervision Board and the Audit Board have four year tenure.

ADG MAVROVO HAS NO SHARES INMAVROVOINZENERING

The Management Board of ADGMavrovo, as a legitimate management or-gan, which was also confirmed with thereport from the Central Register of theRepublic of Macedonia through the pricesensitive information delivered on the Ma-cedonian Stock Exchange on 28 January2008, would like to inform the public thatthe company is not a partner of Mavrovo-inzenering .

Mavrovo building company, on29.12.2007 ceased being a partner i.e. itdoes not own shares in Mavrovo-inzenering DOO Skopje. Namely, the sha-res of the joint stock company MavrovoSkopje in the trading company Mav-rovoinzenering DOO Skopje were confis-cated by the bailiff Antonco Kostanov onMarch 14 2007 due to unsettled collectionof debt towards the creditor, BIM SvetiNikole, factory for bitumen insulationmaterials, after the performed correction:Verdict of Primary Court Skopje 1-Skopje,the shares were sold to the company`spartner, which is in compliance with theLaw on Execution of Sanctions.

TOPLIFIKACIJA IN MHE TOOThe Management Committee of the

company for production and distribution ofthermal energy, Toplifikacija AD Skopje, onits 22nd held on 23.01.2008, reached adecision for forming limited liability compa-ny, MALI HIDRO ELEKTRANI DOO SKOP-JE, Republic of Macedonia. ToplifikacijaAD Skopje participates with 20 percent ofthe initial capital in the new company.

Toplifikacija AD Skopje will completethe process of new company formationtogether with its business partners:

-Turboinstitut-Slovenia-Feroinvest DOO Veles-RM-Granit Skopje, RM.

PUBLIC REPRIMAND FOR RZ INTER-TRANSPED AD SKOPJE

Macedonian Stock Exchange Board ofdirectors on its session held on 25 Januarythis year reached a decision for passingpublic reprimand for the listed company RZInter-Transped. The order was passes dueto this company`s violation of the provi-sions from paragraph 6.09 subparagraph5 from the Listing Regulations, which oblig-es the listed companies to announce apublic call for holding shareholder`s meet-ing.

The public call for shareholder`s meet-ing is one of the basic obligations that co-me from companies` listing on the OfficialMarket and the Stock Exchange and thesame to affect the investors` decisions andthe shares of the company on the stockexchange market.

RZ USLUGI HAS NO PLANS FOR COP-PER PRODUCTION

The information placed by certainmedia that in 2008 RZ Uslugi AD Skopjewill invest into production of copper andcopper alloy for the purpose of increasingits profit for 23.4 percent is simply nottrue, the company says.

With this announcement we wouldlike to inform the shareholders that RZUslugi AD Skopje has no plans in invest-ing in this sector and that the article inKapital is a rough mistake and disinforma-tion.

MHE- JOINT INTEREST AND PARTNERSHIP COMPANY

AD GRANIT-PARTICIPATES IN NEW COMPANY FORMATION



1. FORMER DEPUTY MINISTER SUSPECTED FOR ROBBERY OF CENTRO (****)2. COUNTERFEIT CHECKS AMERICAN EXPRESS IN MACEDONIAN BANKS (**)

31.01.2008 THURSDAY

DNEVNIKp.2 FORMER DEPUTY MINISTER SUSPECTED FOR ROBBERY

OF CENTROp.5 KB PRVO PENZISKO DRUSTVO ALSO REDUCES ALLOWAN-

CESp.6 MBI 30-01-2008p.7 FREE OPENING MESSAGE FOR THE VOICE MAIL

BIZNISp.3 COMMISSION REDUCED TO 6, 8 %p.3 309 BASE STATIONS OF MOBILE OPERATORS FACING FAIL-

URE?p.3 NEXCOM PLACES TWO WIMAX BASE STATIONSp.12 MBI 30.01.2008p.12 BUY-BACK AND NON-TRADING TRANSFERS OF SHARESp.12 TRADED-393 ORDINARY SHARES OF PELABESKO SKOPJEp.12 SHARES OF KOMERCIJALNA BANKA - MOST TRADEDp.12 MBI-10 UP FOR 19, 12 INDEX POINTSp.13 DATA FOR THE MACEDONIAN STOCK EXCHANGE INDEXp.13 DATA FOR THE COMPANIES LISTED AT THE MBI-10 INDEXp.13 THE TEN MOST LIQUID LISTED COMPANIESp.15 UNITY IN TIME OF UNSTABLE MARKETSp.18 THE TOBBACO FACTORY DAMAGED FOR 28 MILLION-

