MKIBN20080421-0019E

berz

NIK

- Y

EA

RII

-

NU

MB

ER

19

-2

1s

tA

PR

IL2

00

8 -

(S

UP

PL

EM

EN

T O

F T

EN

DE

RN

IK)

BUSINESSMEN DO NOT NEED ALOT OF MONEY – THEY FEAR

INVESTMENTS AND RISK

DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS 3Date 21.04.2008 number 19 berzNIK

Businessmen do not need a lot of money

– they fear investments and riskLast week, Macedonia was host of many international

financial institutions, foreign investors and statesmen. Po -

sitive signals and assessments, support to endure in name

ne gotiations on the way towards the Alliance, economic re -

forms to continue, to maintain stability… Although our Go -

vern ment has resigned, foreign financial institutions are op -

ti mistic. Their assessments also confirm that: - Business

cli mate has improved significantly as well as investors’

con fidence. This was also the conclusion of the last week’s

An nual Conference of the Macedonian Stock Exchange.

Representatives of re gi o -

nal stock exchanges fo -

und MSE drop not to be

ref lection only of the polit-

i cal chaos in this country

but overflow of regional

and worldwide stock mar-

kets. They conveyed so -

me of their experiences

re garding movement of

the capital market in a po -

si tive direction, part of

which we put across in

this issue of berzNIK.

Encouraging signals

from the World Bank as

well: According to busi-

ness climate and tax re -

forms, Macedonia is

amo n gst the best in Eu ro -

pe and in the world. It is

part of the positive as ses -

s ment by the World

Bank’s Vice President Si -

geo Katsu and SEE Di -

rec tor Jane Armitac, pre-

sen ted at the spring ses-

si on of the International

Mo netary Fund and the World Bank, which was also

attended by our delegation. – Macedonia got high marks

for the implemented economic reforms and strong financial

and expert support for their extension. Regarding the econ-

omy and reforms Macedonia is moving in good direction –

this was the conclusion of the Vice Prime Minister Zoran

Stavreski after the meeting with the IMF representatives. In

addition, he was the host of the EBRD delegation, which

was in a two-day visit of Macedonia. The Vice President of

the European Bank for Reconstruction and Development

(EBRD), Varel Freeman, greeted reforms and consistent

economic policies of the Government and expressed

EBRD’s interest for financial support of projects concerning

transport, energy, energy efficacy, as well as projects with

mu nicipalities for water supply and waste management.

At the meeting, as Stavreski informed, was agreed

EBRD to provide 50 million euros as extra funds for the

financial construction of the Project for construction and

reconstruction of regional and local roads with the World

Bank, 70 million euros of which are already approved.

EBRD’s preparedness increases the amount for construc-

tion of regional and local roads to 120 million euros, which

will enable roads to be constructed in all municipalities in

order to improve the general transport infrastructure in

Macedonia.

Practically, infrastructure, airports, banking system,

local businesses, energy, and public sector projects are the

key areas where EBRD will focus its further financial sup-

port in Macedonia. – Macedonia requires infrastructure and

energy investments. We expect an invitation for financial

participation in at least one or maybe many important proj-

ects for renovation and construction of highways, new

power capacities, transmission systems, systems for im -

pro ved interconnection, EBRD’s First Vice President Varel

Freeman said.

EBRD is especially interested in Macedonian entrepre-

neurs at a local level. In that direction, as Freeman empha-

sized, the Bank has provided additional credit lines for sup-

port of small and medium-sized enterprises. – Priority of

the European Bank is the small and medium-sized enter-

prises in municipalities, entrepreneurs, and their develop-

ment. Most of what we do are projects with private in ves -

tors, giving loans and other kinds of long-term finances in

or der to provide stability and capital, which, on the other

hand, will enable businessmen to fulfill their business plans

and investments, and become more competitive not only in

Ma cedonia but also at an international level, Freeman po -

in ted out.

Furthermore, EBRD is working on an actual project for

support of private sector regarding airports’ privatization,

regarding micro-financing, as well as strengthening local

banks for extension of their long-term loan portfolios.

EBRD portfolio in Western Balkans is three billion

euros, 20 percents of which go to Macedonia. Regarding

the population, economic volume and investments per per-

son, as Freeman said, it is a good level.

- This means we cannot or do not want to do more, but

achievements in Macedonia so far are perhaps better com-

pared to what we have done in other countries from Wes -

tern Balkans, EBRD Director for Western Balkans Claudio

Vi ezzoli emphasized. EBRD general assessment is that

the private sector in Macedonia does not require a lot of

mo ney due to fear of investments and taking risks.

- Realization, i.e. the volume of our business activities

pri marily depends on companies’ consumption. We are

open for co-operation, but we principally follow the require-

ments of the private sector. Therefore, in some economies

or in some periods we do more or less business activities,

Freeman said.

During his visit of Macedonia, EBRD Vice President

met with his business partners as well as with representa-

tives of companies, state institutions and international com-

munity, and also with the Vice Prime Minister Zoran Stav -

re ski with whom he talked about continuation and strength-

ening co-operation concerning the economic growth and

de velopment of Macedonia.

Until the next Monday

Makedonka Baldazarska

BerzNIK editor-in-chief

e-mail: [email protected]

- Macedonia can avoid political turbulences by

no means. First, Kosovo recognition, then the veto

on NATO invitation, early elections now… Politically

loaded agenda as almost no other state policy, and

above all – monitored economic reforms… It is a way

too much… The Government is to be blamed for

everything… inflation, unemployment, Stock

Exchange drop. Moreover, last week we concluded

that it is the most sensible to political misunderstand-

ings… However, the Government has decided to put

an end to such accusations… Following the failure to

obtain NATO membership invitation, the Government

of the Prime Minister Nikola Gruevski disintegrates

after almost two years of power, causing additional

instability between coalition partners. – Scheduling

early elections in the Republic of Macedonia (for

June 1) currently does not affect its reputation (in for-

eign currency BB+/stabile/B; in local currency BBB-

/stabile/A-3), but we do not expect significant devia-

tion from the political course necessary for starting

EU membership negotiations, assesses Standard &

Poor’s, world’s foremost provider of independent

credit ratings. Macedonia’s credit rating is supported

by prudent macroeconomic stability, low inflation and

stabile fiscal results…. Again, foreign promoters

believe in us more than we do…

4 DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS

berzNIK number 19 Date 21.04.2008

MAKEDONSKI TELEKOMUNIKACII IS REBRANDING

As of 1st of May, Makedonski telekomu-nikacii will rebrand to Makedonskitelekom, joint stock company for elec-

tronic communications Skopje. The new namewill announce the entrance of the T-Homebrand at the Macedonian market, wherewith,the Macedonian telecom will be the first compa-ny within the frames of the internationalDeutsche Telecom Group, which will follow thenew brand architecture, presented in Germanyfor the first time in May last year. With therebranding, the company will become a mem-ber of the biggest telecommunications family ofover 150 million customers in over 50 countriesall over the world, who enjoy in the privileges ofthe T brand.

According to Nikolai Beckers, ChiefExecutive Officer of AD Makedonski telekomu-nikacii, replacing one name with another is nota simple process. – Our company goingthrough a process of total transformation from a

former monopoly to a respectable and stabilecom pany. According to Beckers, this simultane-ou sly understands strong and undisputable su -pport by Deutsche Telecom for the Republic ofMacedonia and for the economic and telecom-munications development of the local market.

According to the announcements of themanagement, the Macedonian telecom willmake large investments for upgrading of thetelecommunications infrastructure in theRepublic of Macedonia, and an attractive pack-age of integrated telecommunications, internetand IPTV products will be offered to the cus-tomers. – We wish to simplify our telephoneservices and make them more accessible withfixed tariffs, to significantly improve our servic-es for the customers, simultaneously maintain-ing an open and friendly approach. We will con-tinue offering attractive equipment and increas-ing our portfolio with products such as high-techphones, laptops, personal computers, wirelessLAN routers etc. The business costumers, whoare main instigators of the economic growth,will be able to enjoy in the most complete, tech-nologically advanced and best prepared pack-age of solutions for communications and con-necting-emphasized Beckers. He added thatthe Macedonian telecom will remain to be sig-nificant economic instigator, technological andsocial pillar of the Republic of Macedonia,because it is among the biggest tax payers.

Greeting the entrance of the T brand, ZarkoLukovski, President of the Board of Directors ofAD Makedonski telekomunikacii, emphasizedthat this investment became a synonym forworthy partnership with the state, which, apartfrom an attractive brand, also received aninvestor who will become a leader in theMacedonian economy. – The constant investingof Deutsche Telecom in the development of thetelecommunications market in Macedonia is anexcellent example for the domestic businessand for the future foreign investors. The impor-tance and the benefit of the stationing of thecorporative T brand in Macedonia are multiple.

According to Tobias Schmidt, the VicePresident Brand Management of DeutscheTelekom, the integration in the brand family of

the Deutsche Telecom Group is an importantstep forward for Makedonski telekomunikacii ina direction of his constant advancementtowards a successful future from a reason thatthe strong brands are the main instigators of theloyalty of the customers in a period of strongcompetition.

- Our experiences indicate that the wellknown brands like Maktel are becoming evenstronger with their rebranding and with the Tbrand and they continue improving their long-term market position. The rebranding had anexceptionally positive effect over the sub-sidiaries regarding new users, the loyalty of thecurrent users, as well as the total businessdevelopment. I am sure that we will feel theinfluence of the new brand of Makedonskitelekomunikacii-empathized Schmidt.

Basically, with the rebranding, Makedonskitelekomunikacii should transform into a giver oftelecommunications services, which is orientedtowards the customers, who will have anaccess to the increasing potential of the mod-ern telecommunications services. The process,which is very significant for the company andfor the state, is planned to come to a conclusionin May this year, and funds will be provided bythe Deutsche Telecom Group.

V.M.

Scope of products and services

- The aim of Makedonski telekomunikaciiis to offer a complete range of servicesaccording to the individual needs of the cus-tomer; this means we will give a choice to ourcustomer. Some customers simply want atelephone line with an affordable price; othersare looking at a complete package meaning acombination of fixed line flat rate, high speedinternet access and interactive television. Inthe forthcoming months, we will launch theseproducts one at a time. At the beginning wewill have a simple fixed offer, which wouldoffer the customers a lower call price at night,i.e. free calls after 7 pm. Then we will intro-duce voice services via internet and that willgo along with our ADSL product-emphasizedCEO Beckers.

Through the T-Home brand, the Macedoniantelecom will allow a free access to the lat-est world achievements in the sphere of themodern telecommunications services tothe customers

TELECOM – FROM A MONOPOLY TO A RESPECTABLE AND STABILE COMPANY

OHRIDSKA BANKA AD OHRID

New branch office in Gostivar

In order to provide availability of services tousers, Ohridska Banka, as a member of theSociete Generale Group has opened newbranch office in Gostivar. This is our first signif-icant investment expansion by new branchoffices through the country. It is organized bythe concept of personal approach towardclients, which means that every client has itsown personal banker for counseling will fullfinancial work support in the country andabroad – the president of the Steering Board ofOhridska Banka, Bernard Koenig stated.

On the occasion of the opening, citizens

can use the promotional offer in the branchoffice by 10, June, this year to apply for cashexpress credit and home loan, both withoutadministrative costs and Master Card with 50%membership fee allowance for the first year.

Beside that Ohridska Banka, as a companywhich respects corporative principles of socialresponsibility, donated editions from the mono-graph Coins from Ohridska Banka collection, tosecondary schools in Gostivar.

Changes in the steering board

In accordance with the reached decision of the Shareholder`s assembly, a SupervisoryCommittee has been established and president and members of the Steering Board have beenappointed. Jean Didier Rene was appointed president of bank`s Supervisory Committee who isalso a director for Europe in the sector for International retail banking in Societe Generale – Parisand Perrin Gilbert and Philip Godeaux was appointed for members from shareholders`s line.Independent members of this body are Ratko Cadikovski, president of Supervisory Committeeand Koco Mocan, president of the Steering Board of Tehnometal Vardar AD Skopje.

Mito Goreski and Petar Tegovski have been appointed members of the Steering Board whileBernard Koenig has been designated president of the Board of Directors.


