berzNIK - YEAR II - NUMBER 19 -21st APRIL 2008 - (SUPPLEMENT OF TENDERNIK)

INVESTMENTS AND RISK

BUSINESSMEN DO NOT NEED A
LOT OF MONEY – THEY FEAR
Date 21.04.2008 number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Businessmen do not need a lot of money
– they fear investments and risk
Last week, Macedonia was host of many international
financial institutions, foreign investors and statesmen. Po-
sitive signals and assessments, support to endure in name
negotiations on the way towards the Alliance, economic re-
forms to continue, to maintain stability… Although our Go-
vernment has resigned, foreign financial institutions are op-
timistic. Their assessments also confirm that: - Business
climate has improved significantly as well as investors’
confidence. This was also the conclusion of the last week’s
Annual Conference of the Macedonian Stock Exchange.
Representatives of regio-
nal stock exchanges fo-
- Macedonia can avoid political turbulences by
und MSE drop not to be
no means. First, Kosovo recognition, then the veto
reflection only of the polit-
on NATO invitation, early elections now… Politically
ical chaos in this country
loaded agenda as almost no other state policy, and
but overflow of regional
above all – monitored economic reforms… It is a way
and worldwide stock mar-
too much… The Government is to be blamed for
kets. They conveyed so-
everything… inflation, unemployment, Stock
me of their experiences
Exchange drop. Moreover, last week we concluded
regarding movement of
that it is the most sensible to political misunderstand-
the capital market in a po-
ings… However, the Government has decided to put
sitive direction, part of
an end to such accusations… Following the failure to
which we put across in
obtain NATO membership invitation, the Government
this issue of berzNIK.
of the Prime Minister Nikola Gruevski disintegrates
Encouraging signals
after almost two years of power, causing additional
from the World Bank as
instability between coalition partners. – Scheduling
well: According to busi-
early elections in the Republic of Macedonia (for
ness climate and tax re-
June 1) currently does not affect its reputation (in for-
forms, Macedonia is
eign currency BB+/stabile/B; in local currency BBB-
amongst the best in Euro-
/stabile/A-3), but we do not expect significant devia-
pe and in the world. It is
tion from the political course necessary for starting
part of the positive asses-
EU membership negotiations, assesses Standard &
sment by the World
Poor’s, world’s foremost provider of independent
Bank’s Vice President Si-
credit ratings. Macedonia’s credit rating is supported
geo Katsu and SEE Di-
by prudent macroeconomic stability, low inflation and
rector Jane Armitac, pre-
stabile fiscal results…. Again, foreign promoters
sented at the spring ses-
believe in us more than we do…
sion of the International
Monetary Fund and the World Bank, which was also
attended by our delegation. – Macedonia got high marks
for the implemented economic reforms and strong financial
and expert support for their extension. Regarding the econ-
omy and reforms Macedonia is moving in good direction –
this was the conclusion of the Vice Prime Minister Zoran
Stavreski after the meeting with the IMF representatives. In
addition, he was the host of the EBRD delegation, which
was in a two-day visit of Macedonia. The Vice President of
the European Bank for Reconstruction and Development
(EBRD), Varel Freeman, greeted reforms and consistent
economic policies of the Government and expressed
EBRD’s interest for financial support of projects concerning
transport, energy, energy efficacy, as well as projects with
municipalities for water supply and waste management.
At the meeting, as Stavreski informed, was agreed
EBRD to provide 50 million euros as extra funds for the
financial construction of the Project for construction and
reconstruction of regional and local roads with the World
Bank, 70 million euros of which are already approved.
EBRD’s preparedness increases the amount for construc-
tion of regional and local roads to 120 million euros, which
berzNIK
3
will enable roads to be constructed in all municipalities in
order to improve the general transport infrastructure in
Macedonia.
Practically, infrastructure, airports, banking system,
local businesses, energy, and public sector projects are the
key areas where EBRD will focus its further financial sup-
port in Macedonia. – Macedonia requires infrastructure and
energy investments. We expect an invitation for financial
participation in at least one or maybe many important proj-
ects for renovation and construction of highways, new
power capacities, transmission systems, systems for im-
proved interconnection, EBRD’s First Vice President Varel
Freeman said.
EBRD is especially interested in Macedonian entrepre-
neurs at a local level. In that direction, as Freeman empha-
sized, the Bank has provided additional credit lines for sup-
port of small and medium-sized enterprises. – Priority of
the European Bank is the small and medium-sized enter-
prises in municipalities, entrepreneurs, and their develop-
ment. Most of what we do are projects with private inves-
tors, giving loans and other kinds of long-term finances in
order to provide stability and capital, which, on the other
hand, will enable businessmen to fulfill their business plans
and investments, and become more competitive not only in
Macedonia but also at an international level, Freeman po-
inted out.
Furthermore, EBRD is working on an actual project for
support of private sector regarding airports’ privatization,
regarding micro-financing, as well as strengthening local
banks for extension of their long-term loan portfolios.
EBRD portfolio in Western Balkans is three billion
euros, 20 percents of which go to Macedonia. Regarding
the population, economic volume and investments per per-
son, as Freeman said, it is a good level.
- This means we cannot or do not want to do more, but
achievements in Macedonia so far are perhaps better com-
pared to what we have done in other countries from Wes-
tern Balkans, EBRD Director for Western Balkans Claudio
Viezzoli emphasized. EBRD general assessment is that
the private sector in Macedonia does not require a lot of
money due to fear of investments and taking risks.
- Realization, i.e. the volume of our business activities
primarily depends on companies’ consumption. We are
open for co-operation, but we principally follow the require-
ments of the private sector. Therefore, in some economies
or in some periods we do more or less business activities,
Freeman said.
During his visit of Macedonia, EBRD Vice President
met with his business partners as well as with representa-
tives of companies, state institutions and international com-
munity, and also with the Vice Prime Minister Zoran Stav-
reski with whom he talked about continuation and strength-
ening co-operation concerning the economic growth and
development of Macedonia.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.04.2008

MAKEDONSKI TELEKOMUNIKACII IS REBRANDING

TELECOM – FROM A MONOPOLY TO A

RESPECTABLE AND STABILE COMPANY
Through the T-Home brand, the Macedonian
telecom will allow a free access to the lat-
est world achievements in the sphere of the
modern telecommunications services to
the customers
former monopoly to a respectable and stabile
company. According to Beckers, this simultane-
ously understands strong and undisputable su-
pport by Deutsche Telecom for the Republic of
Macedonia and for the economic and telecom-
munications development of the local market.