DENARSUTRINSKI VESNIK

p.8 COSMOFON ASSERTS ITS 3G OFFER TO BE THE BESTp.8 FOREIGN SHAREHOLDERS AS MEMBERS OF KB PRVO

PENZISKO DRUSTVOp.8 IS THE INFLATION WAVE GOING TO STRIKE THE INTEREST

RATES?p.8 STOPANSKA BANKA - BITOLA DELAYS THE SALE`S TERM

AGAINp.9 MBI 30.01.2008p.9 SOCIETE GENERAL COULD EASILY BECOME A CATCH FOR

THE MAJOR BANKS

p.9 THE LEADING FOUR EUROPEAN COUNTRIES TOGETHERAGAINST THE ECONOMIC RISKS

p.10 NEW CHARGES AGAINST FORMER DIRECTOR OF TUTUNS-KI KOMBINAT

p.10 COUNTERFEIT CHECKS AMERICAN EXPRESS IN MACE-DONIAN BANKS

p.10 FORMER MINISTER OF JUSTICE AND CENTRO LIQUIDATOR- APPREHENDED

VECERp.1 FORMER DEPUTY MINISTER OF JUSTICE - APPREHENDEDp.2 FORMER DEPUTY MINISTER OF JUSTICE - APPREHENDEDp.6 STOPANSKA EXTENDS SALE DEADLINEp.7 THE REGION HOLDS TOGETHER WELL, DESPITE THE

CRISES ON THE WORLD MARKETSp.7 THE COMMISSION DEPRECIATED FOR 0, 6%p.11 BOGDAN WRITES OFF DEBT OF PRINTING HOUSE 11 OK-

TOMVRIVREME

p.4 FORMER DEPUTY MINISTER OF JUSTICE ARRESTEDp.6 PENSION FUNDS REDUCE COMMISSION

VESTp.2 KB PRVO PENZISKO DRUSTVO REDUCES COMMISSIONp.11 THE BROKER FROM SOCIETE GENERAL INVOLVES HIS

CHIEFS AS WELLNOVA MAKEDONIJA

p.9 KB PENSION ASSOCIATION REDUCES COMMISSIONp.9 FREE T-MOBILE VOICEMAILp.9 MBI-10 IN CORRECTION OF ONE PERCENT, TURNOVER OF

37 MILLION DENARS ON THE STOCK EXCHANGESPIC

p.6 ARRESTED FORMER DEPUTY-MINISTER STOJANCIKp.7 STATE BUSINESS-CREDITS FOR UNEMPLOYEDp.8 ACCEPTED THE RESIGNATION OF THE HEAD OF TELEKOMp.8 FREE T-MOBILE VOICEMAIL

The European Bank for Reconstruction andDevelopment (EBRD) expects the countries fromEastern Europe and the Former Soviet Union toachieve good results despite the recent turbu-lences on the global financial markets, whichwould certainly influence the region - Vecher con-veys.

- The region is in good state, however it isgoing to be subjected to influences from the glob-al financial markets. As a result, this year EBRD isexpecting smaller growth in the region for about0.5 percentage points. In its last transition reportpublished in November last year, EBRD predictedthat in 2008 the average growth in the 29 coun-tries in which EBRD operates (Central andEastern Europe, Russia, Ukraine, the countriesfrom the Caucasus region, Central Asia andMongolia) would amount 6.1 percent compared tothe 7 percent growth in 2007. Now they areexpecting this figure to be about 5.5 percent.