2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS1. MACEDONIA GOT THE SUPPORT FROM THE WORLD BANK (*****) 2. THE INVESTORS WILL RETURN BACK IF THERE IS A STABILE POLITICAL CLIMATE (**)

14.04.2008 MONDAY

1. SHORT REVIEW OF EVENTS

DNEVNIKp.4 PRILEP AWAITS 12 MILLION DENARS FROM

CONCESSIONS p.4 NEXT YEAR, 70 MILLION EUROS FOR THE

AGRICULTUREp.5 LOAN OF 70 MILLION EUROS BY WORLD BANK

FOR ROADSp.5 ABOUT FIFTY REQUESTS FOR SUBVENTIONS

IN THE KICEVO REGIONp.5 BITOLA IS NOT ON THE AGENDA OF THE

GREEK BUSINESSMENBIZNIS

p.1 BANKS SPEED UP TO VAULT LAST YEAR PROF-IT

p.3 MACEDONIA GOT THE SUPPORT FROM THEWORLD BANK

p.5 THE INTERESTS BROUGHT 1.4 MILLIONDENARS TO NLB TUTUNSKA BANKA

p.5 TRANSFORMATION IN THE MOST PROFITABLEINSTITUTIONS

p.5 THE REALITY CANNOT HARM THEM p.14 CRASH OF THE THREE INDEXESp.14 WITH BLOCK TRANSACTION, 15.230 STOCKS

OF STOPANSKA BANKA- BITOLA HAVE BEENTRADED

p.14 MBI 11.04.2008p.15 FUNDS BRING FEWER LOSSES FOR

INVESTORSp.15 THE STOCKS WITH INCREDIBLY LOW PRICES

UTRINSKI VESNIKñ.5 ECOLOGISTS WARN OF CATASTROPHE IN THE

SMELTER p.7 STOPPED PATRIOTIC FISCAL RECEIPTS?p.7 KOMERCIJALNA BANKA - MOST TRANSPARENT

LISTED COMPANYp.7 THE WORLD BANK GIVES ANOTHER 70 MIL-

LION FOR ROAD INFRASTRUCTURE VECER

p.1 MACEDONIA AMONG THE BEST IN EUROPEAND IN THE WORLD FOR BUSINESS CONDI-TIONS AND TAX REFORMS

p.6 THE ECOLOGISTS FEAR FROM ACIDp.7 STOCK EXCHANGE TURBULENCES DUE TO

POLITICSp.7 THE INVESTORS WILL RETURN BACK IF THERE

IS A STABILE POLITICAL CLIMATEVREME

p.6 THE FOREIGNERS WILL RETURN ON THESTOCK MARKET

p.6 MACEDONIA WILL RECEIVE FUNDS FOR ECO-NOMIC REFORMS

p.7 DO NOT SIGN CONTRACTS WITHOUT ANNEX-ES

p.7 THE FARMERS GLADLY RUB THEIR HANDS p.7 THE STATE CALLS CEASE FIRE IN THE BATTLE

OVER MAKPETROL FOR THE TIME BEINGp.7 THE PRICES WILL RISEp.9 FARMERS OBTAIN 20 WASTE PROCESSORSp.10 THE MONEY IS SECURED; THE TENDER IS A

BIT LATEVEST

p.3 70 MILLION EUROS INTENDED FOR THEROADS

p.6 T-MOBILE AND COSMOFON WON`T SUBMITTHEMSELVES TO VIP

NOVA MAKEDONIJAp.5 MACEDONIA RECEIVED SUPPORT FROM THE

WORLD BANKp.5 VELES SMELTERY WITHOUT ELECTRICITYp.5 THE FIRST BLOCK OF REK BITOLA IS STILL

SWITCHED OFFp.5 THE MISERABLE ONE- WEEK PERFORMANCE

IN THE ASSEMBLY SCARED THE INVESTORSSPIC

p.6 THE WORLD BANK TAPS MACEDONIA

The Macedonian stock exchange in the past twoweeks is going through one of the hardest periods of itsexistence. The strong market correction, which is pres-ent for already six months, it seems, experiences itsco lumniation, assesses the brokerage house Alta Vistain the stock exchange analysis in today's Biznis. Underpressure of the predominant political factor, presentedwith the non obtained NATO membership invitations,and nowadays with the Parliament dissolution and thescheduled early elections, past weeks, the investorshurried to realize sales at prices which, perhaps, two orthree mouths ago, have been regarded as incrediblylow. The MBI-10 index is very close to its value that hadone year ago (on 18.04.2007 had absolute value of5.803,74 points, and on the closing day, on Friday,amounted 5.823,50 points), and the index MBID havealready reached its historic minimum of 6.354,99 pointssince the day when its calculation started. On the mar-ket, last week, besides the fall in prices of the most ofstocks, it was remarkable the fall of the turnover in theregular trading. With average 33, 5 millions of denarsdaily turnover, the week can be counted as the weak-est trading weeks.

Today's papers mark the holding of the Ninth an -nu al conference of the Macedonian stock exchange, onwhich most of the participants assessed that the cur-rent political events affect the economic occurrences inthe country, but with not that big of intensity. Expertsand brokers think that the Stock Exchange will start tore cover and that the foreign investors will have capaci -ty to see the positive results in economy. The Stock Ex -chan ge awarded the prize for most transparent compa-ny - the Crystal Bell Award which went to KomercijalnaBan ka and another Crystal Bell for scientific work toVik torija Atanasovska.

Considering the business climate and the tax re -forms, Macedonia is among the best in Europe and inthe world, is the assessment of the vice president ofthe World Bank, Shigeo Katcu, given on the spring ses-sion of the IMF and the World Bank, today's papers re -

port. According to the statement of vice-prime ministerZo ran Stavreski, Macedonia will receive loan of about70 million euros from the World Bank for constructionof new and reconstruction of existing roads in all mu ni -ci palities. The loan will be approved by the end of Mayand can be used after the elections. The World Bank'sma nagement also offered financial aid for investing inthe part of energy, especially in the part of energeticconnection with the region and for reconstruction of hy -dro electric power plants in the part of Elektrani na Ma -ke donija.

One can read in Vecer that the Administrative Co -urt denied the appeal of Makedonski Telekomunikaciito the decision from the Commission for Protection ofCom petition, for charging handling charges in themonthly accounts. Despite that Telekom listened to theCPC and stopped charging this service charge, theCom mission has fined it with 2,3 million euros, be ca u -se this company had abused its dominant position onthe market. From the area of telephony, in the mediapre sent is the news that by the end of the month T-Mo -bi le and Kosmofon should answer if they will reducethe interconnection prices for talks with the VIP opera-tor for 50 percent, as the Agency for Electronic Co -mmu nications imposed it to do by the end of March.

With the title "Gasification in a standstill" Vreme in -forms that the Government has withdrawn from thecourt battle with Makpetrol over the incomes from thegas pipeline. There has been a cease of the procedurein which the state claims around 6, 5 million dollarswith out interest rate, money gained by the oil companyin a period of eight years, when it managed the gas pi -pe line.

Next year the farmers will receive 70 million eurosfrom the Government as subsidies. Department Mi -nister Zivko Jankulovski expects the current weakness-es in submitting the documentation for receiving sub-ventions in future to exceed and to carefully direct theat tention towards opening new farms, agricultural prod-uct sale and other current agricultural problems.

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

R.Makedonija Phone. 02/25.32.800 faks: 02/25.32.839web: www.interNIK.com.mk;e-mail: [email protected]

Executive Director: Zdravko JosifovskiAccount Menager: Divna Pesic

Public relations: Natasa DimovskaMarketing manager: Ivona Josifovska

Assistent: Stojne DanilovaLogistics manager: Ana Petrova

Finance manager: Gordana Stojanovska

STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIK

berzNIK is founded in year 2007.

STOCK EXCHANGE REVIEW OF EVENTS IN THEPRINT MEDIA berzNIKNumber: 19Date: 21.04.2008

IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY

FRONT PAGE PHOTO:MAKEDONSKI TELEKOMUNIKACII IS REBRANDING

Photo:Robert Spasovski

Editorial staff of berzNIKInternet distributive system:www.interNIK.com.mkEditor: Makedonka BaldazarskaJournalist: Vaska Mickoska, Kiro SimonovskiDTP: Tatijana TrpkovskaEditorial staff:News Evaluator: Anita Bashoska, R. Tasovska[operators]:Mare Lazarevska, 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

MAKEDONSKI TELEKOMUNIKACII IS

REBRANDING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

OHRIDSKA BANKA AD OHRID. . . . . . . . . . . . . 4

berzNIK, MONDAY, TUESDAY, WEDNESDAY. . . . 5-7

POSITIVE EXPERIENCES OF THE STOCK

EXCHANGES FROM THE REGION. . . . 8 - 1 2

CRYSTAL BELL FOR 2007. . . . . . . . . . . . . . . . . . . 11

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

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

PAST WEEK IN THE TOKEN OF... ..............17

WEEKLY REVIEW OF THE MACEDONIANSTOCK EXCHANGE. . . . . . . . . . . . . . . . . 18-19



The basic recommendations from theAnnual Macedonian Stock Exchange Con fe ren -ce, held in Ohrid last this past weekend are con-ve yed by today’s edition of Utrinski Vesnikthrough the interview with Ivan Shteriev. – Thema in recommendation is that the investmentson the securities market require analytical andsoberly bringing of investments decisions.Coincidence or not, the conference is like heraldof the Macedonian stock exchange market cy c -les. We had similar recommendations. At that ti -me, also, some were more optimistic and otherswe re more pessimistic, which is normal. This iswhy the market exists, because different people,physical entities, investors, directors and finan-ci al institutions, are bringing decisions headedby their own believes. The second recommen-da tion, which was without division of optimistsand pessimists, is that the main thing that dicta -te the price of the securities on long and middleterm are the companies performances. Third, al -so with consensus, is that the price correctionthat happened on the Macedonian stock ex -chan ge, apart from being painful for certain in -ves tors, is still a good thing.

On the other hand, the 4.49 percent drop ofMBI-10 is once more in the focus of today’snews papers, the Stock Exchange indexes arecon tinually having a decreasing trend. On Mon -day MBI-10 reached 5,562.22 denars andmarks reduction of 261.27 index points, i.e.4.49%. Index of Publicly Held Companies MBID

re ached 6,309.75 denars and marks reductionof 45.25 index points, i.e. 0.71%. Index of Bondson MSE, OMB, reached 106.82 denars andmarks correction compared to previous day.

The Slovenian fund MP Asset Ma na ge mentthis year is planning to open two investmentfunds in Macedonia, through which the citizensin this country can invest in the Macedonian aswell as in the foreign stock markets – Dnevnikcon veys. The drastic fall of the prices of the sha -res, which lasts for a few months now, is not are ason for the Slovenians not to believe that thetrend will yet be going up. According to Lukovac,pre sident of the management board of this fund,im pressive information is the one about the in -cre ase of the deposits for the population for over50 percent for one year, which shows that thereis still money that can be invested in shares.

Almost all newspapers publish the news re -gar ding the successful activity of the Ma ce do -nian company Seavus, which will increase thenum ber of employees in the Development Cen -t re in Nis from the current 14 to 70. In Seavusthey announced that they also plan to expendthe cooperation in the information technologyfa culties in Nis in order for this city to grow intothe leading development centre for IT-technolo-gy in this part pf Serbia.

Main topic is also the conference held in theCus toms Administration on the occasion of its16 years of existence, which was conveyed byall media. – The businessman their own cus-

toms is the headline in the newspaper Dnevnik,which informs about the accents of the confer-en ce held on the occasion of the 16th anniver-sa ry. The companies that perform import or ex -port would not have to pay for terminal any mo -re; they will be able to charge duties on goodson their own if they own permission for simplifi -ed customs procedures, this was stated by thedi rector of the Customs Administration, VanchoKar gov.

Amongst the dominant in the economic sec-ti on was the information regarding the renovat-ed cargo – centre at the Alexander the Great air-port.

The clearing of the shipments at the airportwill be simplified, the director of the CustomsAd ministration Vanco Kargov and the director ofPE for Airport Services Macedonia Zoran Krs -tev ski promised at the yesterday’s promotion ofthe renovated premises of the Customs Ad mi -nis tration in the cargo centre of the airport.

The action costs about 25,000 euros. As oflast year, the cargo traffic is increasing, which isdue to the reduced prices of the servicing of thepla nes and the increased marketing activity. There gistration of a Turkish cargo company Orex,which will transport goods from the Near Eastand st with two jumbo jets Booing 747, is ongo-ing, director Krstevski announced.

All newspapers also informed about theminimal price increase of 0.5 denars per litter forall fuels.


