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).
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