Today's newspapers convey the news aboutthe meeting of the leaders of the four leadingcountries in the European Union - Great Britain,Germany, France and Italy. They call on a moreactive economic cooperation and demonstratedunity in conditions of unstable global markets. AsBBC informed, they advised the banks and theother financial institutions to improve the trans-parency in all of their activities…

You can read more about the MacedonianStock Exchange in Biznis. According to the pre-sented analysis on the Official Market, yesterdaymost traded were the shares of Komercijalna

Banka, while the shares of Mavrovo recorded 9.2percent appreciation. The bonds of Pro CreditBank were most traded on the Regular Market. Atotal amount of 387 bonds was traded, while theywere purchased at 101.20 percent, and thenmade a trading value of 22,952,160,00 denars.The shares of Ohim Ges with 10 percent achievedthe biggest price change on this market.

In a block transaction, yesterday on theRegular Market - free market, an amount of 393regular shares of the company Pekabesko AD -Skopje was traded. This represents 1,21 percentof the company's principal. The value of the trans-action amounts 7,860,000 denars. StopanskaBanka-Bitola on the other hand prolonged thesale deadline. This bank yesterday informed theStock Exchange that it extends the agreementdeadline for forming share-package for sale, dueto inviting offers of interested foreign banks, byJune 30th this year.

Almost all yesterday's newspapers conveythey news of KB First Pension Company regard-ing the reduction of the allowance of the deposit-ed members' contributions from 7.9 to 6.8 percentstarting February.

- We are now having 85.746 members, andexpect about 100 thousand policyholders by theend the year. This company has increased itsassets for 149 percent in relation with 2006 andnow amount 28 million euros - the director of KBFirst Pension Company, Jadranka Mrsic, told yes-terday's press conference. The members of KBFirst Pension Company are shareholders in

General Electric, Procter and Gamble, CiscoSystems, the German BMW and other eminentworld companies in the field of information tech-nology, trade, civil engineering, and pharmacy.This kind of shareholding is a result of the fact thatlast year KB First Pension Company invested fivepercent of its members' money in these compa-nies. The other 95 percent of the assets wereinvested on the domestic market.

Utrinski Vesnik with scandalous news. Foralmost half a year there is inflow of counterfeitchecks "American Express" in some Macedonianbanks. It is a matter of a well-worked canal for dis-tribution of counterfeit travellers' checks with anamount of 500 American dollars. Experts say it isa matter of a Balkans canal that works perfectly,allegedly, with a permission of some clerks in theMacedonian Ministry of Interior. The U.S.Embassy in Macedonia has been recentlyinformed about the counterfeited checks.

Amongst today's news on the subject embez-zlement is the one regarding the arresting of theformer Deputy Minister of Justice ZoranStojanchik, who is suspected of illegally obtaining33.5 million denars while being the liquidator ofCentro. Three judges were also accused in thesame case. The police from Prilep also filed newcriminal charges against the ex-director of theTobacco Industrial Complex in Prilep, DimitarBogdan for the abuse of duty and authorization,and the former director of the printing house 11Oktomvri, Sasho Zafiroski, was suspected of incit-ing criminal acts…




1. PETAR GOSEV WAS ACTING LEGALLY IN THE CASE MAKEDONSKA BANKA (****)2. ESTABLISHED COMPANY FOR CONSTRUCTION OF 15 HYDRO PLANTS (***)DNEVNIK

p.3 GOSEV WORKED LEGALLY BUT HIS PROPERTY IS UNDERINVESTIGATION

p.5 THE SMELTER DISLOCATES FROM VELES p.10 MBI 31.01.2008p.10 SDSM DENIES THE RESPONSIBILITY FOR THE PROBLEMS IN

REK BITOLAp.10 ELEM AND ESM-EVN WITHOUT A MEDIATORp.11 SEMOS TO TAKE LEGAL ACTION AGAINST MEMBERS OF THE

TENDER COMMISSIONp.11 EU TO INTRODUCE DUTY FOR THE EXPORT OF SILMAK

BIZNISp.1 GOVERNOR WARNS ASSEMBLY CHAIRMANp.1 JEROME KERVIEL - THE CHE GUEVARA OF FINANCEp.2 FOREIGN CURRENCY RISK MANAGEMENT-MANDATORY FOR

