The managing board of Bulgarian diversified holding company Synergon Holding has called a general meeting of shareholders for February 23 to approve the issue of 10,528,366 new shares with a nominal value of BGN 1.00. The exercise will increase the capital of the holding company to BGN 21,056,732. No maximum or minimum subscription target has been set for the capital raise. The shareholders will also vote on a proposal to authorise the supervisory board of the company to further enlarge the capital base to BGN 80 mln over the next five years. According to the general meeting notice, the cash proceeds will be invested in the construction materials and fuel trade companies wherein Synergon Holding controls a majority share and in the acquisition of more majority stakes in energy and tourism companies. Synergon fell 1.42% on the Bulgarian stock exchange on Tuesday, January 18, for a close of BGN 9.00 levs. Synergon Holding Group, the successor of the former Petrol privatisation fund, acquired a large amount of shares in trade, tourism and chemical companies at the beginning of stock exchange privatisation through trade in investment vouchers. It now has over 200,000 individual and corporate shareholders.
Source: Dnevnik (19.01.2005)

The building of a modern congress center and commercial complex in Novotel Plovdiv is expected to begin no later than February 15. By the middle of February, the investor will choose one of a total of eight building companies to execute the expansion and modernization.
Source: Construction City (31.01.2005)

Sinergon Holding reported a 32-per cent drop in net profit for last year, which went down to BGN 2.04 mln. In 2003, the profit generated by the holding was in the amount of a little under BGN 3 mln. Total revenues are down 53.1 per cent to BGN 4.96 mln, versuse BGN 10.56 mln in 2003.
Source: Dnevnik (03.02.2005)

The sales of Bulgaria's Toplivo AD increased 20.5% to BGN 192.4 million, show data about the last quarter of 2004. The company's profit, however, rose just 1.9% to BGN 1.030 million. The surge in income was mainly due to sale of goods, as services declined more than three-fold to BGN 990,000. The total operating income increased 18.4%. At the same time operating expenses rose 18.7%. The amounts due by clients went up by BGN 3 million but the cash resources of the company jumped by BGN 1.6 million. Toplivo's majority owner is Synergon Holding (90.98%). The holding owns another 4.90% of the capital through its subsidiary Kratos-22.
Source: Pari (03.02.2005)

The shareholders of Bulgarian diversified holding company Synergon Holding have put on the back-burner the proposed issue of 10,528,366 new shares with a nominal value of 1.00 levs and instructed the managing board to prepare a capital raise proposal with a different parameters where the issue price will be higher than the par. Synergon has traded at 8-9 levs in the past month on the local bourse. The shareholders authorised the supervisory board of the company to further enlarge the capital base to 80 mln levs over the next five years. Synergon, the successor of the former Petrol privatisation fund, acquired a large amount of shares in trade, tourism and chemical companies at the beginning of stock exchange privatisation through trade in investment vouchers.
Source: Dnevnik (24.02.2005)

Toplivo-Sofia JSC reported a net profit of BGN 706 528 for the previous year, the Board of Directors reported during the annual general meeting of the shareholders, held in the end of the last week. No dividends shall be distributed, and no changes in company’s management will be made, the company announced. The company’s net income is BGN 191 mln, which is a 20% growth when compared to last year. The company has the greatest market share in LPG sales. It also trades with solid fuels and construction materials. Approximately 80% is the company’s growth in coal sales, for the year of 2004 when compared to the year of 2003. Toplivo JSC is the biggest partner of the Ministry of Labor and Social Policy in providing coal for the population. Its investment program is directed towards construction of new sites and reconstruction of old warehouses and bases. Last year’s investments in those areas were BGN 25 mln worth. Another major feature of the company is trade of construction materials. Although competition in the branch is severe, Toplivo marks a growth in its sales, thanks to its developed warehouses and stores network in the country. The company’s capital is BGN 4 333 928. 90.96 % of its shares are owned by Synergon Holding JSC. One of the company’s main goals last year was to develop the LPG markets. The company bought 10 new gas-stations. What is more the company has the only two factories in the country for filling in bottles with LPG- one in Bourgas and the other in Kremikovtzi.
Source: Pari (30.05.2005)

