Today Is the Deadline for Submitting Offers for Corporate Commercial Bank Auction

Today Is the Deadline for Submitting Offers for Corporate Commercial Bank Auction

Today (May 10) is the final date for submitting offers for the Corporate Commercial Bank auction.

The bank is holding an auction for the sell-off of 1 mln shares with a face value of 10 leva/each issued in the company’s capital increas from 50 mln to 60 mln leva.

Two types of orders are accepted – limit and market orders. Limit orders can be submitted for 30 % of the shares or 300 000 of them and market orders for 70 % or 700 000 shares.

A limit order is an order at a fixed price no less than the minimum issue value determined by the General Meeting of Shareholders which is 45 leva. The maximum price can not exceed the issue price by more than 30 % and has been set at 58.50 leva.

Investors should submit their offers in a sealed envelope to United Bulgarian Bank no later than 16.00h on May10, Krasimira Dimitrova, UBB broker told

Auction results will be announced before 16.00 the next business day and deals will be registered May 14 (Monday), Dimitrova also said.

Shares must be paid May 16.
Main shareholders in the bank are Bromaks EOOD and Tecnological Center- Microelectronics Institute AD holding 69.34 % and 29.06 % of the capital respectively.

In 2006 Corporate Commercial Bank realized profit in the amount of 6.544 mln leva or 1.84 leva/share. That is a 49.5% increase compared with last year’s financial results, the profit per share has risen 6.2% or by 0.11 leva.

Net revenues in 2006 are 30.938 mln leva compared with 23.654 mln leva in 2005 and 19.533 the year before.

The bank’s assets are expected to reach 1.171 bln leva in the end of this year from 1.006 bln in 2006. Prognosis for the next two years is for increase in assets to 1.698 bln and 2.207 bln.

In 2007 the bank’s total revenues are expected to amount to 87 mln leva and only a year later they are expected to grow 43.3% to 125.071 mln leva according to bank’s own prognosis. Towards the end of 2009 revenues are expected to have reached 168 mln leva.

This year’s net profit is estimated to be 21.7 mln leva, in 2008 it is expected to be 37.9 mln leva and in the following year to reach 54.5 mln leva.

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