A
s of 1st of May, Makedonski telekomu-
nikacii will rebrand to Makedonski
telekom, joint stock company for elec-
tronic communications Skopje. The new name
will announce the entrance of the T-Home
brand at the Macedonian market, wherewith,
the Macedonian telecom will be the first compa-
ny within the frames of the international
Deutsche Telecom Group, which will follow the
new brand architecture, presented in Germany
for the first time in May last year. With the
rebranding, the company will become a mem-
ber of the biggest telecommunications family of
over 150 million customers in over 50 countries
all over the world, who enjoy in the privileges of
the T brand.
According to Nikolai Beckers, Chief
Executive Officer of AD Makedonski telekomu-
nikacii, replacing one name with another is not
a simple process. – Our company going
through a process of total transformation from a
Scope of products and services
- The aim of Makedonski telekomunikacii
is to offer a complete range of services
according to the individual needs of the cus-
tomer; this means we will give a choice to our
customer. Some customers simply want a
telephone line with an affordable price; others
are looking at a complete package meaning a
combination of fixed line flat rate, high speed
internet access and interactive television. In
the forthcoming months, we will launch these
products one at a time. At the beginning we
will have a simple fixed offer, which would
offer the customers a lower call price at night,
i.e. free calls after 7 pm. Then we will intro-
duce voice services via internet and that will
go along with our ADSL product-emphasized
CEO Beckers.
According to the announcements of the
management, the Macedonian telecom will
make large investments for upgrading of the
telecommunications infrastructure in the
Republic of Macedonia, and an attractive pack-
age of integrated telecommunications, internet
and IPTV products will be offered to the cus-
tomers. – We wish to simplify our telephone
services and make them more accessible with
fixed tariffs, to significantly improve our servic-
es for the customers, simultaneously maintain-
ing an open and friendly approach. We will con-
tinue offering attractive equipment and increas-
ing our portfolio with products such as high-tech
phones, laptops, personal computers, wireless
LAN routers etc. The business costumers, who
are main instigators of the economic growth,
will be able to enjoy in the most complete, tech-
nologically advanced and best prepared pack-
age of solutions for communications and con-
necting-emphasized Beckers. He added that
the Macedonian telecom will remain to be sig-
nificant economic instigator, technological and
social pillar of the Republic of Macedonia,
because it is among the biggest tax payers.
Greeting the entrance of the T brand, Zarko
Lukovski, President of the Board of Directors of
AD Makedonski telekomunikacii, emphasized
that this investment became a synonym for
worthy partnership with the state, which, apart
from an attractive brand, also received an
investor who will become a leader in the
Macedonian economy. – The constant investing
of Deutsche Telecom in the development of the
telecommunications market in Macedonia is an
excellent example for the domestic business
and for the future foreign investors. The impor-
tance and the benefit of the stationing of the
corporative T brand in Macedonia are multiple.
According to Tobias Schmidt, the Vice
President Brand Management of Deutsche
Telekom, the integration in the brand family of
the Deutsche Telecom Group is an important
step forward for Makedonski telekomunikacii in
a direction of his constant advancement
towards a successful future from a reason that
the strong brands are the main instigators of the
loyalty of the customers in a period of strong
competition.
- Our experiences indicate that the well
known brands like Maktel are becoming even
stronger with their rebranding and with the T
brand and they continue improving their long-
term market position. The rebranding had an
exceptionally positive effect over the sub-
sidiaries regarding new users, the loyalty of the
current users, as well as the total business
development. I am sure that we will feel the
influence of the new brand of Makedonski
telekomunikacii-empathized Schmidt.
Basically, with the rebranding, Makedonski
telekomunikacii should transform into a giver of
telecommunications services, which is oriented
towards the customers, who will have an
access to the increasing potential of the mod-
ern telecommunications services. The process,
which is very significant for the company and
for the state, is planned to come to a conclusion
in May this year, and funds will be provided by
the Deutsche Telecom Group.
V.M.

OHRIDSKA BANKA AD OHRID
New branch office in Gostivar
In order to provide availability of services to
users, Ohridska Banka, as a member of the
Societe Generale Group has opened new
branch office in Gostivar. This is our first signif-
icant investment expansion by new branch
offices through the country. It is organized by
the concept of personal approach toward
clients, which means that every client has its
own personal banker for counseling will full
financial work support in the country and
abroad – the president of the Steering Board of
Ohridska Banka, Bernard Koenig stated.
On the occasion of the opening, citizens
can use the promotional offer in the branch Beside that Ohridska Banka, as a company
office by 10, June, this year to apply for cash which respects corporative principles of social
express credit and home loan, both without responsibility, donated editions from the mono-
administrative costs and Master Card with 50% graph Coins from Ohridska Banka collection, to
membership fee allowance for the first year. secondary schools in Gostivar.
Changes in the steering board
In accordance with the reached decision of the Shareholder`s assembly, a Supervisory
Committee has been established and president and members of the Steering Board have been
appointed. Jean Didier Rene was appointed president of bank`s Supervisory Committee who is
also a director for Europe in the sector for International retail banking in Societe Generale – Paris
and Perrin Gilbert and Philip Godeaux was appointed for members from shareholders`s line.
Independent members of this body are Ratko Cadikovski, president of Supervisory Committee
and Koco Mocan, president of the Steering Board of Tehnometal Vardar AD Skopje.
Mito Goreski and Petar Tegovski have been appointed members of the Steering Board while
Bernard Koenig has been designated president of the Board of Directors.