BANKSp.2 GOVERNMENT TO RESPECT VELES CITIZENS` WISHESp.4 GJORGJI POPOV WINS MINI COOPERp.5 GOVERNOR WARNS ASSEMBLY CHAIRMAN

p.5 SITE IN GEVGELIJA AREA IS CLEAN p.5 THE WRITTEN OFF 139 MILLION EUROS ARE NOT DURING

JAKA 80p.5 THE GOVERNOR WILL ANSWER TO THE PARLIAMENTp.7 THE MOBILE PHONES DID NOT INFLUENCE THE AGREE-

MENT BETWEEN T-MOBILE AND THE ASSEMBLYp.12 MBI-10 AND MBID WITH AN INCREASE p.12 MOST TRADED THE SHARES OF STOPANSKA BANKA BITOLAp.12 GD GRANIT WITH EQUITY TO PARTAKE IN MALI HIDRO ELEK-

TRANI p.12 MBI 31-01-2008p.13 THE REGION TO BE AFFECTED BY THE GLOBAL FINANCIAL

MARKETSp.13 INVESTBANKA WITH SIX NEW SUBSIDIARIES p.18 STOJANCIK EMBEZZLES 10 MILLION EUROSp.21 JEROME KERVIEL - THE CHE GUEVARA OF FINANCE

UTRINSKI VESNIKp.1 PUBLIC REVENUE OFFICE TO INVESTIGATE GOSEV`S PROP-

ERTY AND ASSETS p.4 PUBLIC REVENUE OFFICE TO INVESTIGATE GOSEV`S PROP-

ERTY AND ASSETS p.6 VELES SMELTER LOCATION - RESIDENTIAL AND SMALL

BUSINESSES ZONE p.8 STARTING FROM TODAY, THE STEEL TO BE EXPORTED

WITHOUT LICENSES p.8 BULGARIANS ANNOUNCED BID TO PURCHASE SILEKS

BANKAp.8 ESTABLISHED COMPANY FOR CONSTRUCTION OF 15

HYDRO PLANTS p.9 JAKA DID NOT WRITE OFF DEBTS WHEN IT OWNED MAKE-

DONSKA BANKAp.9 GJORGJI POPOV FROM SKOPJE WINS MINI AUTOMOBILE

VECERp.2 PETAR GOSEV WAS ACTING LEGALLY IN THE CASE MAKE-

DONSKA BANKAp.6 GJORGJI POPOV WILL DRIVE MINI COOPER p.6 THE VOICEMAIL IS FREE-OF-CHARGE p.6 A DONATION FOR THE LORD`S HOLLY TRANSFIGURATION

MONASTERYp.6 MHE WILL BUILD 15 HYDRO POWER PLANTS p.10 30-DAY CUSTODY FOR THE LIQUIDATOR OF CENTRO

VREMEp.3 GOSHEV CLEAN ABOUT THE LOANS, THE LAND IS INVESTI-

GATED BY MOIp.3 REPRESENTATIVES OF MAKEDONSKA BANKA REACT TO

GOSHEV`S ACCUSATIONSVEST

p.1 THE PHONE WILL RISE IN VALUEp.3 THE PHONE WILL RISE IN VALUE

NOVA MAKEDONIJAP.8 EVN TO GIVE CONSENT TO THE DETAILED URBAN PLANNING

(DUP)?!SPIC

p.6 ANTICORRUPTION COMMISSION SAID THAT GOSEV HASCLEAN HANDS

The headline in the today`s newspapers isthe decision of the Anti-corruption Commissionrelated to the case of Petar Gosev. Upon the deci-sion, the Governor Petar Gosev was acting legal-ly during the liquidation of Makedonska Banka,reported Vecer. After the series of examinationsand checking of the documents, the officials in theAnti-Corruption commission concluded that thedecision for liquidation of Makedonska Banka wasadopted on the basis of the provisions within theLaw on Banks. Utrinski Vesnik also wrote that thedecision for liquidation of the bank was passedunder the Law on Banks and that all the undertak-en measures are in accordance with the legalauthorizations which enable the Governor theright to bring decisions concerning this matter.

The credit write-off and the suspicious trans-actions occurred even before Jaka 80 became astockholder in Makedonska Banka. This was stat-ed by the Initiative Board for salvation of the bank.According to the Director of Makedonska Banka,Stefan Mickovski, apart from the credit write-offreceived by the 3M company in 2005, other debtswere also written-off such as the debts of BujotoMobil Arte and Dai tech.