2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE BUSINESSMAN THEIR OWN CUSTOMS (****) 2. THE MACEDONIAN SEAVUS ANNOUNCED AMBITIOUS PLAN FOR SOUTHERN SERBIA (***)

15.04.2008 TUESDAY

DNEVNIKp.1 WHICH PRODUCTS ARE WITH MACEDONIAN ORIGIN?p.6 1.3 BILLIONS OF EUROS SPENT IN THE COMMERCEp.7 THE CITIZENS HAVE MONEY FOR SHARESp.7 THE BUSINESSMAN THEIR OWN CUSTOMSp.9 PRICE OF INDUSTRY PRODUCTS 11.7% HIGHER p.9 SEAVUS COMES WITH NEW EMPLOYMENTS IN SERBIA

BIZNISp.1 THE WORKING PERMISSIONS LOCKED IN THE PARLIAMENT p.6 MALL OF MACEDONIA IN SKOPJEp.7 INFLATION TO REACH 5%p.12 DIVIDEND`S VALUE FOR ORDINARY SHARES – 15.037.350 DENARSp.12 NON-TRADE TRANSFERSp.12 PRICE SENSITIVE INFORMATIONp.13 SHARES OF KOMERCIJALNA BANKA THE MOST TRADED p.13 MBI-10 MARKS 4.49% INCREASEp.15 IMPORTER AND EXPORTERS TO CLEAR GOODS BY THEMSELVES p.15 MAKEDONSKI TELEKOMUNIKACII STARTS REBRANDING ON

WEDNESDAYp.16 PAYMENT OPERATIONS IN MARCH – 254 BILLION DENARSp.16 SPLURGING CREDITS FOR CITIZENS UP TO 150,000 DENARS

UTRINSKI VESNIKp.1 THE STOCK EXCHANGE IS STILL TO COME TO THE FOREp.1 MINES WAIT ON NEW CONCESSIONS IN MONTHS p.7 ABOUT THIRTY CONFECTIONS IN SHIP REMAINED WITHOUT WORKp.7 MACEDONIANS HAVE ONLY 28%V OF EUROPEAN PURCHASING

POWER p.7 THE PRICE INDEX IN THE INDUSTRY 11,7% HIGHER IN MARCHp.8 THE STOCK MARKET INDEX HAS DROPPED FOR 4,5 PERCENTSp.8 THERE WILL BE PATRIOTIC RECEIPTS AFTER ALL p.8 THE MACEDONIAN SEAVUS ANNOUNCED AMBI¬TI-OUS PLAN FOR

SOUTHERN SERBIA p.8 THE STOCK EXCHANGE IS STILL TO COME TO THE FORE

VECER

p.6 MHK ZLETOVO IS IN DEBT EVEN WHEN OUT OF OPERATIONp.6 BIO-FUELS- CRIME AGAINST THE MANKINDp.6 THE VICE PRESIDENT OF THE EBRD IN SKOPJEp.6 FROM 14 TO 70 EMPLOYEESс.6 THE PETROL`S AND THE DIESEL MORE EXPENSIVE FOR HALF A

DENAR p.7 COMPANIES TO CHARGE DUTIES ON THEIR OWN

VREMEp.6 THE INTERNATIONAL MONETARY FUND TO HELP THE POORp.6 VELES SMELTER ALTHOUGH IS NOT WORKING HAS DEBTSp.6 THE PRICE OF THE INDUSTRIAL PRODUCTS MORE EXPANSIVE BY

11.7 %p.6 THE NEW COMPANIES ANNOUNCE CARGO FLIGHTSp.7 RAIL TO BULGARIAN AT A STANDSTILL p.7 THE ENERGY CONNECTION WITH SERBIA STRENGTHENS p.7 THE CUSTOMS ADMINISTRATION WILL COLLECT DEBTS THROUGH

CONFISCATIONVEST

p.3 PRICES OF GASOLINE AND DIESEL OIL INCREASED FOR HALF ADENAR

p.4 THE TENDER ON CONCESSION OF AIRPORTS RE-MA¬INS OPENp.4 TURKISH CARGO COMPANY TO FLY FROM SKOPJE

NOVA MAKEDONIJAp.1 THE WORLD BANK REQUIRES URGENT MEASURES FOR CHEAP-

ENING OF THE FOODp.3 CUSTOMS PROCEEDING IN THEIR OWN FACILITIESp.5 FEAR OF RECESSION PRESSES THE DOLLAR DOWNWARDSp.5 THE PRODUCTION OF BIO FUELS IS A CRIME AGAINST THE

HUMANITYp.5 THE PRICES IN MACEDONIA INCREASED FOR 11, 7 PER CENTp.5 FALL OF OIL PRICES ON THE WORLD STOCK EXCHANGES

SPICp.7 FROM JULY EVERYBODY WITH PATRIOTIC FISCAL REGISTERSp.7 THE OIL WILL BURN US



16.04.2008 WEDNESDAY

DNEVNIKp.1 OUR CONSTRUCTION COMPANIES UNINTERESTED ABOUT

KOSOVOp.6 USURPATION OF THE STATION FOR MEASURING THE WA -

TER POLLUTION IN VELESp.8 SLOW PROCESS OF MACEDONIAN MILK`S EUROPEANIZA-

TIONp.8 WE WILL IMPORT SUGAR FROM CUBAp.8 МBI 16.05.2008p.9 NEW FISCAL RECEIPTS BRING NEW PRICE IN-CREA¬SE p.9 NEW INVESTMENTS BY EBRDp.9 THE ELECTIONS DO NOT JEOPARDIZE THE CREDIT RATING

BIZNISp.1 THE TRADING VALUE AMOUNTS 49, 7 MILLIONS OF DENARS p.1 2 391 662 ACCOUNTS CIRCULATE IN THE PAYMENT OPERA-

TIONS p.1 WHO WILL BEAR THE LOAD FOR THE PATRIOT FISCAL

ACCOUNTS? p.3 COOPERATION FOR STIMULATING THE GROWTH OF THE

REAL ECONOMYp.3 THE EARLY ELECTIONS DO NOT AFFECT THE CREDIT RAT-

INGS p.13 MBI-10 AND MBID HAVE VALUE DECREASEp.14 FALL OF ALL REGIONAL INDEXESp.16 2 391 662 ACCOUNTS CIRCULATE IN THE PAYMENT OPERA-

TIONS p.16 THE PRIMARY MONEY HIGHER FOR 1.8 PERCENTSp.17 THE MACEDONIANS HAVE MONEY FOR SHARES p.17 FIVE REASONS FOR THE SHARES PRICE FALL

UTRINSKI VESNIKp.1 WHO`LL PAY THE PATRIOTIC REGISTERSp.11 ONLY THE MACEDONIAN MILK WITH HIGH QUALITY CAN

ENTER EU MARKETSp.12 NOBODY KNOWS WHO AND WHEN WILL PAY THE ELEC-

TRICITY DEBT OF OHIS AND MB p.12 STANDARD & POOR`S CONVINCES: THE ELECTIONS WILL

NOT HAVE AN IMMEDIATE EFFECT ON RATINGSp.12 EBDR`S FIRST VICE PRESIDENT VISITS MACEDONIA p.12 ELENICA STRUMICA PURCHASED ONE QUARTER OF KIRO

KUCUKVECER

с.1 THE TRADESMEN DEMANDp.6 THE ELECTIONS DO NOT HAVE AN EFFECT ON THE CRED-

IT RATINGS

p.6 THE FIRST BLOCK OF REK BITOLA IS OPERATING p.6 IMB PROVIDED 145 LACTO FRISEURS p.6 THE NATURAL GAS HAS BECOME FOR 5% MORE EXPEN-

SIVE p.6 MZT PUMPS WILL EXPORT IN CUBA p.7 THE GOVERNMENT TO PAY THE SOFTWARE FOR THE

PATRIOTIC FISCAL REGISTERS p.7 COLLECTIVE AGREEMENT FOR CHEMISTRY AND NON –

METALS p.7 EVN TRADING IS TRADING WITH ELECTRICITYp.7 MINCO PLANTED 800 HECTARES WITH SUNFLOWER

VREMEp.1 THE STATE TO PAY FOR THE PATRIOT FISCAL ACCOUNTSp.5 THE CONSTRUCTION OF THE PURIFYING STATION STARTSp.6 7000 HECTARES FOR THE AGRICULTURAL WORKERSp.6 NEW RECORD – BREAKING PRICE THROUGHOUT THE

WORLDp.6 MACEDONIA WITH CHEAPEST FOODp.6 THE CREDIT RATING REMAINS UNCHANGEDp.7 NEW STANDARDS FOR THE MACEDONIAN MILK

VESTp.2 MACEDONIA TO IMPORT SUGAR FROM CUBAp.7 NO ONE CONTROLS THE MILKED MILKp.9 ZAEV`S FAMILY FIRM WANTS TO PURCHASE VELES BRICK

FACTORY p.9 THE PATRIOT ACCOUNTS WILL INCREASE THE FOOD

PRICESp.11 OIL PRICE INCREASES TO NEW RECORD

NOVA MAKEDONIJAp.1 THE TRADERS IRRITATED BY THE CHANGE OF THE FISCAL

REGISTERSp.5 FROM FIRST OF JULY PATRIOTIC FISCAL RECEIPTSp.5 THE CREDIT RATING OF MACEDONIA REMAINS UN CHAN -

GED p.5 THE FIRMS OWE THE CUSTOMS ADMINISTRATION 33 MIL-

LION EUROSp.5 MACEDONIAN TELECOMMUNICATIONS WITH A NEW BRAND

NAMESPIC

p.6 MINISTRY OF FINANCE: UNREFINED COOKING OIL FORBLA GOJ GJOREV TOO

p.6 THE NEW FISCAL REGISTERS TO BE PAID BY THE GOVERN-MENT

The campaign to increase the sales ofMacedonian products has the support of thetraders, but what they dislike is that they willhave to pay that on their own. In brief, this is theconclusion from the yesterday`s meeting of thetraders of the Economic chamber that wasreported by all daily newspapers. The tradersreact to the Rulebook for separation of theMacedonian products on the fiscal accounts,which was adopted by the Ministry of finance,and will come into force on 1st of June. Ac cor d -ing to them, if the idea of the Government is tosee statistically how much the Macedonian pro -ducts are demanded, than it should cover thecosts for this change. On the contrary, they willri se up the prices of their products. On the othersi de, it is still uncertain which products can bemark ed as Macedonian in the fiscal accounts.

The newspapers also report the news thatve ry soon Macedonia must apply the Europeanru les for safety, hygiene and control of milk andda iry products if it wants to export them in theco untries of the European Union. On the con-tra ry, the export in the EU will be prohibited verysoon and will be reduced to a few countries.The rulebook for safety, hygiene and the man-ner and procedures for formal control of themilk and dairy products, which Macedonia hasal ready adopted, last year in December, has

not been respected yet. The world famous independent consulting

com pany Standard and Poor`s, which evalua -tes the credit ratings, does not expect that theearly elections in Macedonia will cause a consi -de rable digression from the political coursewhich Is necessary for starting negotiations forEU membership of the country. As it is said inthe announcement that was reported in allnews papers, the credit rating of Macedonia isba sed on further political stabilization and nor-ma lization of the interethnic relations. The rat-ing was supported by the prudent economicsta bility, the law inflation and the stabile fixedre sults.

The European Bank for Research and De -ve lopment plans to intensify its activities in Ma -ce donia through financing of infrastructural pro -jects, investments in transport, municipal infra-struc ture, energetic and the energetic efficien-cy. This announcement by EBRD came closebe fore the arrival of the delegation lead by thefirst Vice President of the Bank, Varel Freeman,in form the newspaper. The Bank is prepared toin vest in capital stock of private companies inor der to support their expansion.

In the newspapers could also be read thatre presentatives of the Economic Chamber star -t ed negotiations for sugar import form Cuba

and export of industrial pumps from MZT Pum -pi. On their visit in Cuba they also raised initiati -ve for opening Macedonian legation in this co -un try, as there are potentials for engagement ofthe Macedonian companies.

Dnevnik informs that our construction com-pa nies are not interested for the market in Ko -so vo, although infrastructure projects worthhun dreds of millions euro will be realized. Noone Macedonian company has agreed a con-struc tion project, while the Croatians have al re -a dy concluded deals worth over half billion eu -ro. Especially interested in business in Kosovowe re Turkish and Greek companies and theydid not even miss a tender.

On the world Stock Exchanges was notedanother record of the oil prices, which after thean nouncements that the American dollar willcon tinue to lose its value and that China in thefirst quartile could note economic growth ofover 10 per cent, reached a price of 112, 48 dol-lars per barrel.

