Will BTC, EIBank and DZI Stay Public?

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Will BTC, EIBank and DZI Stay Public?

It seems that there are no plans for changing the public statute of BTC (), EIBank ()  and Insurance and Reinsurance Company DZI ().

BTC and EIBank said their majority shareholders have not yet come out with official positions on the issue.

Profit.bg asked the three companies if they would remain in the public register or their owners are planning to delist them.

The telco's answer was as follows:”We are unable to comment on the issue as the majority shareholder has not made an official statement. We only have the opinion of BTC Group, but not of AIG Capitals.”

BTC representatives also said that they are unable to predict how active will trade in the company's be as “this is something that depends on investors demand”.

Nef Telecom Bulgaria controls 94% of BTC's capital. Other large shareholder is Julius Bear Investment Management, which, according to 2007 data, owns 5.36% of the capital.

“There are no plans to delist the company,” DZI told Profit.bg. “And how active shares will be traded is something that depends on the market.”

Majority shareholder in DZI is Belgium's KBC Insurance, which controlled 85.11% of the capital in September 2007 and a total of 85.3% after making a tender offer. Bank Austria Creditanstalt AG has 4.54% of the capital.

EIBank answered our inquiry in a similar way “This decision will be taken by the majority shareholder and we are unable to comment.”

The new owner of EIBank is KBS Bank Ltd, which after filing a tender offer has 77.72 % of the capital. The total amount of shares the Belgium group controls, after signing an agreement with Tsvetelina Borisova (owner of 1.55 mln shares or 22.25% of the capital) is 6.95 mln shares, or 99.67% of the capital.

Currently, BTC, DZI and EIBank have a combined market capitalization of 3.7 billion leva (1.8 bln euros). According to this indicator, BTC is the largest company on BSE with a market value of 2.45 billion leva (1.25 mln euros). DZI's mar cap stands at 472.85 mln leva (241.7 mln euros), and that of EIBank at 769.3 mln leva (393 mln euros).

In case the three are delisted, BSE”s market value will be down 18.3% to 16.48 billion leva.

*The information on the companies' structure is taken from BSE's official website.

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