THE BULGARIAN GOVERNMENT’S move last month to take control of the Bulgarian Stock Exchange provoked outrage among many of the BSE’s existing shareholders. Opponents called the move a forced nationalization, while the government says it is the prelude to seeking a strategic foreign investor, possibly for the government’s entire stake.
At an extraordinary general meeting on September 13 shareholders were asked to vote on a capital increase to which only the government could subscribe. They considered a resolution to issue 715,000 new shares to the ministry of finance, which will pay Lev1 a share, a total of Lev715,000 ($497,700).
According to the bourse, 67% of shareholders were present to vote, out of which just over 88% voted in favour of the capital increase.
Access this research
Enter your work email address to sign in or check whether your organisation already has access to Euromoney.