In Biznis is the regular report from the Ma -ce donian Stock Exchange, and according to iton Tuesday, a total turnover of 81. 349. 114, 16denars was made, realized by 243 transactions.The MBI- 10 index noted a fall of 1, 63 per cent,and MBID had a fall of 2, 17 per cent.

1. NEW FISCAL RECEIPTS BRING NEW PRICE INCREASE (*****)2. STANDARD & POOR`S CONVINCES: THE ELECTIONS WILL NOT HAVE AN IMMEDIATE EFFECT ON RATINGS (*****)




POSITIVE EXPERIENCES OF THE STOCK EXCHANGES FROM THE REGION

THROUGH IPO AND PUBLIC OFFERINGS OF

SECURITIES- CAPITAL INCREASEFrom 10th to 12th April 2008 ,in Ohrid ,was held the Night Annual Conference of the Macedonian Stock Exchange A.D. Skopje,which was attended by approximately 250 participants from Republic of Macedonia, the Region and the world, and at which,through several panel discussions, were considered the problems which are facing the stock markets from the Region. Ineach developing market there is a question why on the local market there are no initial public offerings (IPO) of securities

and whether it depends fro the market itself, the moment or something else

On the ninth Macedonian Stock Ex -chan ge Annual Conference, which isin ternational for second time, was dis-

cussed on a number of current issues thatoccupy the Macedonian capital market thro -ugh a number of panels that were reportedand analyzed by many media, and partly byberzNIK.

This ti me we decided to report part of thepre sen tations of the foreign participants whotook part on the fifth panel discussion, whichwas the last on the conference debate. Apanel, where the increasing pressure of themarket demand can be solved by strengthen-ing the offer was discussed. How to createnew financial instruments on the side of theoffer, especially on small stock exchanges,mid-term and long term. So, more foreign ex -periences are elaborated. The fifth panel dis-cussion was on issues was strengthening theoffer on the capital market: initial public offerof stocks, public offer of stocks, new privati-zations. The moderator of this panel discus-sion, Elena Jakimovska Petrovska, executivedirector of Macedonian Stock Ex chan ge onthe announcement for the presentation ofNova kreditna banka Maribor, said that whatis interesting for the privatization of part ofthe company`s shares, same as the casewith Croatian Telecom, is that they were of fe -red in a specific period. Namely, these twoinitial offers came right in a period when theturnover on the other stock exchanges wassignificantly decreased and the other region-al markets definitely noticed it.

Is the state joint stock company in the role of seller ofshares?

Luka Vesnaver - Ministry of finance of Slo -ve nia. Vesnaver was project manager of thepro ject for privatization of Nova kreditna ban -ka Maribor through public offering. Beforepri vatization, the bank was in state owner-ship, and now the state owns 51 %.

- Slovenia as a bank environment offersgood investment offers for the state as wellas for the other EU countries. We are extend-ed on a high growth markets in the countriesof Central and North-east Europe, and wealso have a developed bank market betweenEast and West Europe. Slovenia is a smallcountry, but it has relatively great market par-

ticipation, with great distribution possibilities,mostly in sales.

Goals that are intended to be achievedare established in every privatization. Whatwe do now is not just to maximize the priva-tization process, but to promote investmentsin Slovenia as well. As a Government, we aretrying to promote the domestic capital mar-ket, to decrease the role of the public sector,which, according to me, is much prevalent ininvestment, in reallocation of the goals wewant to achieve. We are trying to found abasis for further growth through capital real-ization, to minimize the obstacles that arepresent in the operations and the manage-ment.

If we revise the options for the pattern ofprivatization of Nova kreditna banka, there issale of great part of shares to a strategic in -ves tor, and on the other side, there is publicoffering and rating. In the middle is the sell-ing of smaller part of the bank shares or otherinstitution to a strategic investor and privatesell to a financial donor on a manner that theGovernment`s part can be sold to that institu-tion.

When the goals for privatization and themanner of making public offering are consid-ered, I think that the negative effects from thesales of most of the Government`s shares toa strategic investor do not contribute to de ve -lop ment of capital market. The Governmentsales its part independently, there is a goodmarket of investments, but there are also ot -her options.

There are other options between sellingsmaller part of shares and private placementof share capital. This manner of privatizationis not for achieving short- term goals, so thatis why we chose the manner of privatizationthrough public offering. We also have IPO ti -metable in order to present the whole privati-zation process, which lasts about four to fivemonths. The first phase of the process is inpre paration, where company`s businessplans should be defined and a schedule forthe share capital. In this phase, a manage-ment presentation should also be made. InNKMB case we did not have much time toprepare business plan; we had advisors thatadvised us on our project and transactionswhich enabled us to complete this phase in arelatively short period of time. After this, the

manager delivers the presentation to theanalyst, who than delivers the analyses to in -surance company, and than the marketingpresentation is prepared. The investmentfunds, the domestic and foreign investors areanalyzed in order to gain more informationon the investment environment. This is actu-ally a pre- phase of the marketing phase. Inthis phase, reports for the media are pre-pared. The price fluctuation is determined inaccordance with the information gained, andthan starts the presentation in public whenbooks for recording orders in financial institu-tions are opened, as Slovenia managed it, bypresenting its plan in London, Zurich,Stockholm, Frankfurt, Paris, USA and Vi e n -na. At the end of this period, we collected theoffers and concluded the end price, and thanfollowed the phase of deciding. The wholeprocess lasts about six months.

Other manner of privatization is throughdual checking process, when the possibleIPO and the process of selling through tradethat the Government has chosen for the pri-vatization process are compared. By thiscomparison, the process is left in inaction forso me time, so that there is possibility to cho -o se the best privatization option and there isgrater awareness of the investor environ-ment, so it can be ascertained which pricecan be achieved, is the company ready forIPO, etc. Also, the decisions can be postpo -ned for some time. This manner of privatizati -on is a great burden for the management be -ca use of the high costs. The offer is 49 % ofthe total share capital. The shares were quot-ed only on Ljubljana Stock Exchange, unlikeCroatian Telecom whose shares were quotedon the stock exchanges on Zagreb and Lon -don. Our advisor advised us on dual quoting.We, as a Government, decided to quote onlyon Ljubljana Stock Exchange. Our syndicatestructure was composed of single branchcoordinator for the whole world and a book -runner. The concluding and closing wasmade in 2007, when the investment marketwas quite large and I think the transactionclosing was very successful at that time. Theallocation was fully completed, so that 23, 1% was for the sale, while 10, 2 % was for thehome institutional investors. This structurewas different from the Croatian Telecomstruc ture, but it had similar situation in de -mand that overcame- 1000 billion dollars we -re realized. The home institutional investorswere dominant in these transactions. And the


price fluctuation was quite ambitious. Ourfinance advisor suggested lowering the price,which appeared to be correct because weachieved the top border of price fluctuation.

IPO the first day closed with 47 % fromthe total of 27 % of shares which is a greatrise. The end price ended with a rise of 44 %,which was a growth of 60 %. Also, we noticedthat the IPO share was second most tradedshare on Ljubljana Stock Exchange with atotal turnover of 30 million euro.

What we could notice the last fewmonths is that on the turbulent financial mar-ket the investment institutions were sellingtheir shares, so that the 50 % reduced to 7%, while the sale was quite stabile, thedomestic institutions strengthened to somedegree, but not significantly. The situation onthe world market caused share reduction, butanyway, it remained on about 10 %. On alocal level, the Slovenian market was over-weighed with privatization plans, so that wasanother negative effect.

If we look back at the initial prices andwhat we have succeeded to achieve, we cansay that we advanced the development of thehome capital market, we advanced theinvestment in Slovenia and especially I muststress that we introduced world investmentcompanies on the market. Partly, we reducedthe role of the public sector and we intro-duced the structure to improve the corpora-tive management, sowe expect positive re -sults in future. Whatwe did not achieve tocomplete is foundinga basis for furthergrowth and that is ourmistake, because wehad no additional ca -pi tal. Other goal weac hieved is maximiz-ing profit and, partly,we gained quality ac -tive capital with agreat participation onthe active Europeanmar kets. I think weac hieved much of thego als.

One of the main problems was the mediaover- presence in the whole process, and atthe same time, the public had no clear visionfor our work on privatization. We had a spe-cific home atmosphere about underestimat-ing the home demand, as well as legal andregulation problems. Problems also occurredby corporative financing, the offer and the qu -oting that were practiced only through Ljub -ljana Stock Exchange and I think we madethe right choice. We also had problems de -ciding, namely with KDD, which is local clear-ing institution which has no international linkfor clearing system. Another problem was theallocation. One problem was its approval bythe Government, and another problem waswhether uncover the criteria or not, and atthe end we decided to keep them in secret. Itwas discussed how much to allocate to the

sales and how much to the institutions. Therewere politicians who claimed Greenfield allo-cation, and on the other side were those whoclaimed allocation of sales. It is important tohave institutions that can be investors andcontributors to a great liquidity at the sametime. There is no significant number of liquidshares without institutions.

According to the moderator Petrovska,the conclusion after this presentation is thatwhen talking about selling state ownedshares, the state should behave as an ordi-nary joint stock company which preparespublic offer of shares.

- We hope that these experiences will beapplied in Macedonia as well, in situationswhen the state will decide to make suchapproaches in choosing a model for sellingstate capital, said Jakimovska.

Croatian Telecom – successfulstory

MarinHresic - president of THE Ma na -gement Board, ERSTE Securities Zgreb,Croatia. The Zagreb Stock Market had a freefloat of 32.5% after listing. The Governmentinitially intended to sell 20%+3% of its stakein state-owned companies. Strong demandresulted with Government decision toincrease the number of shares in the IPO byadditional 9.5% stake (together amounted for

32.5% of its stake, only secondary sharesmade no capital increase. We agreed for abillion euros, while 358 thousand Croatiancitizens participated including a very strongdomestic and international demand.

Subsequently we had:

- Privatization of state-owned pack-age of shares

- Public offering in Croatia (preferen-tial and non-preferential)

- Offer period institutional investors:17/09/07 – 01/10/07

- Offer period retail investors:17/09/07 – 27/09/07

- Preferential allotment for retailinvestors up to an order size of HRK 38,000

- 23,142,412 existing shares

- Greenshoe up to 3,471,361 exist-ing shares

- Bookbuilding-range HRK 245 toHRK 320

- Global Coordinator & SoleBookrunner: JP Morgan

- Domestic Lead Managers : ErsteBank, Hrvatska Poštanska Banka

Successful deal: The offering was aroundfive times covered (including Greenshoe);Retail oversubscribed more than two timesthe entire offered no. of shares; Foreign insti-tutional investors oversubscribed around 20times, while domestic institutional investorsoversubscribed around 9 times; Issue priceafter bookbuilding: HRK 265; 23% of theoffering was placed with institutionalinvestors (domestic 35%, foreign 65%); atotal of about 77% of the offering was placedwith retail investors (incl. Greenshoe); Freefloat 32.5% after IPO; First day of trading:+43% (+58% intraday).

The investment story of T-HrvatskiTelekom looks like this:

Above average EBITDA margin – 46.8%in 2006; strong free cash flow generation;substantial pile of cash (net cash position ofHRK 6.5bn in 2006 – 42% of total assets);dividend is paid annually, with payout policyof 50-100%. At the moment they have a lead-ing position on the Croatian market regardingmobile telephony, fixed telephony, wholesale,Internet and, data services. Their strategy

was aimed towards up gra -ding basic telecommuni-cations to innovative add-on services; pre-paid topost-paid transformation;headcount reduction andfocusing investments ongrowth areas; acquisitionsand Broadband services.

Based on T-HrvatskiTelecom’s performance inthe first half of 2007 andconditions in the overallte lecom services sector,the company expects forup coming years:

• A slight Group reve -nues decline year-on-year, due to fixed telepho-

ny revenue decrease• Slow revenue growth in mobile telepho-

ny, Internet and wholesale• A slow EBITDA margin decrease year-

on-year• Slow increase of EBIT year-on-year,

due to falling depreciations• Dividend payout policy of 50-100%

annually

Events concerning T-Hrvatski Telekom atthe end of

October 2007 brought to:- Stronger market drop;- Strong pressure from retail clients,

almost day to day drop

In November 2007:



- Downward pressure continued- Q3 company results mostly in line

with expectations (Revenues +1%, Net profit+15%)

- Croatian parliamentary electionswere near

- Croatian National Bank announcedhigher expected inflation for the incomingyear

December 2007:

- New pension funds regulation wasstrong market mover in December

- HDZ won the Croatian parliamen-tary elections and got the mandate to form agovernment

- Positive trend was seen on themarket although retail pressure on HT wasstill seen

December 2008:

- Positive sentiment on the marketcontinued

- HT however remained floatingaround HRK 350

- Decision not to place a binding ten-der for 49.13% shares of Telekom Slovenije

- Despite bearish market the pricewas always above the IPO price

- Management proposed a 100%dividend pay-out ratio.