 Date 21.04.2008 number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
C O N T E N T S 1. SHORT REVIEW OF EVENTS
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 The Macedonian stock exchange in the past two
weeks is going through one of the hardest periods of its
MAKEDONSKI TELEKOMUNIKACII IS existence. The strong market correction, which is pres-
REBRANDING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 ent for already six months, it seems, experiences its
columniation, assesses the brokerage house Alta Vista
in the stock exchange analysis in today's Biznis. Under
OHRIDSKA BANKA AD OHRID. . . . . . . . . . . . . 4 pressure of the predominant political factor, presented
with the non obtained NATO membership invitations,
berzNIK, MONDAY, TUESDAY, WEDNESDAY. . . . 5-7 and nowadays with the Parliament dissolution and the
scheduled early elections, past weeks, the investors
POSITIVE EXPERIENCES OF THE STOCK hurried to realize sales at prices which, perhaps, two or
EXCHANGES FROM THE REGION. . . . 8 - 1 2 three mouths ago, have been regarded as incredibly
low. The MBI-10 index is very close to its value that had
CRYSTAL BELL FOR 2007................... 11 one year ago (on 18.04.2007 had absolute value of
5.803,74 points, and on the closing day, on Friday,
amounted 5.823,50 points), and the index MBID have
berzNIK, THURSDAY, FRIDAY, SATURDAY already reached its historic minimum of 6.354,99 points
...............................................13-15 since the day when its calculation started. On the mar-
ket, last week, besides the fall in prices of the most of
WEEKLY MAGAZINES...…....................16 stocks, it was remarkable the fall of the turnover in the
regular trading. With average 33, 5 millions of denars
PAST WEEK IN THE TOKEN OF... ..............17 daily turnover, the week can be counted as the weak-
est trading weeks.
WEEKLY REVIEW OF THE MACEDONIAN Today's papers mark the holding of the Ninth an-
STOCK EXCHANGE. . . . . . . . . . . . . . . . . 18-19 nual conference of the Macedonian stock exchange, on
which most of the participants assessed that the cur-
rent political events affect the economic occurrences in
the country, but with not that big of intensity. Experts
I M P R E S S U M and brokers think that the Stock Exchange will start to
recover and that the foreign investors will have capaci-
ty to see the positive results in economy. The Stock Ex-
change awarded the prize for most transparent compa-
ny - the Crystal Bell Award which went to Komercijalna
Banka and another Crystal Bell for scientific work to
Viktorija Atanasovska.
Publishing: INTERNACIONAL NIK AD - Skopje Considering the business climate and the tax re-
Media library and digital archive
Editors office: berzNIK
forms, Macedonia is among the best in Europe and in
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, the world, is the assessment of the vice president of
R.Makedonija the World Bank, Shigeo Katcu, given on the spring ses-
Phone. 02/25.32.800 faks: 02/25.32.839 sion of the IMF and the World Bank, today's papers re-
web: www.interNIK.com.mk;
e-mail: info@interNIK.com.mk 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
Executive Director: Zdravko Josifovski 1. MACEDONIA GOT THE SUPPORT FROM THE WORLD BANK (*****)
Account Menager: Divna Pesic 2. THE INVESTORS WILL RETURN BACK IF THERE IS A STABILE POLITICAL CLIMATE (**)
Public relations: Natasa Dimovska
Marketing manager: Ivona Josifovska DNEVNIK
Assistent: Stojne Danilova p.4 PRILEP AWAITS 12 MILLION DENARS FROM
Logistics manager: Ana Petrova CONCESSIONS
Finance manager: Gordana Stojanovska
p.4 NEXT YEAR, 70 MILLION EUROS FOR THE
STOCK EXCHANGE REVIEW OF EVENTS IN THE AGRICULTURE
PRINT MEDIA berzNIK p.5 LOAN OF 70 MILLION EUROS BY WORLD BANK
FOR ROADS
berzNIK is founded in year 2007. p.5 ABOUT FIFTY REQUESTS FOR SUBVENTIONS
IN THE KICEVO REGION
STOCK EXCHANGE REVIEW OF EVENTS IN THE p.5 BITOLA IS NOT ON THE AGENDA OF THE
PRINT MEDIA berzNIK GREEK BUSINESSMEN
Number: 19 BIZNIS
Date: 21.04.2008 p.1 BANKS SPEED UP TO VAULT LAST YEAR PROF-
IT
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY
p.3 MACEDONIA GOT THE SUPPORT FROM THE
FRONT PAGE PHOTO: WORLD BANK
MAKEDONSKI TELEKOMUNIKACII IS REBRANDING p.5 THE INTERESTS BROUGHT 1.4 MILLION
DENARS TO NLB TUTUNSKA BANKA
Photo: p.5 TRANSFORMATION IN THE MOST PROFITABLE
Robert Spasovski INSTITUTIONS
p.5 THE REALITY CANNOT HARM THEM
Editorial staff of berzNIK
Internet distributive system:
p.14 CRASH OF THE THREE INDEXES
www.interNIK.com.mk p.14 WITH BLOCK TRANSACTION, 15.230 STOCKS
Editor: Makedonka Baldazarska OF STOPANSKA BANKA- BITOLA HAVE BEEN
Journalist: Vaska Mickoska, Kiro Simonovski TRADED
DTP: Tatijana Trpkovska p.14 MBI 11.04.2008
Editorial staff: p.15 FUNDS BRING FEWER LOSSES FOR
News Evaluator: Anita Bashoska, R. Tasovska INVESTORS
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, p.15 THE STOCKS WITH INCREDIBLY LOW PRICES
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski UTRINSKI VESNIK
[translators]: translator's manager Senka Mihajlovska, Angelina ñ.5 ECOLOGISTS WARN OF CATASTROPHE IN THE
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta
SMELTER
Menoska, Filip Koviloski, Darko Ivanovski
Fotoreporter: Robert Spasovski p.7 STOPPED PATRIOTIC FISCAL RECEIPTS?
p.7 KOMERCIJALNA BANKA - MOST TRANSPARENT
Marketing, distribucija i proda`ba: LISTED COMPANY
INTERNACIONAL NIK AD - Skopje p.7 THE WORLD BANK GIVES ANOTHER 70 MIL-
LION FOR ROAD INFRASTRUCTURE
VECER
berzNIK
5
14.04.2008 MONDAY
port. According to the statement of vice-prime minister
Zoran Stavreski, Macedonia will receive loan of about
70 million euros from the World Bank for construction
of new and reconstruction of existing roads in all muni-
cipalities. The loan will be approved by the end of May
and can be used after the elections. The World Bank's
management also offered financial aid for investing in
the part of energy, especially in the part of energetic
connection with the region and for reconstruction of hy-
droelectric power plants in the part of Elektrani na Ma-
kedonija.
