Lyudmila Kuyumjieva

The State should be more active with respect to the development of the Bulgarian capital market through the option of listing packages of shares in attractive state enterprises, chiefly in companies within the structure of the Bulgarian Energy Holding (BEH), on the Bulgarian Stock Exchange (BSE), read BSE’s strategy for the development of the domestic capital market until the end of 2012. BEH includes Maritsa Iztok Mines, Maritsa-Iztok-2 thermoelectric power plant, Kozloduy nuclear power station, the National Electricity Company (NEK), the Electricity System Operator (ESO), Bulgargaz, Bulgartransgaz and Bulgartel.

According to BSE BoD Chairman, Assen Yagodin, companies from the energy sector are most suitable for attracting investors’ interest on the BSE. He reminded that the Government, and in particular the Economy Ministry, the Energy Ministry and the Ministry of Tourism, are currently discussing the options for doing this. Last month, it became clear that the Cabinet has given up its initial intention of making Bulgartabac go public and offering 20% of it on the exchange. Economy Minister, Traicho Traikov, said then that the listing of the gas operator will be postponed but refused to specify the reason for this.

According to Assen Yagodin, the listing of a number of attractive companies with significant market shares in various economic sectors will boost the domestic capital market. He explained that the State should not be viewed as an investor forced by circumstances but as an investor stimulating the market in terms of fair competition.