Why there aren’t IPO on thelocal market

In each developing market ,there is aquestion why on the local market there areno Initial Public Offerings (IPO) of securities,and we wonder whether it depends from themarket itself or the moment ,or there issomething else. In the case with Romaniawere posed similar questions, but contrary toMacedonia, Romania is already having posi-tive experience with the Initial Public Of fe -rings of couple joint stock companies.

Laurentiu Ciocirlan -from Romania has tried tomake reference to the evo-lution process of PRP in hiscountry.- On the BucharestStock Market, as mainstock exchange in Ro -mania, the current marketcapital amounts 35 millionsof euros, with 61 companieslisted on the market andone foreign company (ErsteBank). The listing of ErsteBank is of essential impor-tance for the market, be ca -use it connects the domes-tic market with the foreignthrough the Central deposi-tary in Austria, and now weare officially connected tothe World Markets, and thedouble listing is possiblyonly if there is such connec-tion. Also, we have OTCmarket, on which 1.945

com panies are listed which comes from themarket privatization.

About the favorable factors for introduc-ing the IPO business on Romania, I can saythat the action has started in 2004, when thevaluations have over passed the levelsoffered by the private equity funds. In 2003,BSE introduced new system which includedbasic marketing platform that enabled a con-tract to be made, which was also a problem.After many years spent on focusing on thecontracts for private equity capital, qualitylegal advices available to the domestic mar-ket were offered. The local investors havebecome more and more interested to findcompanies interested for making invest-ments in Romania. On the other side, therewere a lot of hurdles for development of theIPO business in Romania, from both legaland regulation perspective and organization-al, too.

First, on the capital market wasn’tenabled preferential allocation. In pre-mar-keting phase, when there is small number ofinvestors who try to work out their task, andto give quality response, the award for theireffort is allocation of IPO. If you can not makepreparation action, the results from the pre-marketing phase will appear, so it is in yourfavor to offer the preparation allocation to thepotential investors, in order to attract them. Itis important greater allocation of investmentsto be made on long term period, so theinvestors will become more interested toretain their shares, instead to sell them thefollowing day. Another hurdle is the applica-tion or putting the money on account, as inthe case of institutions, or custody. In bothcases it comprises costs. At the beginning,there is a great interest for application, but inthe last days the interested people are tryingto delay the application until the end of theprocess. We had problems with the applica-tion of the Pension Fund as investor thathappened in 2007.

The problem with the restrictions of localinvestor had led to bringing foreign investors.

Another feature which I consider is notfamiliar only to Romania is the high participa-tion of the direct retail. If you want to haveeffective IPO, there should be solid distribu-tion network on available place that will notcause problems. Since the contract is made,in the book for making applications thereshould not be written the names of theinvestors, but the bulk and the price of theshares which will be available to the foreignbrokers. Since recently there is an option forhiding this information from the other bro-kers.

The beginning of IPO business has beendeveloping very slowly. Upward change hadbeen noticed for the first time when theGovernment decided to sell approximately10 % of the state shares to the Romanianenergetic company Trancelektrica, whichattracted the public attention. That was thefirst time we remarked change in the publicunderstandings for the Government, be ca -use, we like it or not, the governmental deci-sion has the major influence upon the devel-opment of the local capital market throughthe processes of privatization. This was thefirst time the politicians to be strongly con-vinced that this was the best approach forprivatization of the state companies. The fol-lowing year we started a new process, IPO ofTransgas, company that transmits gasesunder high pressure, which had also greatsuccess in the process of privatization.

Among the most important IPO in Ro -mania, was Transelectrica. What is charac-teristic for this company is that it was 6.5times oversubscribed, although the total sumwasn’t high, approximately 35 millions ofeuros. Another important IPO is Transgas,which fully overcome our expectations,because it had been oversubscribed 28 ti -mes. 1.8 millions of euros were issued in to -tal, and total turnover of 65 million of euroswas realized.

Through IPO we tried to improve themar ket, with introducing new instrument

which dependently of thelegal frame is very useful.Until the closing of IPO along time should pass,and that is because thenew issued shares shouldbe registered in the com-mercial register. Basically,from the moment of clos-ing of the offering, untilthe begging of share trad-ing, you will obtain one totwo months period of de -lay. None investor wantsto remain with frozeninvestment without marketprice, so we introduced anew instrument which iscalled Right on allocation,with which we enabled thetraders to start tradingthree days after the con-tract. This allocation rightis basically similar to theshares. It is buying a

share. Many were skeptics about this instru-ment, fearing whether the public will accept,and at the end it proved as effective. Also, wemade a chart of companies that will be listedin 2008, and their number is approximately20, and we hope that this will be a year ofaccelerated privatization through IPO. Thesmall IPO were successfully closed in thefirst quarter. Previously we have mentionedthat there was change in the perceptions ofthe Government for IPO processes of privati-zation, but, still, a process has been startedof two major companies, The BucharestAirport and Romtelekom, which is not onlytechnical decision, but also party decision, aswas the case with Croatian Telekom. Thereare announcement of IPO of the oil pipeline.

As I said previously, on the BucharestStock Exchange is listed, also, one foreigncompany, Erste Bank, which connected ourmarket with the foreign.

There is another example. The Go vern -ment initiative from 2004, called Program forstrong market, didn’t started immediately butafter three to four years. We have noticedthat with this initiative we attracted compa-nies on our market. For the development ofthe Romanian market, it is especially impor-tant the fact that the Government has estab-lished, so called institutional funds, in whichthe participation was lower, especially theparticipation of all major companies from thesector for energy. The total participation ofthese institutional funds is estimated to oneto four million of euros. These institutionalfunds were listed on the market with greatvolume of shares. The fund should list allmajor companies that are property of thestate, as the companies for electric energy,energetic companies, the gas producers andother companies.

We believe that in the following couple ofyears, the Government will increase itsbeliefs in privatization though IPO, but on theother side, as a result of the pressure exer-cised by the institutional funds for participa-tion of the major companies, we will be toobusy and we will have a lot to consider.

The Bulgarian monopolies willbe privatized through the StockMarket

In Bulgaria, the situation has been similarto the situation in the other developing coun-tries. The Initial Public Offerings weren’t pre-sented to the securities market until recently,and after the first successful story, they arealready having inflation of initial public offer-ings. It is interesting to hear their experience.The Bulgarian Stock Market has achievedgreat results in 2007, and there are good rea-sons to believe that 2008 will also be a goodyear for all participants on the capital market.

Mrs. Bistra ILKOVA - Chief ExecutiveOfficer, Bulgarian Stock Exchange – Sofia.The Bulgarian Stock Exchange achieved sig-nificant results in 2007 and there are goodreasons to believe that 2008 will also be a

good year for all partici-pants on our capital market.

Last year we registereda 90% increase in the mar-ket capitalization of our ex -change, which accounts for55.46% of the country'sGDP. The turnover in 2007went up 193 % and re a -ched EUR 5 billion. Bothour indexes increased sig-nificantly in one year -theSOFIX grew by 45% andthe BG40 by 159%.

2007 was a record-breaking year in terms ofnumber of IPO's. We had 9initial public offerings (themain method used for IPO'sin Bulgaria is book-build-ing), but also 9 secondarypublic offerings, 21 increas-es of capital and 30 newbond issues. 20 SpecialPurpose Investment Com -panies (mainly Real EstateInvestment Trusts) listedtheir shares on the BSE.

A total of EUR 750 mil-lion were raised through thestock market. Initially aro -und 50 private compani eshad declared their intentionto go public and launchIPO's in 2008, but many ofthem have decided to post-pone their listing on theBSE due to the globalfinancial crisis and its re -per cussions on the Bul ga -rian stock market.

It is important to notethat 2007 was the first yearof Bulgaria's membership inthe European Union. Ourlegislation is now almost100% harmonized with theEU Directives. We startedimplementing MiFID (theMarkets in Financial Ins tru -ments Directive) in No vem -ber 2007. With Bulgaria'sentry in the EU our stockexchange is getting moreand more involved in theprocess of integration andconsolidation of capitalmarkets in Europe. As a re -sult of our achievements,the BSE attracted the inter-est of leading Europeanbourses and alliances ofbourses.

A major step in thisdirection was the signinglast year of an agreementbetween the Bulgarian


CRYSTAL BELL FOR 2007

KOMERCIJALNA BANKA – MOST TRANSPARENT BANK The award for best research work waswon by Viktorija Atanasovska for itswork – Empiric testing of the modelfor capital assets evaluation - Mace -do nian Stock Exchange case

Macedonian Stock Exchangeninth annual conference endedwith Crystal Bell 2007 award forbest science-research work andthe award for most transparent lis -ted joint stock company on Ma ce -do nian Stock Exchange.

In order to help the science-research process in Republic of Macedonia in the field of securi-ties, the Stock Exchange announced a competition for annualaward of best research work, last year, for the first time, in:Securities Market in the Republic of Macedonia.

According to some key criteria, methodological approach,work`s innovation and appliance of research work results in prac-tice, the commission unanimously decided that M-r ViktorijaAtanasovska to be awarded for her research work titled “Empirictesting of the model for capital assets evaluation – MacedonianStock Exchange case” in competition of four research work.Beside the special mention the winner received prize of 60.000denars.

The research work of Atanasovska was evaluated as anattempt to test the validity and the appliance of the most signifi-cant model in financial science of one new market or developingmarket, such as Macedonian. In the bottom of the dissertation isthe question of how much the model of capital assets evaluationis valid and to what extend it gives real and applicable results andat the same time the same is attempted to be tested using con-crete situation – Macedonian Stock Exchange. The author placedspecial accent on the connection between the expected assetsinflow with certain risk, named “Beta”. The Commission set thisresearch work on the same level with the most high-qualityresearch works in finance field which can be found in eminent sci-ence magazines.

- I hope that this research work will shift limits of recent meth-ods and analysis` techniques to one higher level and will be near-er to world financial analysts – Atanasovska stated.

As exclusively research work with high quality the StockExchange separated Marjan Ivanovski`s research work inConnection of Macedonian capital market with capital markets inthe other economies in Europe.

In the race for the award for most transparent joint stock com-pany listed on Macedonian Stock Exchange 38 joint stock compa-nies took part and the award Crystal Bell went to Komercijalnabanka AD Skopje.

- This award represents acknowledgement for our work so farin the domain of the on time and fully investment public briefing inthe Republic of Macedonia and we consider that this representsour long-term investment – stated the representative ofKomercijalna Banka, Goran Markovski.

The Commission praised the joint stock company Alkaloid ADSkopje for the quality information during 2007 which was in seri-ous competition for best transparent company selection.

President of the five-member commission was Professor Dr.

Mihail Petkovski (Faculty of Economy), with its members: Pro fe -

ssor Dr. Jane Miljovski (New York college), assistant professor Dr.

Sa so Arsov (Faculty of Economy), Ivan Steriev and Ilco Lazareski

from the Macedonian Stock Exchange.

continue to page 12



Stock Exchange and Deutsche Boerse,according to which our current trading plat-form will be replaced by the German systemXETRA. This will open a lot more opportuni-ties to the Bulgarian investors and brokers,who will have access to the developedEuropean markets and vice-versa - foreigninvestors will have better possibilities toinvest in Bulgarian stocks.

Although we are very pleased with allthese results, we see new challenges in frontof us. That is why we adopted a strategy forthe development of the BSE and the Bul -garian capital market until 2010, as well as aBusiness Plan. In these documents we havefixed our priorities for the next three years,the most important of which are:

- Implementation of the XETRA trad-ing platform;

- Increase of the number, volumeand variety of financial instruments;

- Attracting new issuers for listing onthe exchange;

- Attracting more local and foreigninvestors;

- Application of the CorporateGovernance Code by all public companies;

- Propose new information services.