One can read in Vecer that the Administrative Co-
urt denied the appeal of Makedonski Telekomunikacii
to the decision from the Commission for Protection of
Competition, for charging handling charges in the
monthly accounts. Despite that Telekom listened to the
CPC and stopped charging this service charge, the
Commission has fined it with 2,3 million euros, becau-
se this company had abused its dominant position on
the market. From the area of telephony, in the media
present is the news that by the end of the month T-Mo-
bile and Kosmofon should answer if they will reduce
the interconnection prices for talks with the VIP opera-
tor for 50 percent, as the Agency for Electronic Co-
mmunications imposed it to do by the end of March.
With the title "Gasification in a standstill" Vreme in-
forms that the Government has withdrawn from the
court battle with Makpetrol over the incomes from the
gas pipeline. There has been a cease of the procedure
in which the state claims around 6, 5 million dollars
without interest rate, money gained by the oil company
in a period of eight years, when it managed the gas pi-
peline.
Next year the farmers will receive 70 million euros
from the Government as subsidies. Department Mi-
nister Zivko Jankulovski expects the current weakness-
es in submitting the documentation for receiving sub-
ventions in future to exceed and to carefully direct the
attention towards opening new farms, agricultural prod-
uct sale and other current agricultural problems.
p.1 MACEDONIA AMONG THE BEST IN EUROPE
AND IN THE WORLD FOR BUSINESS CONDI-
TIONS AND TAX REFORMS
p.6 THE ECOLOGISTS FEAR FROM ACID
p.7 STOCK EXCHANGE TURBULENCES DUE TO
POLITICS
p.7 THE INVESTORS WILL RETURN BACK IF THERE
IS A STABILE POLITICAL CLIMATE
VREME
p.6 THE FOREIGNERS WILL RETURN ON THE
STOCK MARKET
p.6 MACEDONIA WILL RECEIVE FUNDS FOR ECO-
NOMIC REFORMS
p.7 DO NOT SIGN CONTRACTS WITHOUT ANNEX-
ES
p.7 THE FARMERS GLADLY RUB THEIR HANDS
p.7 THE STATE CALLS CEASE FIRE IN THE BATTLE
OVER MAKPETROL FOR THE TIME BEING
p.7 THE PRICES WILL RISE
p.9 FARMERS OBTAIN 20 WASTE PROCESSORS
p.10 THE MONEY IS SECURED; THE TENDER IS A
BIT LATE
VEST
p.3 70 MILLION EUROS INTENDED FOR THE
ROADS
p.6 T-MOBILE AND COSMOFON WON`T SUBMIT
THEMSELVES TO VIP
NOVA MAKEDONIJA
p.5 MACEDONIA RECEIVED SUPPORT FROM THE
WORLD BANK
p.5 VELES SMELTERY WITHOUT ELECTRICITY
p.5 THE FIRST BLOCK OF REK BITOLA IS STILL
SWITCHED OFF
p.5 THE MISERABLE ONE- WEEK PERFORMANCE
IN THE ASSEMBLY SCARED THE INVESTORS
SPIC
p.6 THE WORLD BANK TAPS MACEDONIA
 6 berzNIK number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.04.2008

1. SHORT REVIEW OF EVENTS
The basic recommendations from the
Annual Macedonian Stock Exchange Conferen-
ce, held in Ohrid last this past weekend are con-
veyed by today’s edition of Utrinski Vesnik
through the interview with Ivan Shteriev. – The
main recommendation is that the investments
on the securities market require analytical and
soberly bringing of investments decisions.
Coincidence or not, the conference is like herald
of the Macedonian stock exchange market cyc-
les. We had similar recommendations. At that ti-
me, also, some were more optimistic and others
were more pessimistic, which is normal. This is
why the market exists, because different people,
physical entities, investors, directors and finan-
cial institutions, are bringing decisions headed
by their own believes. The second recommen-
dation, which was without division of optimists
and pessimists, is that the main thing that dicta-
te the price of the securities on long and middle
term are the companies performances. Third, al-
so with consensus, is that the price correction
that happened on the Macedonian stock ex-
change, apart from being painful for certain in-
vestors, is still a good thing.
On the other hand, the 4.49 percent drop of
MBI-10 is once more in the focus of today’s
newspapers, the Stock Exchange indexes are
continually having a decreasing trend. On Mon-
day MBI-10 reached 5,562.22 denars and
marks reduction of 261.27 index points, i.e.
4.49%. Index of Publicly Held Companies MBID
reached 6,309.75 denars and marks reduction
of 45.25 index points, i.e. 0.71%. Index of Bonds
on MSE, OMB, reached 106.82 denars and
marks correction compared to previous day.
The Slovenian fund MP Asset Management
this year is planning to open two investment
funds in Macedonia, through which the citizens
in this country can invest in the Macedonian as
well as in the foreign stock markets – Dnevnik
conveys. The drastic fall of the prices of the sha-
res, which lasts for a few months now, is not a
reason for the Slovenians not to believe that the
trend will yet be going up. According to Lukovac,
president of the management board of this fund,
impressive information is the one about the in-
crease of the deposits for the population for over
50 percent for one year, which shows that there
is still money that can be invested in shares.
Almost all newspapers publish the news re-
garding the successful activity of the Macedo-
nian company Seavus, which will increase the
number of employees in the Development Cen-
tre in Nis from the current 14 to 70. In Seavus
they announced that they also plan to expend
the cooperation in the information technology
faculties in Nis in order for this city to grow into
the leading development centre for IT-technolo-
gy in this part pf Serbia.
Main topic is also the conference held in the
Customs Administration on the occasion of its
16 years of existence, which was conveyed by
all media. – The businessman their own cus-
15.04.2008 TUESDAY
toms is the headline in the newspaper Dnevnik,
which informs about the accents of the confer-
ence held on the occasion of the 16th anniver-
sary. The companies that perform import or ex-
port would not have to pay for terminal any mo-
re; they will be able to charge duties on goods
on their own if they own permission for simplifi-
ed customs procedures, this was stated by the
director of the Customs Administration, Vancho
Kargov.
Amongst the dominant in the economic sec-
tion was the information regarding the renovat-
ed cargo – centre at the Alexander the Great air-
port.
The clearing of the shipments at the airport
will be simplified, the director of the Customs
Administration Vanco Kargov and the director of
PE for Airport Services Macedonia Zoran Krs-
tevski promised at the yesterday’s promotion of
the renovated premises of the Customs Admi-
nistration in the cargo centre of the airport.