Vecer announced the news about the newlyestablished company Small Hydro Power Plantsformed by the Skopje`s Granit, the SlovenianTurboinstitute, Feroinvest from Veles and theSkopje`s Toplifikacija. These four companies injoint consortium participated and won the tender

for construction of 15 small hydro power plants inthe country. The function of this company is toconclude an agreement for construction of thesehydro power plants and to acquire concession touse water in the production of electricity. The con-struction of these hydro power plants, in accor-dance with the Tender Commission, is projectedto end in three years, while the concession is eli-gible for a period of 20 years.

The smeltery to be displaced, and the loca-tion to be rearranged in a residential zone and asmall-scale industry area. This was the point ofthe decision adopted by majority votes of thecounselors in the Municipality of Veles supportingthe initiative of the Green Coalition for amendingand supplementing to the General Urban Plan inthe area where the smeltery is placed.

The liberalization of steel export is elaboratedin details in Utrinski Vesnik. To our greatest exporttrump this would mean the abolishment of thedouble control for export of steel and steel prod-ucts. In other words, this would mean that thelicenses which were granted to the companies bythe Ministry of Economy, and were necessary forthe realization of export, starting from today theiracquisition will not be needed anymore.

The decision for abolishment of the doublecontrol for export of steel was adopted by theJoint Council for Stabilization and Associationbetween the European Union and Macedonia,which furthermore represents abolishment of the

measure that was introduced by EU as a preven-tive mechanism agreed in the time of concludingthe Stabilization and Association Agreement withEU ten years ago.

EU sends another advice, to increase theprices of the phone services. Vest revealed that tillApril this year the prices of the local phone callswill appreciate, whilst the international will depre-ciate, as part of the process of regulation of retailprices. In their opinion, the price rebalance is rec-ommended by the European Union, whose com-petent Commissions estimate that one denar perone minute phone call duration in Macedonia istoo low in relation to the European average.

Gjorgji Popov from Skopje won the automo-bile MINI which was awarded by the mobile oper-ator VIP in the prize-giving game - Win me. Theprize trip to the Dominican Republic for two peo-ple was won by Argon Selimi from Struga, whileAtanas Donevski from Kocani will speak one yearfree-of-charge through the VIP network.

UNI Bank in humanitarian mission, it willdonate 130,000 denars for completion of the con-struction of the "Lord`s Holly Transfiguration"Monastery in Krusevo, which was started by ourpassed away megastar Tose Proeski. The man-agement board of the bank decided to donate100,000 denars for completion of the constructionof the Monastery, while 30,000 denars wereraised by the employees…


01.02.2008 FRIDAY

1. CONSTRUCTION OF ERA CITY IN SKOPJE STARTS (*****)2. AGROCOR BEGINS WITH AN INVESTMENT OF 40 MILLION EUROS (****)




DNEVNIKp.9 MBI 01.02.2008p.11 THE ITALIAN COMPANY ANNOUNCED INVESTMENT OF 60

MILLION EUROS p.11 AGROCOR BEGINS WITH AN INVESTMENT OF 40 MILLION

EUROSp.17 SKOPJE WILL HAVE THE BIGGEST COMMERCIAL AND BUSI-

NESS CENTER IN THE REGIONUTRINSKI VESNIK

p.9 MBI 01.02.2008 p.9 TWO DOMESTIC COMPANIES TO PERFORM REPAIRS IN MRp.9 CONSTRUCTION OF ERA CITY IN SKOPJE STARTS p.10 MICROSOFT OFFERS 44.6 BILLION DOLLARS FOR YAHOO p.10 THE ITALIAN CONCORDIA WANTS TO INVEST IN MACEDO-