The experience from the last years hasshown that the stock exchange can be usedas an efficient and transparent instrument forcarrying out privatization deals. The first pri-vatization through the ex -chan ge was organized in1998. Since then, majorstakes of some of the biggestBulgarian companies like theBulgarian Te lecommu ni ca ti -ons Company, Bulgartabak,the Bulgarian Merchant Fleetand others have been suc-cessfully privatized.

The following privatizationmethods are used in Bulgaria:

1. Public Offering ofSe curities

2. Centralized PublicAu c tion

3. Remote Public Auc -tion

4. Tender Offer

The privatization procedure is as follows:

The Principal of the securities decides tosell its stake. The Privatization Agency opensa procedure. Then an intermediary or con-sortium of intermediaries is selected. Afterthat follows the application for registration onone of the privatization markets. The param-eters of the sale are then announced to thepublic.

The BSE uses the Closed Auction for theprivatization deals. Orders can be "Market"and "Limit" and their validity is 1 day. Theorder priorities are 1) price and 2) time.

The total number of stakes that havebeen privatized through the exchange is 1897, of which 1 443 were sold throughCentralized Public Auctions, 290 throughRemote Public Auction, 157 through PublicOffering and 7 through Tender Offer.

Bulgarian government officials havedeclared that major state monopolies - likeBulgargaz, National Electricity Company,energy distribution companies and others -can be privatized fully or partially through theBSE. We hope that this will happen, becausesuch a step will be very beneficial for ourcapital market.

Baltic Stock exchanges withexceptional profits

Lauri Lind - director of Hansa bank Marketssecurity sector, Estonia. – Although our coun-try is small we are raising funds and otherinvestment assets and we already had fewbig investments in the region, in Bulgaria,Romania and Serbia. On the other hand weare working in order to achieve capital for ot -her companies.

I will briefly present the current situationof the Baltic countries. In correlation with thefast economic growth, all Baltic StockExchanges have indicated exceptional prof-its, but due to the world negative economieswhich suffer small liquidity, foreign investorsindicate small interest for these countries.IPO`s market became relatively active in

Baltic countries as a result of the great inter-ests of the institutional and sale investors. Inorder to increase the liquidity and the worldto get more familiar with the Baltic sharesemerges great interests for public offers in allBaltic countries and double listing on theWarsaw Stock Exchange.

In relation with evaluation methods wecan say that the price isn`t determined by theinvestment bank but the investor itself. Themarket is the one that determines the price.

In relation with shares issuing we had25% of the listed shares, although we wereadvised to risk bigger percent, while the priceof the shares should be determined in the

period of the book-building and the pricemovement should be determined in pre-mar-keting phase. This offer`s structure is muchmore different than the structure of Romania,Croatia and Bulgaria, but we have recentlyaccepted their structure and created mutualstructure for all Baltic countries, hence wehad public offers in few countries and at thesame time in the three Baltic countries, in thesame period and with the same price. Weapply the institutional offer in all countries inthe world. We have some restrictions whichmajority refer to USA, hence these restric-tions that doesn`t refer only to qualified insti-tutional buyers.

In terms of IPO`s process it is very impor-tant to have a councilor after the listing,because sometimes there is suitable time forlisting of this business, but also times whenthe opposite situation is much important frommarket`s point of view to have councilor whowill explain you exactly what is happeningand will explain why the share decline is hap-pening, and the management of the compa-ny should work 24 hours in order to find suit-able solutions. The market investigation isalso very important. The story of the equitycapital should be represented to analystswho investigate the market. They researchthe equity capital, publish material along withthe gained information and distribute it toinvestors in order to have full insight in mar-ket`s situation.

I will state few significant roles ofHansabank, such as counseling the compa-

ny, in relation with double listing,placement strategy preparation,evaluation of the company, IPObe fore the marketing phase, agre -e ment, listing, marketing etc.

While, for its role in the mar-ket`s investigation and trade I canpoint out its big experience withIPO and private placement in theregion. Majority of active foreigninvestors on the Baltic markethave security accounts and tradethrough Hansabank. Baltic marketis very specific in terms of al tho -ugh there are 10 or more memberswho have applied, although gro -ups like City Bank are big, in reali-ty they don`t contribute towardsthe market, still the local brokersp

promoting the market do their job. Majorcompanies do not see our market as a who -le. Generally speaking, we are the biggestinvestment bank in the region and from his-torical reasons we privatized all local banksin every country, so that we have big saleand institutional contribution on the market.

In terms of the agreements with othercompanies I will state the cooperation withOlympic Entertainment Group (OEG) which aleading casino company in the Baltic coun-tries. Hansabank markets were the majormanager of OEG IPO, and for the first time aprocess has been started simultaneously inall three Baltic countries and new shares of71.8 million euros were issued.

continue from page 12


1. MACEDONIAN TELEKOM WITH TRADEMARK “T” (*****)

2. THE MILK PRODUCERS PRESENTED CERTIFICATES OF GRATITUDE (****)

17.04.2008 THURSDAY

Rebranding of Makedonski Telekomunikacii isnews present in all printed media. Starting May1st, the new name of Makedonski Telekomunikaciiwill be Makedonski Telekom JSC for electroniccommunications, and the company will operateunder the brand of T-Home. Makedonski Telekomis the first company within the frames of internati -onal group Deutsche Telekom, which is going tofollow the new T-Brand architecture in the field oftelecommunications. Accepting the new brand,makes the company member of the big gest te -lecommunications family and Macedonian userswill have the opportunity, same as other 150 milli -on users, to enjoy privileges offered by T-Brand inmore than 50 countries in the world.

Macedonia faces new milk crisis, this timedue to lack of milk for purchasing, papers inform,which is a result of the opening of diaries, ownedby foreigners. Purchasing prices in just 6 monthsin creased almost 80%, and stockbreeders an -noun ced new increase due to expensive andinsufficient fodder. On the other hand, foreignown ers introduce new standards in milk produc-tion. According to the information in newspapers,diary Swedmilk Macedonia is the best promoter ofhighest European standards, which means quali-

ty control in the entire process, from the farm tothe final consumer. The education of farmers, whodirectly implement positive experiences thatalready function, is the most important.

Due to the drastic increase of price of food inthe recent months, the Government will startnegotiations for import of wheat and fodder, Dnev -nik informs. This decision is adopted on the lastGovernment session, and the goal is providing ofreserves before the crop in order of avoiding pos-sible shortage. The reason why the Governmentconsiders import of wheat is that prices on themarket are higher compared to several monthsago when the last amounts of wheat and fodderwere imported. The Government will import wheatand invest advance money in state-importers inorder of securing that in time of reduced cropthere will not be halt of the shipments due toexport ban.

In this moment on MSE there is redistributionof foreign share holding structure, Biznis informs.Existing foreign institutional investors leave MSE,because in the past period they gained certainprofit and that is why they are leaving and lookingfor new markets. But, still, there are new foreignshare holding structures, which is confirmed by

the enter of new Bulgarian and Croatian institu-tional investors. Figures in MSE-Monthly Sta ti s ti -cal Bulletin, show that in March foreigners partici-pated with 21.82% on the Official Market, which is0.02% lower than February with 21.84%.

In Biznis can be read that interest rates havesloping up trend on the primary securities market.Average pondered interest rate at three-monthstate owned securities, mark stabilization trendwith sign reduce in the first two months. In Ja nu a -ry it reached 5.1%, while February, on the first bid-ding was realized pondered interest rate of5.04%, and 5.06% on the next bidding. In Marchand the first half of April they increased 1%, and itcontributed for greater interest by the investors.

On the securities market, Wednesday valueof MBI-10 index marked 0.82% increase, MBID0.04% drop, and OMB 0.23% increase.

The fall of American dollar compared to eurosis the crucial factor for the oil to reach recordbreaking price of 114.49 dollars per barrel.

Euro yesterday reached new record breakingvalue of 1.5947 dollars. According to data of Eu ro -s tat, the 15 euro member-states, last month regis-ter 3.6% inflation, which is the highest rate since1999.


DNEVNIKp.1 THE GOVERNMENT WILL IMPORT FOOD RESERVES p.7 INCREASED DEMAND OF MILK p.7 ONLY TWO INSURANCE COMPANIES PROVIDE IN-SURANCE

TO AGRICULTURISTS p.9 MACEDONIAN TELEKOM WITH TRADEMARK “T”p.9 PATRIOTIC FISCAL RECEIPTS FOR FOREIGN PRODUCTSp.7 МBI 17.04.2008

BIZNISp.1 FOREIGN PHYSICAL ENTITIES EXIT- OTHERS EN-TERp.1 DEUTSCHE TELECOM IS BRINGING THE T – HOME BRANDp.3 DEUTSCHE TELECOM IS BRINGING THE T – HOME BRANDp.9 THE MORTGAGE CRISIS INCREASED THE NUMBER OF

BANKRUPTCY p.9 THE CRISIS MAKES THEM RICHER-p.13 MBI – 10 WITH INCREASE OF 0.82 PERCENTS p.13 TRADE VALUE REACHED 37.1 MILLION DENARS p.14 FOREIGN PHYSICAL ENTITIES EXIT- OTHERS ENTERp.15 INTEREST RATES GO UPHILL p.16 OIL REACHED RECORD BREAKING PRICE -114.49 DOLLARS

PER BARREL p.16 NEW SUBSIDIARY IN GOSTIVARp.17 DIARY IN BITOLA MOTIVATES THE DEVELOPMENT OF

FARMS p.17 INTRODUCTION OF HIGHEST EUROPEAN STANDARDS

UTRINSKI VESNIKp.7 A PIPE FROM NISH TO MACEDONIA WILL BE BUILTp.7 IF THE STOCKBREEDERS WANT PROFITS, THEY ARE TO

IMPROVE THE MILK QUALITYp.7 THE HYDRO POTENTIAL INCREASED FOR 135%p.7 THE GOVERNMENT IS IMPORTING WHEAT

p.8 MACEDONIAN TELECOMMUNICATIONS REBRANDED INMACEDONIAN TELECOM

p.8 NEW RECORD VALUE OF THE EURO IN RELATION TO THEDOLLAR

p.8 NEW RECORD OF THE OIL OF 114, 49 DOLLARSVECER

p.1 TELECOM IS REBRANDING TO T-HOMEp.6 THE GOVERNMENT IS THINKING OF IMPORTING WHEAT p.6 THE MILK PRODUCERS PRESENTED CERTIFICATES OF

GRATITUDEp.6 FROM MAKTEL TO T-HOMEp.6 OIL PRICE HITS $114.5 A BARRELp.7 SERBIA TO SAVE THE REGIONp.7 THE GLOBUS SALAMI ON THE RUSSIAN MARKET TOOp.7 SUBSIDIARY OF OHRIDSKA BANKA

VREMEp.5 A DAIRY ACCORDING TO SWEDISH STANDARDS p.5 HIGH QUALITY SERVICES WITH T-HOMEp.5 THE GOVERNMENT DON`T WANT TO MEET TRADERS WISH-

ES ABOUT FISCAL REGISTER COSTSVEST

p.6 T-HOME TO BE CHEAPER AT NIGHTp.6 KOSMOFON REPAIRED 10 APPLIANCES FOR THE NEWLY

BORNNOVA MAKEDONIJA

p.9 SERBIA IS SAVING US FROM THE LACK OF ELECTRICITYp.9 THE OIL FROM KUWAIT FOR THE FIRST TIME PRICED FOR

OVER 100 DOLLARS PER BARRELp.9 THE STOCK – BREEDERS LEARN HOW THE MACEDONIAN

MILK SHOULD REACH THE EU STANDARDS





1. ANOTHER 50 MILLION EUROS FROM EBDR (*****)

2. GERMANS WANT TO MANAGE THE MACEDONIAN AIRPORTS (*****)

18.04.2008 FRIDAY


The two days visit of the delegation of theEuropean bank for reconstruction and develop-ment was without a doubt the most interestingevent in all the printed media. On the meeting, thevice Prime Minister Zoran Stavreski together withthe vice president of the EBOR Varel Freedman,is agreed for the EBOR to secure 50 millions ofeuros as addition of the financial situation of theproject for construction and reconstruction of theregional and local roads with the World Bank,from which 70 millions of euros have already beengranted. With this, the total amount for the con-struction of the regional and local roads will cost120 millions of euros, which will provide improve-ment of the total transport and infrastructure inMacedonia. EBOR expressed readiness and deci-siveness for the support of the development of thebusiness in the private sector, attracting foreigninvestments, working with the financial sector, inorder to help the development of the small banks.