The action costs about 25,000 euros. As of
last year, the cargo traffic is increasing, which is
due to the reduced prices of the servicing of the
planes and the increased marketing activity. The
registration of a Turkish cargo company Orex,
which will transport goods from the Near East
and st with two jumbo jets Booing 747, is ongo-
ing, director Krstevski announced.
All newspapers also informed about the
minimal price increase of 0.5 denars per litter for
all fuels.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE BUSINESSMAN THEIR OWN CUSTOMS (****)
2. THE MACEDONIAN SEAVUS ANNOUNCED AMBITIOUS PLAN FOR SOUTHERN SERBIA (***)

DNEVNIK p.6 MHK ZLETOVO IS IN DEBT EVEN WHEN OUT OF OPERATION

p.1 WHICH PRODUCTS ARE WITH MACEDONIAN ORIGIN? p.6 BIO-FUELS- CRIME AGAINST THE MANKIND
p.6 1.3 BILLIONS OF EUROS SPENT IN THE COMMERCE p.6 THE VICE PRESIDENT OF THE EBRD IN SKOPJE
p.7 THE CITIZENS HAVE MONEY FOR SHARES p.6 FROM 14 TO 70 EMPLOYEES
p.7 THE BUSINESSMAN THEIR OWN CUSTOMS с.6 THE PETROL`S AND THE DIESEL MORE EXPENSIVE FOR HALF A
p.9 PRICE OF INDUSTRY PRODUCTS 11.7% HIGHER DENAR
p.9 SEAVUS COMES WITH NEW EMPLOYMENTS IN SERBIA p.7 COMPANIES TO CHARGE DUTIES ON THEIR OWN
BIZNIS VREME
p.1 THE WORKING PERMISSIONS LOCKED IN THE PARLIAMENT p.6 THE INTERNATIONAL MONETARY FUND TO HELP THE POOR
p.6 MALL OF MACEDONIA IN SKOPJE p.6 VELES SMELTER ALTHOUGH IS NOT WORKING HAS DEBTS
p.7 INFLATION TO REACH 5% p.6 THE PRICE OF THE INDUSTRIAL PRODUCTS MORE EXPANSIVE BY
p.12 DIVIDEND`S VALUE FOR ORDINARY SHARES – 15.037.350 DENARS 11.7 %
p.12 NON-TRADE TRANSFERS p.6 THE NEW COMPANIES ANNOUNCE CARGO FLIGHTS
p.12 PRICE SENSITIVE INFORMATION p.7 RAIL TO BULGARIAN AT A STANDSTILL
p.13 SHARES OF KOMERCIJALNA BANKA THE MOST TRADED p.7 THE ENERGY CONNECTION WITH SERBIA STRENGTHENS
p.13 MBI-10 MARKS 4.49% INCREASE p.7 THE CUSTOMS ADMINISTRATION WILL COLLECT DEBTS THROUGH
p.15 IMPORTER AND EXPORTERS TO CLEAR GOODS BY THEMSELVES CONFISCATION
p.15 MAKEDONSKI TELEKOMUNIKACII STARTS REBRANDING ON VEST
WEDNESDAY p.3 PRICES OF GASOLINE AND DIESEL OIL INCREASED FOR HALF A
p.16 PAYMENT OPERATIONS IN MARCH – 254 BILLION DENARS DENAR
p.16 SPLURGING CREDITS FOR CITIZENS UP TO 150,000 DENARS p.4 THE TENDER ON CONCESSION OF AIRPORTS RE-MA¬INS OPEN
UTRINSKI VESNIK p.4 TURKISH CARGO COMPANY TO FLY FROM SKOPJE
p.1 THE STOCK EXCHANGE IS STILL TO COME TO THE FORE NOVA MAKEDONIJA
p.1 MINES WAIT ON NEW CONCESSIONS IN MONTHS p.1 THE WORLD BANK REQUIRES URGENT MEASURES FOR CHEAP-
p.7 ABOUT THIRTY CONFECTIONS IN SHIP REMAINED WITHOUT WORK ENING OF THE FOOD
p.7 MACEDONIANS HAVE ONLY 28%V OF EUROPEAN PURCHASING p.3 CUSTOMS PROCEEDING IN THEIR OWN FACILITIES
POWER p.5 FEAR OF RECESSION PRESSES THE DOLLAR DOWNWARDS
p.7 THE PRICE INDEX IN THE INDUSTRY 11,7% HIGHER IN MARCH p.5 THE PRODUCTION OF BIO FUELS IS A CRIME AGAINST THE
p.8 THE STOCK MARKET INDEX HAS DROPPED FOR 4,5 PERCENTS HUMANITY
p.8 THERE WILL BE PATRIOTIC RECEIPTS AFTER ALL p.5 THE PRICES IN MACEDONIA INCREASED FOR 11, 7 PER CENT
p.8 THE MACEDONIAN SEAVUS ANNOUNCED AMBI¬TI-OUS PLAN FOR p.5 FALL OF OIL PRICES ON THE WORLD STOCK EXCHANGES
SOUTHERN SERBIA SPIC
p.8 THE STOCK EXCHANGE IS STILL TO COME TO THE FORE p.7 FROM JULY EVERYBODY WITH PATRIOTIC FISCAL REGISTERS
VECER p.7 THE OIL WILL BURN US
 Date 21.04.2008 number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
7
16.04.2008 WEDNESDAY
1. SHORT REVIEW OF EVENTS
The campaign to increase the sales of not been respected yet. and export of industrial pumps from MZT Pum-
Macedonian products has the support of the The world famous independent consulting pi. On their visit in Cuba they also raised initiati-
traders, but what they dislike is that they will company Standard and Poor`s, which evalua- ve for opening Macedonian legation in this co-
have to pay that on their own. In brief, this is the tes the credit ratings, does not expect that the untry, as there are potentials for engagement of
conclusion from the yesterday`s meeting of the early elections in Macedonia will cause a consi- the Macedonian companies.