NIAp.10 CROATIAN AGROKOR INVESTS 40 MILLION EUROS IN

MACEDONIAVECER

p.5 WE GUARANTEE FOR THE MONEY AND SHARES OF OURCLIENTS

p.8 AGROKOR TO INVEST 40 MILLION EUROSp.8 THE ERA CITY TO MARK OUT THE ROAD TO EU

p.8 CONCORDIA DRUP TO INVEST 60 MILLION EUROSp.11 CRIMINAL CHARGES AGAINST DIRECTORS OF COOKING

OIL FACTORYVREME

p.6 A CITY TO BE BUILT IN FRONT OF SKOPJE`S FAIRp.6 AGROKOR ENTERS MACEDONIA

VESTp.9 THE SLOVENIANS STARTED BUILDING ERA CITYp.10 AGROKOR TO BUILD PURCHASE CENTRES IN STRUMICA

AND ROSOMAN p.13 MICROSOFT ANNOUNCED AN OFFER FOR BUYING THE

INTERNET BROWSER YAHOONOVA MAKEDONIJA

p.4 AGROKOR TO BUILD TWO PURCHASE CENTRESp.5 CORNERSTONE OF ERA CITY SKOPJE SETp.5 DIRECTOR OF SOCIETE GENERALE TO REMAIN ON HIS

POSITION SPIC

p.3 MICROSOFT OFFERS BILLIONS FOR YAHOO p.4 ERA CITY IN SKOPJEp.4 CROATIAN AGROKOR COMES WITH 40 MILLION EUROS

Yesterday the focus of all Macedonian mediawas occupied with laying the cornerstone of ERACity Skopje at Skopje's Fair, which should be thebiggest and most modern business, shopping andentertainment centre in the region. This is a priori-tised project of ERA Group, in which it will investaround 150 million euros in the next five years,and the entire investment is expected to openaround 800 new vacancies.

The construction of the structure's corner-stone was symbolically began by Prime MinisterNikola Gruevski, Slovenian Minister of ForeignAffairs Dimitrij Rupel, and the president of theManagement Board of Skopje's Fair and the pres-ident of the management of ERA Group, GvidoOmladik.

In the multi-purpose complex, ERA is going tobuild the biggest shopping centre in the region,which would include an underground parking lot,ground floor and one upper floor, with a total areaof 85,000 square meters.

Despite the beginning of the construction ofERA City in Macedonia, the construction of twocentres for purchase of agricultural products inStrumica and Rosoman was also announced.Saturday's editions of the daily newspapers alsoinform that the Croatian company Agrokor is goingto invest 40 million euros in Macedonia for theconstruction of two centres for purchase of agri-cultural products. The building of the first pur-chase centre should begin in May this year, andthe purchasing of the fruit and vegetables would

start in March next year, when the construction ofthe facility should be finished. According to PrimeMinster Nikola Gruevski, the centres are expectedto reach a purchase of 100,000 tons of agricultur-al products from the region of Strumica annually,in a period of five years, which is almost a half ofthe total production of this region.

The Italian corporation CPL Concordia Gro-up, with a main office in Modena, announces in-vestments in the energy sector from 50 to 60 milli-on euros.

Yesterday representatives of this companywere supposed present their business activitiesbefore the Government and the experts in the fieldof energy, but also expect to be precisely intro-duced with the business climate in our countryand to find partners for cooperation. ConcordiaGroup is interested in gasification of the munici-palities, construction of factories for recycling ofcity garbage, and its transformation into usefulgarbage, as well as in the construction of wind-mills with a capacity of one to three megawatts.

Bernard Koening, first general manager ofOhridska Banka in his interview for Vecher claimsthat there will not be any consequences for thebank in Macedonia from the scam in SocieteGenerale. According to him, everything is in itsusual order. There will not be any consequencesbecause Ohridska Banka is completely separatedwith a dominant shares ownership of SocieteGenerale with 58 percent. - We are working sameas before and we are going to continue develop-

ing according to the plan, and maybe even furtherthan that. The second reason is that despite thegreat scam, thanks to the complete financialpower and the diversificated business strategy,Societe in 2007 made a profit from 0.6 to 0.8 bil-lion euros. Societe decided to increase the capitalfor additional five billion euros, guaranteed by twoinvestment banks. In the interview, Koening saysthat the central management of Societe Generaleshould remain in position until the situation stabi-lizes, he also says that the broker worked in amanner never practiced by the bank, and that inthe 104-year history the bank has never left aclient without his deposit, even in a state of war orcrisis.