The Financial Times Deutschland announcedthat the German construction company HohtifJSC is interested in investing in the Skopje airportAleksandar the Great. As reported by the today’sissues of the papers, in the text it is stated thatthis company has already sent a letter of interestto the Macedonian government. It is also quotedan announcement on a source of the Macedoniangovernment saying that the company Hohtif hasgood chances for success in the agreement forthe Skopje airport. According to the plan of theMacedonian government, the best bidder willhave to invest 300 millions of euros in expansionand construction of the three airports in the coun-

try, and with this acquiring the right to managewith them for the next 20 years.

That Macedonia is an interesting country forinvesting, have found the Italian businessmen,whose delegation stayed in the country. – Theentrepreneurs that are with me are interested toinvest in the living environment of the waters, tocooperate with the government at the developingof the energy sector for production of electricity,hydro energy and the possibilities of using the oilas a possible source of energy, for construction ofapartments and the world known hotel in Skopje –stated the president of De Genaro group, DanieleJulio De Genaro, adding that one of the Italianbusinessmen from the delegation, which is ownerof seven hotels from the Sheraton and Hiltonbrands is interested in entering Macedonia.

The newspaper Vest, reports the claim of thegovernor of the National Bank, Petar Goshev, thatbesides the early elections, the course of thedenar will stay stabile. On the strong speculations,for the possible devaluation of the denar, Goshevstates that – the inflation will start to fall, but evenit stays higher, the stance of the National Bank isthat there would be no devaluation. The Centralbank will keep the course as stabile. There areplenty of reserves in currencies, i.e. over 1.5 bil-lions of dollars, and we have enough instrumentsif it would be necessary to intervene and to keepthe stability of the denar.

The agency for electronic communication hasmade an immediate agreement with the Seavuscompany for supplying the software for the trans-mitting service of the phone numbers for which

will pay 510 000 euros informs Dnevnik. TheSeavus offer is three times higher than the offersof the other companies that are participating onthe two previously annulled public offers. At theAgency say that only Seavus had been qualifiedfor an immediate agreement because the othercompanies did not have any reference for suc-cessfully implemented software.

For a long time now on the Macedonian stockmarket there is an increase of the three stockmarket indexes, say the regular stock marketreport in Biznis. Namely, the Macedonian Stockmarket index - MBI–10 is 5.760.03 and marks anincrease for 4.42%, MBID has increased for0.97% and OMB for 0.18%.

From the events in the region, interestingnews is that the biggest Slovenian bank NovaLjubljanska Banka NLB is announcing emission ofnew shares because the increase of the capital inshares. The total emission worth 300 millions ofeuros will increase the capital in shares of thebank to 11.2 percents.

The increase of the prices of the food and ofthe fuels is the main reasons for the record-break-ing inflation of the two biggest Europeaneconomies – the French and the German, informsNova Macedonia. Namely, France in March hashad a record – breaking high inflation for 3.2 per-cent, which is the biggest leap since 1991, whilethe German state statistical office confirmed thatthe inflation in March in Germany has reached 3.1percent.

DNEVNIKp.12 A FIRSTHAND AGREEMENT ON SOFTWARE WORTH 500 000

EUROp.12 GERMANS WANT TO MANAGE THE MACEDONIAN AIR-

PORTS p.12 THE CUSTOMS TERMINAL IN STRUMICA AVOIDED THE CLO-

SUREp.12 BUSINESSMEN FROM ITALY INTERESTED IN MACEDONIA

BIZNISp.1 GROWTH OF THE THREE STOCK INDEXES p.3 GERMAN HOCHTIEF AG INTERESTED IN ALEKSANDAR

VELIKIp.3 ANOTHER 50 MILLION EUROS FROM EBDRp.3 ITALIANS TO BUILD HILTON AND SHERATON p.13 GROWTH OF THE THREE STOCK INDEXES p.13 SHARES OF MAKPETROL, SKOPJE, MOST TRADED p.13 МBI 18.04.2008p.14 MAKEDONIJATURIST WITH NET-PROFIT OF 138.2 MILLION

DENARSp.14 MARKET INFORMATION ABOUT MBI-10

UTRINSKI VESNIKp.7 GERMAN HOCHTIEF AG INTENDS TO INVEST IN SKOPJE`S

AIRPORTp.7 ITALIANS INTERESTED IN ENERGY SECTOR AND HOTEL

CONSTRUCTION IN THE COUNTRYp.8 TPP OSLOMEJ p.8 EBRD TO SUPPORT LOCAL BUSINESSES IN MACEDONIAp.8 MICROSOFT DONATED 400,000 US DOLLARS ABOUT THE

SHTIP UNIVERSITYVECER

p.5 EBRD TO FINANCE THE MODERNIZATION OF THE AIR-PORTS

p.6 MILK IN TETOVO CHEAPER FOR TWO DENARS p.6 CRYSTAL BELL FOR KOMERCIJALNA BANKAp.7 WILL THERE BE SHERATON OR HILTON IN SKOPJE?p.7 GERMANS INTERESTED FOR THE SKOPJE AIRPORT

VREMEp.6 EBOR IS FINANCING HIGHWAYS AND POWER PLANTSp.7 GERMAN BUILDER HOCHTIEF WISHES TO TAKE OVER THE

AIRPORTp.7 HOTELS HILTON OR SCHARATON WILL SPRING UP IN

SKOPJE?p.7 NOVA LJUBLJANSKA BANKA NLB INCREASES THE CAPITAL

VESTp.3 STOCK EXCHANGE`S GROWTH OF 4.42 PERCENTp.6 INFLATION WILL NOT WITHDRAW DEVALUATIONp.8 ITALIANS WISH TO BUILD A LUXURIOUS HOTEL IN SKOPJEp.9 GERMAN HOCHTIEF AG INTERESTED IN ALEKSANDAR

VELIKINOVA MAKEDONIJA

p.1 SHERATON AND HILTON CAN RISE IN SKOPJE p.6 THE HOTELS SHERATON AND HILTON CAN RISE IN MACE-

DONIAp.6 EBRD SUPPORTS THE PRIVATIZATION OF MACEDONIAN

AIRPORTSp.6 INFLATION RECORD OF THE TWO GREATEST EUROPEAN

ECONOMIES p.6 LUKOIL WITH 9.5 BILLIONS PF DOLLARS OF PROFITSp.6 50 MILLION EUROS FOR REGIONAL AND NATIONAL ROADSp.6 OPEC OIL AT RECORD PRICES OF 106, 65 DOLLARS PER

BARRELp.7 DELTA INVESTS 3 BILLIONS OF EUROS IN THE REGIONp.7 THE SLOVENIAN NLB INCREASES THE SHARE CAPITAL


1. MACEDONIAN CONSTRUCTION COMPANIES WILL PROFIT FROM THE BIGGESTINVESTMENT IN KOSOVO?! (****)

2. THE DOMESTIC LAMB ON THE SERBIAN MARKET FOR THE FIRST TIME (**)

19.04.2008 SATURDAY

Starting from yesterday the Macedonianlambs are being exported on the Serbian marketfor the first time; inform Saturday’s editions of thenewspapers. Until the Orthodox Easter it hasbeen agreed for the Serbian merchants to pur-chase a total of 6,000 lambs from Macedonia,and as our traders explain the export in Serbia isa result of the reduced placement in Greece. Sofar Serbia hasn’t been importing Macedonianlamb because there was an administrative ban.In order to enter the country the meat shipmentswere supposed to undergo customs procedurefor three days. Recently Serbian authorities intro-duced new facilitating import measures. The totalnumber of exported lamb is reduced, becausethe sheep breeders do not sell the female lambsas a result of the stimulations given by theGovernment. Statistic data on the other handshow that Macedonia annually exports around3,000 tons of lamb. The entire foreign exchangeinflow is around 11 million euros.

The Germans are most interested in energyand construction of hydroelectric power plants,but they also show great interest for the infra-structure of airports, roads and internet banking,Vice-prime Minister Zoran Stavreski said, afteryesterday’s meeting of government representa-tives with 20 German businessmen where theydiscussed about the opportunities for economic

cooperation between Germany and Macedonia.Newspapers also inform that despite this, theGerman businessmen are interested in real-estate especially regarding the project whichenvisages for a large residential and businesscenter to be built in one part of the army barracksIlinden, which would include apartments, mallsand other facilities.

Macedonian businessman Edmond Karliuwill be one of the main financers in the largestinvestment in Kosovo, worth 400 million euros forthe construction of a large number of apartmentsand business premises in the capitol of our north-ern neighbor, Utrinski Vesnik conveys. The enter-ing of this powerful businessman on the civilengineering market of Kosovo would certainlymean getting solid deals and work for manyMacedonian construction companies, althoughso far nobody mentions the potential candidates.

The Croatian market will be open for the cig-arettes from Macedonia, is the headline ofDnevnik’s article, where you could read that thiswould be achieved if the demand of the EU isimplemented, that means for Zagreb to abolishthe discriminatory taxes for import from othercountries. Namely, as a result of the very hightaxes, none of the cigarettes produced in ourtobacco companies has been sold in Croatia sofar. The attempts of some of the Macedonian pro-

ducers to win over the Croatian smokes were notsuccessful, because they were uncompetitive onthe market.

The early parliamentary elections inMacedonia will not have a negative influence ofthe business; neither this is going to stop the eco-nomic activities in our country, Branko Azeski,president of the Economic Chamber, states fortoday’s edition of Vecher. – However, it is normalthat there would be a certain delay of theGovernment’s activities in our country. The capi-tal investments realized by the Government aregoing to be brought to a halt, but the remainingeconomic process will continue at their normalcourse, because the business is becoming moreand more immune to the politics, Azeski consid-ers.

Including the first quartile of this year KBFirst Open Pension Fund had 98.989 members,it is said in the Funds’ announcement conveyedby Nova Makedonija. Compared to the sameperiod in February, the number of new membershas increased for 1.315, stands in the fund’sannouncement for the results achieved in the firstquartile. The total net incomes that the fundmade are now 1.9 million denars, which is anincrease of 5,34 percent comparing to the monthbefore.

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

DNEVNIKp.7 THE CROATIAN MARKET WILL OPEN UP FOR THE MACE-

DONIAN CIGARETTESp.7 MACEDONIAN BUSINESSMAN WILL INVEST 400 US MILLION

DOLLARS IN KOSOVOp.7 THE DOMESTIC LAMB ON THE SERBIAN MARKET FOR THE

FIRST TIMEp.7 NOTE OF PROTEST TO GREECE BECAUSE OF MATp.7 BUSINESS CENTER WILL SPRING UP NEAR THE BARRACKS

ILINDEN

UTRINSKI VESNIKp.7 MACEDONIAN CONSTRUCTION COMPANIES WILL PROFIT

FROM THE BIGGEST INVESTMENT IN KOSOVO?! p.7 DOES REK BITOLA WORKS ON COAL OR HEATING OIL? p.7 THE GERMANS WISH TO INVEST IN THE ENERGY SECTOR

AND IN A BUSINESS CENTER

VECERp.7 BUSINESS BECOMES IMMUNE TO THE POLICY

VREMEp.7 THE GOVERNMENT MUST NOT INVITE NEW TEN-DERSp.7 GERMANS INTEREST ABOUT A LOT OF PROJECTS

VESTp.8 SERBIA IMPORTS MACEDONIAN LAMB FOR THE FIRST

TIME

NOVA MAKEDONIJAp.5 COOPERATION WITHOUT CONCRETE DEALS p.5 FIRST PENSION FUND REACHES 90.000 USERS p.6 OIL PRICE INCREASE CONTINUES p.6 GRANIT FOUNDS ANOTHER COMPANY




KAPITALp.11 NEW PRODUCER OF OIL DERIVATESCapital Oil-LLC – is the name of the new company founded last week

which deals with oil derivates production. p.11 SRGAN KRSTIC NEW MEMBER IN THE MANAGING BOARD OF

EUROSTANDARD BANKASrgan Krtic, the first general director of Postenska Banka entered the

managing board of Eurostandard bank last week. p.11 VESNA SAP HAS NEW OWNERS Vesna Sap, company for starter batteries production in the past known

as Zletovo has new owner and larger owner structure. p.12 ALKALOID TO DONATE EQUIPMENT FOR SCIENTIFIC

RESEARCH ACTIVITYThe purpose of last week`s agreement by Ss.Cyril and Methodius

University and Alkaloid is cooperation in order to stimulate and to enable jointimplementation of projects and other cooperation forms in order to accom-plish mutual goals of the academic and business community.

p.12 GREEK VETO FOR MACEDONIAN LAMB TOO, MORE ONDOMESTIC MARKET – 143164

Greece doesn`t want Macedonian lamb for the approaching eastern hol-idays. Last two weeks the import of lamb meet to our southern neighbor hadbeen fully stopped. 60 thousand lambs on Macedonian farms remainedunsold.

p.12 ZOELLICK: THE INCREASED FOOD PRICES ARE NOT TEMPO-RARY

Increased food prices are not temporary event, and will probably main-tain during the next years, Robert Zoellick, president of the World BankRobert Zoellick stated. Increased demand and biofuel`s utilization as alterna-tive source of energy are gone.

p.14 THE WEAK DOLLAR A REASON FOR SHOPPING TOURISM INNEW YORK

Due to fall of the dollar in relation to other currencies, New York experi-ences new type of tourist boom.

p.22 MACEDONIAN ECONOMY LOSSES THE FIGHT ON THEDOMESTIC MARKET TOO!?