traders of the Economic chamber that was derable digression from the political course Dnevnik informs that our construction com-
reported by all daily newspapers. The traders which Is necessary for starting negotiations for panies are not interested for the market in Ko-
react to the Rulebook for separation of the EU membership of the country. As it is said in sovo, although infrastructure projects worth
Macedonian products on the fiscal accounts, the announcement that was reported in all hundreds of millions euro will be realized. No
which was adopted by the Ministry of finance, newspapers, the credit rating of Macedonia is one Macedonian company has agreed a con-
and will come into force on 1st of June. Accord- based on further political stabilization and nor- struction project, while the Croatians have alre-
ing to them, if the idea of the Government is to malization of the interethnic relations. The rat- ady concluded deals worth over half billion eu-
see statistically how much the Macedonian pro- ing was supported by the prudent economic ro. Especially interested in business in Kosovo
ducts are demanded, than it should cover the stability, the law inflation and the stabile fixed were Turkish and Greek companies and they
costs for this change. On the contrary, they will results. did not even miss a tender.
rise up the prices of their products. On the other The European Bank for Research and De- On the world Stock Exchanges was noted
side, it is still uncertain which products can be velopment plans to intensify its activities in Ma- another record of the oil prices, which after the
marked as Macedonian in the fiscal accounts. cedonia through financing of infrastructural pro- announcements that the American dollar will
The newspapers also report the news that jects, investments in transport, municipal infra- continue to lose its value and that China in the
very soon Macedonia must apply the European structure, energetic and the energetic efficien- first quartile could note economic growth of
rules for safety, hygiene and control of milk and cy. This announcement by EBRD came close over 10 per cent, reached a price of 112, 48 dol-
dairy products if it wants to export them in the before the arrival of the delegation lead by the lars per barrel.
countries of the European Union. On the con- first Vice President of the Bank, Varel Freeman, In Biznis is the regular report from the Ma-
trary, the export in the EU will be prohibited very inform the newspaper. The Bank is prepared to cedonian Stock Exchange, and according to it
soon and will be reduced to a few countries. invest in capital stock of private companies in on Tuesday, a total turnover of 81. 349. 114, 16
The rulebook for safety, hygiene and the man- order to support their expansion. denars was made, realized by 243 transactions.
ner and procedures for formal control of the In the newspapers could also be read that The MBI- 10 index noted a fall of 1, 63 per cent,
milk and dairy products, which Macedonia has representatives of the Economic Chamber star- and MBID had a fall of 2, 17 per cent.
already adopted, last year in December, has ted negotiations for sugar import form Cuba
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. NEW FISCAL RECEIPTS BRING NEW PRICE INCREASE (*****)
2. STANDARD & POOR`S CONVINCES: THE ELECTIONS WILL NOT HAVE AN IMMEDIATE EFFECT ON RATINGS (*****)
DNEVNIK p.6 THE FIRST BLOCK OF REK BITOLA IS OPERATING
p.1 OUR CONSTRUCTION COMPANIES UNINTERESTED ABOUT p.6 IMB PROVIDED 145 LACTO FRISEURS
KOSOVO p.6 THE NATURAL GAS HAS BECOME FOR 5% MORE EXPEN-
p.6 USURPATION OF THE STATION FOR MEASURING THE WA- SIVE
TER POLLUTION IN VELES p.6 MZT PUMPS WILL EXPORT IN CUBA
p.8 SLOW PROCESS OF MACEDONIAN MILK`S EUROPEANIZA- p.7 THE GOVERNMENT TO PAY THE SOFTWARE FOR THE
TION PATRIOTIC FISCAL REGISTERS
p.8 WE WILL IMPORT SUGAR FROM CUBA p.7 COLLECTIVE AGREEMENT FOR CHEMISTRY AND NON –
p.8 МBI 16.05.2008 METALS
p.9 NEW FISCAL RECEIPTS BRING NEW PRICE IN-CREA¬SE p.7 EVN TRADING IS TRADING WITH ELECTRICITY
p.9 NEW INVESTMENTS BY EBRD p.7 MINCO PLANTED 800 HECTARES WITH SUNFLOWER
p.9 THE ELECTIONS DO NOT JEOPARDIZE THE CREDIT RATING VREME
BIZNIS p.1 THE STATE TO PAY FOR THE PATRIOT FISCAL ACCOUNTS
p.1 THE TRADING VALUE AMOUNTS 49, 7 MILLIONS OF DENARS p.5 THE CONSTRUCTION OF THE PURIFYING STATION STARTS
p.1 2 391 662 ACCOUNTS CIRCULATE IN THE PAYMENT OPERA- p.6 7000 HECTARES FOR THE AGRICULTURAL WORKERS
TIONS p.6 NEW RECORD – BREAKING PRICE THROUGHOUT THE
p.1 WHO WILL BEAR THE LOAD FOR THE PATRIOT FISCAL WORLD
ACCOUNTS? p.6 MACEDONIA WITH CHEAPEST FOOD
p.3 COOPERATION FOR STIMULATING THE GROWTH OF THE p.6 THE CREDIT RATING REMAINS UNCHANGED
REAL ECONOMY p.7 NEW STANDARDS FOR THE MACEDONIAN MILK
p.3 THE EARLY ELECTIONS DO NOT AFFECT THE CREDIT RAT- VEST
INGS p.2 MACEDONIA TO IMPORT SUGAR FROM CUBA
p.13 MBI-10 AND MBID HAVE VALUE DECREASE p.7 NO ONE CONTROLS THE MILKED MILK
p.14 FALL OF ALL REGIONAL INDEXES p.9 ZAEV`S FAMILY FIRM WANTS TO PURCHASE VELES BRICK
p.16 2 391 662 ACCOUNTS CIRCULATE IN THE PAYMENT OPERA- FACTORY
TIONS p.9 THE PATRIOT ACCOUNTS WILL INCREASE THE FOOD
p.16 THE PRIMARY MONEY HIGHER FOR 1.8 PERCENTS PRICES
p.17 THE MACEDONIANS HAVE MONEY FOR SHARES p.11 OIL PRICE INCREASES TO NEW RECORD
p.17 FIVE REASONS FOR THE SHARES PRICE FALL NOVA MAKEDONIJA
UTRINSKI VESNIK p.1 THE TRADERS IRRITATED BY THE CHANGE OF THE FISCAL
p.1 WHO`LL PAY THE PATRIOTIC REGISTERS REGISTERS
p.11 ONLY THE MACEDONIAN MILK WITH HIGH QUALITY CAN p.5 FROM FIRST OF JULY PATRIOTIC FISCAL RECEIPTS
ENTER EU MARKETS p.5 THE CREDIT RATING OF MACEDONIA REMAINS UNCHAN-
p.12 NOBODY KNOWS WHO AND WHEN WILL PAY THE ELEC- GED
TRICITY DEBT OF OHIS AND MB p.5 THE FIRMS OWE THE CUSTOMS ADMINISTRATION 33 MIL-
p.12 STANDARD & POOR`S CONVINCES: THE ELECTIONS WILL LION EUROS
NOT HAVE AN IMMEDIATE EFFECT ON RATINGS p.5 MACEDONIAN TELECOMMUNICATIONS WITH A NEW BRAND
p.12 EBDR`S FIRST VICE PRESIDENT VISITS MACEDONIA NAME
p.12 ELENICA STRUMICA PURCHASED ONE QUARTER OF KIRO SPIC
KUCUK p.6 MINISTRY OF FINANCE: UNREFINED COOKING OIL FOR
VECER BLAGOJ GJOREV TOO
с.1 THE TRADESMEN DEMAND p.6 THE NEW FISCAL REGISTERS TO BE PAID BY THE GOVERN-