The general repairs of PE MacedonianRailways (MZ) would be conducted by two do-mestic companies. This is the official explanationof the enterprise, which follows as an answer tothe anonymous accusation that Macedonian Rail-ways allegedly chose two companies for procur-ing materials and maintaining of the railway infra-structure without a tender. As it stands in theaccusations, the public enterprise plans to payover one million euros to the domestic companyRemont for maintaining transformer stations, gen-eral repairs and installation of optical fibre cables.From MZ they inform that the two companiesRemont and Kolska were established by the stateand are the only companies in Macedonia thatcould work on maintaining and repairing the rail-way.

02.02.2008 SATURDAY


1. SHORT REVIEW IN THE WEEKLY MAGAZINES

28.01. -02.02.2008 MONDAY-SATURDAY

GLOBUS"Invest in Macedonia" is issued by the Ministry of Economy and

will be under Prime Minister`s control P. 36 AGENCY FOR INVESTMENTS - GOVERNMENT`S

ATTACHMENTDIRECTION The dirigible called Investment in Macedonia will be

brought before the Assembly, demanding only a formal exclusivity for the for-eign investment hunters

The team of the Prime Minister Gruevski enters into its third cal-endar year of power. Nominally, it is, however, only 18 months, within theperiod of August 2006 - January 2008, and at which duration most frequent-ly used words have been - foreign investments.

What is the aim of the newest modification of the Law on Agencyfor Foreign Investments?

"IN PLEDGE" According to the Government, the purpose ofadopting this act is achievement of financial independence and institutionalstrengthening of the Agency - the name, Management Board structure, theway of assigning a director, the direction of account are going to bechanged…

WAY OUT There is no doubt that in the public cannot be felt anyother atmosphere for a different treatment of the foreign investments problembut the one - let`s see whether some well-heeled person will support us in thenext round. Hence, the possible political-legal bearers of the case will not co-me across any other redirection. The public sees the way out only in the sooften mentioned Greenfield Investments and "addicted" to that optimism iswaiting for its reward - for himself/herself, for the children, for the grandchild-ren.

It is true that in many developing countries, especially those intransition, there are many examples where precisely such agencies havegiven good results. One of the examples is the Czech Republic, where in thisway, through Greenfield Investments in amount of eight billion euros havebeen opened over 70 thousand working positions "straggling" in GreenfieldInvestments of 2,000 "conquered" hectares. However, the professor MetodijaNestorovski from the Faculty of Economics in Skopje says that "the moreactive approach is better, but insufficient". This is also indicated by numerousdiscussions and written materials, and such is the position of the last-weekpanel discussion, organized by the President of the country Branko Crven-kovski, where was said that one dissatisfied investor who leaves Macedonia,out of any reason, is worse promotion for Macedonia than the good imagebrought by all big money in the ads of the foreign newspapers. In that con-text, just to mention that with "unfinished business" left Siemens, the DutchING, the giant Hilton… and took with them "the negative of the movieMacedonia", which could not be easily covered even be hundreds of positivecriticisms about such "movies".

- It is not so important for the foreign investor whether there willbe plus or minus five percents of the planed profit, compared to whether wewill have effective judiciary, whether his ownership is guaranteed, and howeasily it could be protected, believes the professor at the Faculty of Law,Vanco Uzunov, in the interview he gave for Radio Free Europe these days.Ilijancho Gagovski of the Microsoft Affiliate speaks, also, about the fear ofcourts of the foreigners, while the former director of ASI, Viktor Delov, saysthat that fear should be glued next to the fear of crisis that is known forMacedonia as part for the region.