Macedonia increases the volume of its trade with foreign countries, butincreases its trade deficit too.

p.27 MACEDONIAN STOCK EXCHANGE EUPHORIA ENDS.The price correction lasts half a year now, global financial markets are

unstable, due to which they`ve stopped spreading positive energy a key fac-tor for our region`s growth.

p.36 SLOVENIAN AND CROATIAN INSURERS “AT WAR” FOR THEINSURANCE BUSINESS IN MACEDONIA!

One year ago Macedonian insurance market was not so popular subjectfor discussions among financial business circles, but this year becomes pop-ular in terms of its further development.

p.42 BUCIM WITH BEST RESULTS SO FAR The mine Bucim from Radovis plans to increase the production during

next year and for this purpose it intends to invest over 4 million dollars in newequipment.

p.42 PRINTING HOUSE KIRO DANDARO INVESTS THREE MILLIONEUROS ON EQUIPMENT - The printing house of Bitola Kiro Dandaro plansto invest around three million euros the next two years in new machine andequipment supply. “An investment of one million euros is planned for thisyear from which the bigger part is already realized. We plan to spent two mil-lion euros next year for new machines and equipment”, Dragi Milosevski,director of the printing house stated.

p.43 KRKA OPENED NEW BUSINESS CENTER IN MACEDONIA Slovenian pharmacy company Krka on 1.907 square meters has opened

new business- store centre in Skopje. According to Jose Colaric, president ofKrka`s managing board, the company by making this move marked the 14year annual presence on Macedonian market.

p.44 EASTERN CREDIT FOR THE CITIZENS FROM UNI BANK On the occasion of the approaching eastern holidays, Easter and 1, May,

UNI Bank created non-purpose credit for citizens. The procedure about lend-ing these credits is very simple and quick and it can be approved withoutadditional commission for the credit in this promotional period.

p.45 OVER TWO MILLION EUROS ABOUT SOFTWARE RECORDINGTHE MACEDONIAN PRODUCTS!

The implementation of the new software within fiscal registers will costthe Macedonian private businesses at least two million euros. The softwarewill record how many Macedonian products are produced in Macedonia.

p.48 RETAIL TRADE LAST YEAR INCREASED BY 11%Food and fuels products constitute over 60 % of the turnover. During

2007, the retail trade in Macedonia has been increased by 17.1% in relationto 2006.

p.48 BALKAN IS GOOD FOR INVESTMENTS“Political situation dominates in the texts about the Balkan, but behind

the complex politics, there is growth of the trade, investments, economy, andwages, and the common investment climate continuously improves, estimat-ed Ernhard Busek, special coordinator of the Stability Pact for SoutheastEurope in authorial text for “Financial Times”.

p.62 TECHNOLOGY CAN SIGNIFICANTLY CHANGE THE LIFE ANDTHE BUSINESS

Since the middle of 2004, Goran Radman is one of the fifth regionalpresidents of Microsoft EMEA (Europe, Middle East and Africa), especiallyresponsible for Southeast region.

MAKEDONSKO SONCEp.35 DECENT OFFER WITH BIG COMPENSATION Employees of “Makedonski Telekomunikacii” with at least five years of

length of service will be able, within one month to apply for voluntarily depar-ture with compensation from the company.

p.36 BLACK METALLURGY IN BIG PAIN These days, representatives of domestic metallurgy giants have openly

asked for better conditions for market economy. For them especially impor-tant is the energy support, and they also ask for state aid pursuant to theNational program for reconstruction of the steel industry.

FORUMp.9 EXPANSION OF SEAVUS Until the end of the year, the development center of Seavus in Nish,

Serbia will increase the number of employees to 70. The company at thesame period plans an expansion of its cooperation with the information –technological faculties in Nish, with which it will grow in a leading center forthe development of the information technology in this part of Serbia.

p.26 NIP HAS BEEN “DYING” FOR FIVE YEARS Probably very few people remember the 12 loss-making firms for which

destiny Macedonia had to sign FESAL-arrangement with the IMF. Amongthem was the once fortress NIP Nova Makedonija, in which secret chambers,according to unwritten memoirs, the personnel compositions of thenExecutive Council of Assembly of SRM had been tailored.

p. 28 INVESTOR ACTIVISM On the ninth annual conference of the Macedonian Stock Exchange last

week, several scenarios on the development of events were stated out, relat-ed to the share prices until the end of the year.

p.29 LAST YEAR’S BOOM IS NOT GOING TO HAPPEN AGAIN After the last year’s boom on Macedonian Stock Exchange, when there

was euphoric rush- who didn’t buy didn’t get, this year the Stock Exchangegot affected by the apathetic period where usually the bear is the one domi-nating and not the bull.

p.31 IN KNOCKOUT AGAIN The second stock exchange week of April started peacefully and without

any big expectations. On Monday there was reservation both with the buyersand the ones making the offers, with realized turnover of 21 million denarsand slight increase of MBI-10 of 0,73%.

p.33 ALKALOID SIGNS AGREEMENT WITH UNIVERSITY OF SS.CYRIL AND METHODIUS

Alkaloid will sponsor scientific researches in the pharmaceutical area ofthe state university of Ss. Cyril and Methodius.

DENESp.5 Croatian Ingra became owner of the majority share package in

Mavrovo. Croatians bought another 33 percent of the construction compa-ny’s capital- before announcing the public offer on taking over the company,they owned 28 percent of Mavrovo’s capital.

p.21 POWER STROKES ON THE STATE BUDGET In only one month, another two serious problems occurred with the sys-

tem of the Macedonian electricity producer. p.24 GOVERNMENT NOT TO GET INTO UNPRODUCTIVE SPENDING The current state in economy, before the arrangement, got into the mon-

etary experts’ focus, several weeks before announcing the early parliamen-tary elections.

1. SHORT REVIEW IN THE WEEKLY MAGAZINES

14.04.-19.04.2008 MONDAY-SATURDAY


PAST WEEK IN THE TOKEN OF...

After the business climate and the taxreforms, Macedonia is among the best inEurope and the world. This assessment, givenby the president of the World Bank, ShigeoKatsu, on the IMF and the World Bank’s springsession, opened the last week which in the printmedia went mostly in the sign of the internation-al financial institutions and companies. Fromthe same place came also the news thatMacedonia will receive loan of about 70 millioneuros from the World Bank for construction ofnew and reconstruction of the existing roads inthe country. Together with the 50 million eurosthat the European Bank for Reconstruction andDevelopment will provide, which was agreed ontheir delegation’s visit in Macedonia, the totalamount for improvement of the entire transportinfrastructure in Macedonia will be of about 120million euros.

This week was also marked by the assess-ment from the popular independent consultingfirm Standard and Purs, which doesn’t expectthe early elections in Macedonia to cause sig-nificant deviations from the political courserequired for starting negotiations for our coun-try’s membership in EU.

Financial Times Deutschland paper reportsthe news that German construction companyHohtiff was interested in investing in Skopje air-port Aleksandar Veliki, and according fromsources from Macedonian Government, thebest bidder will have to invest 300 million eurosin expansion and construction of the three air-ports in the country, which will earn him the rightto manage them for 20 years.

The renaming of Makedonski Tele ko mu ni -kacii is the news that was reported by all printmedia. Macedonian Telekom is the first compa-

ny within the Deutsche Telekom Group that willfollow the new T-brand architecture in telecom-munication industry. By accepting the newbrand, Macedonian users will have an opportu-nity of enjoying the privileges T-Brand offers inover 50 countries around the world.

From the domestic news to be marked isthe one that all exporting or importing compa-nies will be able to charge duties on their prod-uct on their own if they possess approval forsimplified customs procedures. Among the topnews is also the one saying that the campaignfor increasing the sell of Macedonian productshas the traders’ support, but they do not agreeto finance it with their money. According tothem, if the idea is the Government to statisti-cally determine how much the Macedonianproducts are being sold, then the Governmentshould cover the expenses for this change.Otherwise, they will increase the prices of theirproducts.

Loans for improving transport infrastructure

MACEDONIAN STOCK EXCHANGE

Regular revision of OMB Index In accordance with the Methodology for calculation of the bonds Index on Macedonian Stock

Exchange OMB, on 15.04.2008 the Commission for stock exchange index made regular revisionof OMB.

The Commission established that the following bonds will continue to be elements of OMB:Bonds for settlement of citizens’ demands on the grounds of deposited foreign exchangedeposits (RM01), Bonds for denationalization-First emission (RMDEN01), Bonds for denational-ization- Second emission (RMDEN02), Bonds for denationalization-Third emission (RMDEN03),Bonds for denationalization- Fourth emission (RMDEN04), Bonds for denationalization- Fifthemission (RMDEN05), Bonds for denationalization- Sixth emission (RMDEN06).

According to the participation of every bond-element of the index in the overall trading withbonds in the period between two revisions (16.01.2008-15.04.2008), the Commission determinedthe influence of each OMB element on the index’s movement, whereas the influence of not oneelement is to exceed 30%.

The next regular revision of OMB will be carried out on 15.07.2008.

GD GRANIT AD SKOPJE

New Company founded

On 31.03.2008 the construction companyGranit AD Skopje founded Company for pro-duction of factions from mineral raw materi-als, GRANIT-KAMENOLOMI LLC Skopje.Priority field of the company is exploiting ofdecorative stone for civil engineering. Thecompany will carry out all activities set withthe National classification of activities exceptfor those that require consent, permit or anyother act from a state or other competentorgan. Trade and services company GRAN-IT-KAMENOLOMI LLC Skopje uses fundswhich are in ownership of the founder. Theequity is five thousand euros. In the legaltrade with other persons the company will actin its behalf and for its own account.

RZ USLUGI AD SKOPJE

Monthly incomessmaller for four million

denars The stagnation and the stoppage of pro-

duction process in Makstil-steelworks, willaffect the operation of RZ Uslugi AD in thepart of technological water distribution fortheir needs.

As it stands in the Company’s announce-ment, in the period of stagnation the reduceof incomes on monthly level will be about4.000.000,00 denars, and the overall effecton the financial result of RZ Uslugi AD will beestablished once the stagnation periodexpires.

KOMERCIJALNA BANKA AD SKOPJE

Conversion of priority shares Komercijalna Banka AD Skopje informs that after making the conversion of 3.353 priority

shares with total nominal value of 3.353.000,00 denars to 3.353 ordinary shares with the sametotal nominal value of 3.353.000,00 denars, the number of shares issued by Komercijalna bankaAD Skopje listed on the Macedonian stock exchange AD Skopje changes and is now 17.938,00priority shares with total nominal value of 17.938,000,00 denars and 1.996.129 ordinary shareswith total nominal value of 1.996.129.000,00 denars.

MAKEDONIJATURIST AD SKOPJE

Net-profit of 138,2 million denars In 2007 joint-stock company Makedonijaturist made a net-profit of 138.205.000 denars.

According to the consolidated balance sheet, the overall assets in 2007 were 1.812.627.000denars, and the value of capital and reserves 1.745.144.000 denars. In the consolidated incomestatement the profit’s value of the regular operation is 149.098.000 denars, which is an increasecomparing to those 114.510.000 denars in 2006.

The Supervision Committee of Makedonijaturist AD Skopje passed a decision by which itrevokes Grigor Koprov from the position member of Board of Directors of Makedonijaturist ADSkopje, because of meeting legal conditions for retirement. At the same time, SupervisionCommittee passed a decision by which is appoints Mirjana Tanevska member of the Company’sBoard of Directors.



W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G Eperiod 14.04. - 18.04.2008

MKIBN20080421-0019E

Documents

Transcript of MKIBN20080421-0019E