p.6 THE ELECTIONS DO NOT HAVE AN EFFECT ON THE CRED- MENT
IT RATINGS
 8 berzNIK number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.04.2008

POSITIVE EXPERIENCES OF THE STOCK EXCHANGES FROM THE REGION

THROUGH IPO AND PUBLIC OFFERINGS OF

SECURITIES- CAPITAL INCREASE
From 10th to 12th April 2008 ,in Ohrid ,was held the Night Annual Conference of the Macedonian Stock Exchange A.D. Skopje,
which was attended by approximately 250 participants from Republic of Macedonia, the Region and the world, and at which
,through several panel discussions, were considered the problems which are facing the stock markets from the Region. In
each developing market there is a question why on the local market there are no initial public offerings (IPO) of securities
and whether it depends fro the market itself, the moment or something else

O
n the ninth Macedonian Stock Ex-
change Annual Conference, which is
international for second time, was dis-
cussed on a number of current issues that
occupy the Macedonian capital market thro-
ugh a number of panels that were reported
and analyzed by many media, and partly by
berzNIK.
This time we decided to report part of the
presentations of the foreign participants who
took part on the fifth panel discussion, which
was the last on the conference debate. A
panel, where the increasing pressure of the
market demand can be solved by strengthen-
ing the offer was discussed. How to create
new financial instruments on the side of the
offer, especially on small stock exchanges,
mid-term and long term. So, more foreign ex-
periences are elaborated. The fifth panel dis-
cussion was on issues was strengthening the
offer on the capital market: initial public offer
of stocks, public offer of stocks, new privati-
zations. The moderator of this panel discus-
sion, Elena Jakimovska Petrovska, executive
director of Macedonian Stock Exchange on
the announcement for the presentation of
Nova kreditna banka Maribor, said that what
is interesting for the privatization of part of
the company`s shares, same as the case
with Croatian Telecom, is that they were offe-
red in a specific period. Namely, these two
initial offers came right in a period when the
turnover on the other stock exchanges was
significantly decreased and the other region-
al markets definitely noticed it.
Is the state joint stock
company in the role of seller of
shares?
Luka Vesnaver - Ministry of finance of Slo-
venia. Vesnaver was project manager of the
project for privatization of Nova kreditna ban-
ka Maribor through public offering. Before
privatization, the bank was in state owner-
ship, and now the state owns 51 %.
- Slovenia as a bank environment offers
good investment offers for the state as well
as for the other EU countries. We are extend-
ed on a high growth markets in the countries
of Central and North-east Europe, and we
also have a developed bank market between
East and West Europe. Slovenia is a small
country, but it has relatively great market par-
ticipation, with great distribution possibilities,
mostly in sales.
Goals that are intended to be achieved
are established in every privatization. What
we do now is not just to maximize the priva-
tization process, but to promote investments
in Slovenia as well. As a Government, we are
trying to promote the domestic capital mar-
ket, to decrease the role of the public sector,
which, according to me, is much prevalent in
investment, in reallocation of the goals we
want to achieve. We are trying to found a
basis for further growth through capital real-
ization, to minimize the obstacles that are
present in the operations and the manage-
ment.
If we revise the options for the pattern of
privatization of Nova kreditna banka, there is
sale of great part of shares to a strategic in-
vestor, and on the other side, there is public
offering and rating. In the middle is the sell-
ing of smaller part of the bank shares or other
institution to a strategic investor and private
sell to a financial donor on a manner that the
Government`s part can be sold to that institu-
tion.
When the goals for privatization and the
manner of making public offering are consid-
ered, I think that the negative effects from the
sales of most of the Government`s shares to
a strategic investor do not contribute to deve-
lopment of capital market. The Government
sales its part independently, there is a good
market of investments, but there are also ot-
her options.
There are other options between selling
smaller part of shares and private placement
of share capital. This manner of privatization
is not for achieving short- term goals, so that
is why we chose the manner of privatization
through public offering. We also have IPO ti-
metable in order to present the whole privati-
zation process, which lasts about four to five
months. The first phase of the process is in
preparation, where company`s business
plans should be defined and a schedule for
the share capital. In this phase, a manage-
ment presentation should also be made. In
NKMB case we did not have much time to
prepare business plan; we had advisors that
advised us on our project and transactions
which enabled us to complete this phase in a
relatively short period of time. After this, the
manager delivers the presentation to the
analyst, who than delivers the analyses to in-
surance company, and than the marketing
presentation is prepared. The investment
funds, the domestic and foreign investors are
analyzed in order to gain more information
on the investment environment. This is actu-
ally a pre- phase of the marketing phase. In
this phase, reports for the media are pre-
pared. The price fluctuation is determined in
accordance with the information gained, and
than starts the presentation in public when
books for recording orders in financial institu-
tions are opened, as Slovenia managed it, by
presenting its plan in London, Zurich,
Stockholm, Frankfurt, Paris, USA and Vien-
na. At the end of this period, we collected the
offers and concluded the end price, and than
followed the phase of deciding. The whole
process lasts about six months.