Sinergon Holding reported an 18.2 per cent drop in net revenues y/y, which went down to BGN 49.3 mln in the first quarter of 2005. The holding’s consolidated net profit went down to BGN 66 000, versus BGN 2.63 mln in the first quarter of 2004.
Source: Dnevnik (02.06.2005)

Synergon Holding JSC - Sofia, Bourse code PETHL, the General Meeting of which was held on June 27 2005, shall not distribute dividends for 2004. Synergon Holding JSC - Sofia reported a profit to the amount of BGN 2,007,000.
Source: Capital market (28.06.2005)

Synergon Holding will re-invest its 2004 profit totaling BGN 2,007,379, the shareholders decided on the general meeting held yesterday. The holding has a majority participation in 14 companies operating in different businesses, the company announced. Completing of the third stage of the modernization of Novotel Plovdiv is expected soon. The company has been planning investments in gas stations and petroleum stations of Toplivo Gas and Toplivo Oil. The holding’s assets total BGN 38,205,000.
Source: Sega (28.06.2005)

Sofia City Court registered in the commercial register the following limited liability company Retail Engineering LTD, having its registered office and principal place of business in Sofia, Sredetz region, 2 Solunska Str. and the following line of business: manufacture, supply and sale of electronic petrol columns, software products, computer and electronic systems for controlling the activity of petrol stations, complex delivery of equipment for petrol and gas stations, service, as well as any other activity not forbidden by law. The company has a capital of BGN 5,000, and is registered for unlimited term. The company has the following partners “Sinergon Holding” JSC and Kiril Asparuhov Velev and is represented and managed by Kiril Asparuhov Velev.
Source: State Gazette (26.07.2005)

Sofia-based Toplivo registered a loss of BGN 170 000 for the first half of the year, the company’s financial report published on the Bulgarian Stock Exchange showed. In the same period of last year, the financial result was a loss of BGN 613 000. Sales revenues registered a growth of nearly 30 per cent, reaching BGN 97.14 mln.
Source: Dnevnik (01.08.2005)

Sinergon Holding reported a BGN 68,000 consolidated net profit for the first half of this year, versus BGN 156,000 a year ago. Adding the profit generated by its minority participations, the holding registered a positive result of BGN 73,000 after taxation.
Source: Monitor (30.08.2005)

Bulgarian diversified holding company Synergon Holding turned in a profit of 6.04 mln levs in 2004, shows the revised financial statement of the company submitted to the Bulgarian stock exchange. The profit figure is corrected from the initial 635,000 levs reported in early June. Earlier, the public company stated net sales of 260.9 mln levs and expenditures of 256 mln levs for 2004. But in late August, the restated operating income was down to 255.7 mln levs while expenditures were down to 245.6 mln levs. Synergon Holding Group, the successor of the former Petrol privatisation fund, acquired a large amount of shares in trade, tourism and chemical companies at the beginning of stock exchange privatisation through trade in investment vouchers. The equity portfolio of the holding features 17 companies, including 15 wherein it is the majority equity holder. The management of the holding intends to increase Synergon's stake in the subsidiary companies through direct lending or capital raises. The focus will be on strengthening the market footing of the holding subsidiaries that trade and produce construction materials and solid fuels, distribute liquefied and gaseous fuels, manufacture household goods or operate in the tourist sector.
Source: Dnevnik (26.09.2005)