FORUMp.30 MACEDONIA IN GOLDEN STRAIT - JACKET

The last Thursday, on 24th January, Ohridska Banka held ashareholders meeting, among the other things, with purpose of electing newmembers of the managing bodies. Of course, main impression left the pres-ence of high functionaries of Societe General from Paris, from recently themain shareholder of the company, who came on working visit in Ohrid.

p.33 UNBELIEVABLE INCREASE OF MAVROVO FOR 48.08 PER-CENTS

The awakening of the Stock Exchange, as Forum announced,happened. The situation is also confirmed by the positive stock exchangeparameters. Judging only by the made turnover, which last week was dupli-cated compared to the previous one, there is no room for negative preju-dices. The made purchase deals compared on week basis produce a posi-tive change of 59.90 percents.KAPITAL

p.9 GOVERNMENT ESTABLISHES COMPANY NAFTOVOD DOOELNaftovod DOOEL is the new company, which the Government has

finally established in order to enter into the management with the oil pipelineThessalonica - Skopje. Even though this right has been arranged with thesale of OKTA in 1999, the company was established now (in the middle ofJanuary).

p.10 BINGO FOR THE STATEThe national lottery of Macedonia is the new company formed by

the Government, and which will organize games of chance, such as bingoand lotto. The company is registered as a shareholders company, hundredpercents property of the state, and the members of the Supervisory Boardhave been appointed last year. The Government does not say when the newcompany will start working.

p.10 COSMOFON RECEIVED APPROVAL FOR 3Gp.32 NIKOLIC, KOSOVO AND CRISIS IN USA DESTROY STOCK

MARKETS! After last week abrupt decline of Macedonian and other stock

markets in the region, domestic investors are more and more concerned fortheir portfolios. You can see fewer smileys faces like in time of last year stockmarket "boom" in circles of stock market investors and analysts in Skopje.

p.34 CONSTRUCTION COMPANY MAVROVOWhat happened with the share of the construction company

Mavrovo last week is far from the healthy logic having in mind the momen-tary situation in the company. While is waited on the court outcome of thescandal regarding the non-announcement of the price sensitive information,and seeing that until recently the share was suspended of trading, last weeksuddenly we see a major increase of almost 50%, and trade of almost 50 mil-lion denars (highest on the Stock Exchange) for 30.000 shares, which is 14,2 of the basic assets.

p.34 KOMERCIJALNA BANKALast week, this share was traded for 31, 9 million denars, which is

an increase for 86% compared to the previous week. Slowly, but certainly the"the form of this share is strengthened out", at least what refers to the amountof the traded shares, which cannot be said about its average price.

p.34 FMG FUNDS ENTERS MACEDONIAFMG Funds, the world-leading group for private investment funds man-

agement, accesses the Macedonian capital market through the domestic pri-vate fund management company, Mak Assets Management, Kapital discov-ers

p.34 ALKALOIDShares owned by "Alkaloid" was among the four most traded in the last

week again, this time with 28.6 million denars turnover, which is 3.3 timesmore than two weeks ago, when this share was one of the least traded inseveral past months.

p.35 GRANITShares owned by "Granit" are among the most traded after two

weeks of break. Last week turnover reached 14.6 million denars. That isenormous growth compared to previous week, when it stopped on 2.5 milliondenars.

p.37 INDEXESp.37 DOUBLE TURNOVER - INDEX FALL FOR 4.3 PERCENTS

In the week from 21 to 25 January the turnover on theMacedonian Stock Exchange was 256 million denars, which is for almost 90percents more compared to the previous stock exchange week. Eighty fourpercents of these four million euros were the turnover on the Official Market.

MAKEDONSKO SONCEp.34 WE WROTE OFF "BELENE" - WE ARE NOT WRITING DOWN

THE GASWhile there has been a "war" going on in the region and wider for

increasing the electricity production capacities, the experts and concernedparties in Macedonia are preparing to make a request for the ConstitutionalCourt to reexamine the modifications of the Law on Energy, if theGovernment, despite the strong criticisms by Brussels, decides to adoptthem.

p.24 HOW ARE WE GOING TO SURVIVE THE WINTER?The drafted amending of the Law on Energy, with which the

Government light-mindedly and bull-headedly insisted the state electricityproduction company AD ELEM to establish new monopoly, expectedly didn`tget the support from Brussels.


WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGEperiod 28.01. - 01.02.2008 year


Movement of MBI-10 for the period of 28.01.-01.02.2008

Movement of MBDI for the period of 28.01.-01.02.2008

Movement of OMB for the period of 28.01.-01.02.2008


period 28.01. - 01.02.2008 year

WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGE

MKIBN20080204-0008E

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