Bulgarian medical products maker Momina Krepost said on Wednesday that local investment trust Telso has raised its stake in the company to 10.01% from 9.99%. Telso bought 300 shares in Momina Krepost in a deal registered at the country’s central depository on March 5, the medical supplies producer said in a bourse filing. No financial details were disclosed. After the transaction, the investment fund holds a total of 169,329 Momina Krepost shares.
Source: investor.bg (07.03.2013)

After Sopharma Properties REIT managed to raise almost BGN 1 million on the Bulgarian Stock Exchange (BSE-Sofia) by means of capital increase in 2013, the company will make the same offer to investors. However, the company expects to raise BGN 5.8 million this time. Sopharma Properties REIT will use the money to partially repay a bank loan with Eurobank Bulgaria and DSK Bank. The company received the loan worth EUR 30 million in May 2011 and should repay it by 2020.
Source: profit.bg (06.08.2013)

Just a single amendment will be made among components of the oldest index in Bulgaria-SOFIX. As of 23rd of September Kaolin AD will be replaced by Neochim. There are seven changes, envisaged for BG40.The index will stop functioning in its well-known way. Bulgarian Stock Exchange will start calculation of an entirely new indicator, based on market capitalization, corrects by free-float of included emissions. Leaving companies are Lead and Zinc Complex, Elchim Iskra, Lomsko Beer, Sparky-Eltos, Billboard, Petrol holding, Energo-Pro Sales. They are to be replaced by Sopharma Properties REIT, Bulgarian Rose-Sevtopolis, Yuri Gagarin, Toplivo, Fazerles.
Source: profit.bg (12.09.2013)

Reports of REITs show exclusive differences in P/B and P/E ratios Special purpose vehicles (REITs) should be comparatively easy to analyze. Important indicators for them are equity capital and profit. All special purpose entities yield at least 90% of its profit in the form of dividends. Unfortunately after the crisis lots of assets in their financial reports are not liquid and thus they are hard to assess. For instance, FairPlay Properties REIT financial report shows that the company has a property in Plovdiv that is listed at a price of BGN 7.53 million while the company is ready to sell it for just BGN 4.073 or almost twice cheaper. Still there are other distinctions, too. For example Bulgarian Real Estate Fund REIT has cash for BGN 25 million and the current market capitalization of BGN 33 million. Other vehicles, as Advance Terrafund REIT has accumulated positive revaluations. Because of this profit for distribution is higher than the one registered in the balance sheet. For instance distributed dividend for 2012 is BGN 42 million, as compared to a BGN 27 million-profit reported in the unaudited report for 2012. A total of 15 special purpose vehicles have distributed dividend for 2012. This is one third of all 44 companies, listed in the BSE that yielded dividend. Special purpose vehicles do not consider sales important if they do not gain profit. This is so because REITs can’t sell a property more than once. Thus it is extremely important to analyze obligations of different entities, too. Some do not have obligations, while others have overdue payments. It is essential to see whether there are profitable assets and what is their share, too. Not to mention the importance of dividends-whether they are yielded once or this happens every year.
Source: investor.bg (01.11.2013)