Bulgarian diversified holding company Synergon Holding will put to a vote at a December 5 general meeting a proposal to place a 10 mln euro bond issue, reads a message posted on the website of the Bulgarian stock exchange. The 5-year transferable bonds, secured with real estate properties, will have a floating interest. All holders of Synergon Holding shares acquired prior to November 18 will be eligible to vote in the general meeting. Another general meeting earlier this year turned down a proposal to raise the company's capital from 10 528 366 to 21 056 732 levs. Back then Synergon Holding's managers announced they needed the money to acquire majority interest in certain energy and tourism companies and to finance businesses where they already held a controlling stake. Synergon Holding Group, the successor of the former Petrol privatisation fund, acquired a large amount of shares in trade, tourism and chemical companies at the beginning of stock exchange privatisation through trade in investment vouchers. The equity portfolio of the holding features 17 companies, including 15 wherein it is the majority equity holder. More than 4,800 shares of the company changed hands at 6.60 levs, up by 1.23%, on the local stock exchange on Monday, October 17.
Source: Dnevnik (18.10.2005)

Bulgarian diversified holding company Synergon Holding reported a non-consolidated profit of BGN 2.15 mln for January-September versus BGN 615,000 for the year-ago period. The revenues of the former privatisation fund rose 37% to BGN 3.9 mln. The assets of the company are valued at BGN 42.1 mln. Synergon owns majority stakes in 17 local companies, including fuels retailer Toplivo, Hovotel Plovdiv and electric bulbs maker Svetlina.
Source: Monitor (26.10.2005)

BTC, Bulgaria's dominant fixed-line telecoms operator, reported a consolidated profit of 177.02 mln levs for Jan-Sept, down from 182.61 mln levs a year ago. The downside is due mainly to slower sales which fell by about a 10 mln levs to 759.8 mln levs. Operating costs rose to 553.16 mln levs. The telco intends to ask the shareholders for permission to borrow a 350 mln euro syndicated loan to refinance outstanding credits and finance its business plan.
Source: Dnevnik (30.11.2005)

The shareholders of Bulgarian diversified holding company Synergon Holding approved on Monday, December 5, a proposal to issue a 10 mln euro bond. The 10,000 transferable bonds have a par value of 1,000 levs and a floating interest calculated on the basis of the 6-month EURIBOR plus 3.5 percent. The 5-year paper is among the biggest domestic placements while interest rate is among the lowest on the market. The bonds will be placed privately on Thursday, December 8, and will be subscribed in order of request. The placement will be lead managed by Raiffeisenbank Bulgaria. According to the company, the bond will be offered to fewer than 50 institutional investors. The issuer does not plan to list the paper on the stock exchange. The bonds are secured with real estate properties. Synergon said it will use the money to finance its investment program in tourism and as working capital. Another general meeting earlier this year turned down a proposal to raise the company's capital from 10,528,366 to 21,056,732 levs. Back then the Synergon Holding managers announced they needed the money to acquire majority interest in certain energy and tourism companies and to finance businesses where they already held a controlling stake. Synergon Holding Group, the successor of the former Petrol privatisation fund, acquired a large amount of shares in trade, tourism and chemical companies at the beginning of stock exchange privatisation through trade in investment vouchers. The equity portfolio of the holding features 17 companies, including 15 wherein it is the majority equity holder.
Source: Dnevnik (06.12.2005)

Lackprom, one of the companies in the portfolio of Bulgaria's Synergon Holding, will raise its capital to BGN 2 million. The decision is expected to be approved by a general shareholders' meeting on February 15, 2006. Lackprom is not a public company. Synergon Holding holds 77.44% of the shares. The capital will be raised under condition that the new shares will be subscribed by the holding only. If the proposal is approved, Synergon's stake in Lackprom will increase to 97.83%. Other shareholders in the company currently include the ministry of economy and energy (5.32%) and natural persons (18%). Lackprom's capital amounts to BGN 192,169, distributed in registered shares with a BGN 1 par value. Lackprom is one of the biggest paint and varnish maker in Bulgaria. It was established more than 80 years ago. During the mass privatisation process, it was acquired by Petrol Holding Group, know Synergon Holding.
Source: Dnevnik (19.12.2005)