Other manner of privatization is through
dual checking process, when the possible
IPO and the process of selling through trade
that the Government has chosen for the pri-
vatization process are compared. By this
comparison, the process is left in inaction for
some time, so that there is possibility to cho-
ose the best privatization option and there is
grater awareness of the investor environ-
ment, so it can be ascertained which price
can be achieved, is the company ready for
IPO, etc. Also, the decisions can be postpo-
ned for some time. This manner of privatizati-
on is a great burden for the management be-
cause of the high costs. The offer is 49 % of
the total share capital. The shares were quot-
ed only on Ljubljana Stock Exchange, unlike
Croatian Telecom whose shares were quoted
on the stock exchanges on Zagreb and Lon-
don. Our advisor advised us on dual quoting.
We, as a Government, decided to quote only
on Ljubljana Stock Exchange. Our syndicate
structure was composed of single branch
coordinator for the whole world and a book-
runner. The concluding and closing was
made in 2007, when the investment market
was quite large and I think the transaction
closing was very successful at that time. The
allocation was fully completed, so that 23, 1
% was for the sale, while 10, 2 % was for the
home institutional investors. This structure
was different from the Croatian Telecom
structure, but it had similar situation in de-
mand that overcame- 1000 billion dollars we-
re realized. The home institutional investors
were dominant in these transactions. And the
 Date 21.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
price fluctuation was quite ambitious. Our
finance advisor suggested lowering the price,
which appeared to be correct because we
achieved the top border of price fluctuation.
IPO the first day closed with 47 % from
the total of 27 % of shares which is a great
rise. The end price ended with a rise of 44 %,
which was a growth of 60 %. Also, we noticed
that the IPO share was second most traded
share on Ljubljana Stock Exchange with a
total turnover of 30 million euro.
What we could notice the last few
months is that on the turbulent financial mar-
ket the investment institutions were selling
their shares, so that the 50 % reduced to 7
%, while the sale was quite stabile, the
domestic institutions strengthened to some
degree, but not significantly. The situation on
the world market caused share reduction, but
anyway, it remained on about 10 %. On a
local level, the Slovenian market was over-
weighed with privatization plans, so that was
another negative effect.
If we look back at the initial prices and
what we have succeeded to achieve, we can
say that we advanced the development of the
home capital market, we advanced the
investment in Slovenia and especially I must
stress that we introduced world investment
companies on the market. Partly, we reduced
the role of the public sector and we intro-
duced the structure to improve the corpora-
tive management, so
we expect positive re-
sults in future. What
we did not achieve to
complete is founding
a basis for further
growth and that is our
mistake, because we
had no additional ca-
pital. Other goal we
achieved is maximiz-
ing profit and, partly,
we gained quality ac-
tive capital with a
great participation on
the active European
markets. I think we
achieved much of the
goals.
One of the main problems was the media
over- presence in the whole process, and at
the same time, the public had no clear vision
for our work on privatization. We had a spe-
cific home atmosphere about underestimat-
ing the home demand, as well as legal and
regulation problems. Problems also occurred
by corporative financing, the offer and the qu-
oting that were practiced only through Ljub-
ljana Stock Exchange and I think we made
the right choice. We also had problems de-
ciding, namely with KDD, which is local clear-
ing institution which has no international link
for clearing system. Another problem was the
allocation. One problem was its approval by
the Government, and another problem was
whether uncover the criteria or not, and at
the end we decided to keep them in secret. It
was discussed how much to allocate to the
number 19
sales and how much to the institutions. There
were politicians who claimed Greenfield allo-
cation, and on the other side were those who
claimed allocation of sales. It is important to
have institutions that can be investors and
contributors to a great liquidity at the same
time. There is no significant number of liquid
shares without institutions.
According to the moderator Petrovska,
the conclusion after this presentation is that
when talking about selling state owned
shares, the state should behave as an ordi-
nary joint stock company which prepares
public offer of shares.
- We hope that these experiences will be
applied in Macedonia as well, in situations
when the state will decide to make such
approaches in choosing a model for selling
state capital, said Jakimovska.
Croatian Telecom – successful
story
MarinHresic - president of THE Mana-
gement Board, ERSTE Securities Zgreb,
Croatia. The Zagreb Stock Market had a free
float of 32.5% after listing. The Government
initially intended to sell 20%+3% of its stake
in state-owned companies. Strong demand
resulted with Government decision to
increase the number of shares in the IPO by
additional 9.5% stake (together amounted for
32.5% of its stake, only secondary shares
made no capital increase. We agreed for a
billion euros, while 358 thousand Croatian
citizens participated including a very strong
domestic and international demand.
Subsequently we had:
- Privatization of state-owned pack-
age of shares
- Public offering in Croatia (preferen-
tial and non-preferential)
- Offer period institutional investors:
17/09/07 – 01/10/07
- Offer period retail investors:
17/09/07 – 27/09/07
- Preferential allotment for retail
investors up to an order size of HRK 38,000
- 23,142,412 existing shares
berzNIK
9
- Greenshoe up to 3,471,361 exist-
ing shares
- Bookbuilding-range HRK 245 to
HRK 320
- Global Coordinator & Sole
Bookrunner: JP Morgan
- Domestic Lead Managers : Erste
Bank, Hrvatska Poštanska Banka
Successful deal: The offering was around
five times covered (including Greenshoe);
Retail oversubscribed more than two times
the entire offered no. of shares; Foreign insti-
tutional investors oversubscribed around 20
times, while domestic institutional investors
oversubscribed around 9 times; Issue price
after bookbuilding: HRK 265; 23% of the
offering was placed with institutional
investors (domestic 35%, foreign 65%); a
total of about 77% of the offering was placed
with retail investors (incl. Greenshoe); Free
float 32.5% after IPO; First day of trading:
+43% (+58% intraday).
The investment story of T-Hrvatski
Telekom looks like this:
Above average EBITDA margin – 46.8%
in 2006; strong free cash flow generation;
substantial pile of cash (net cash position of
HRK 6.5bn in 2006 – 42% of total assets);
dividend is paid annually, with payout policy
of 50-100%. At the moment they have a lead-
ing position on the Croatian market regarding
mobile telephony, fixed telephony, wholesale,
Internet and, data services. Their strategy
was aimed towards upgra-
ding basic telecommuni-
cations to innovative add-
on services; pre-paid to
post-paid transformation;
headcount reduction and
focusing investments on
growth areas; acquisitions
and Broadband services.
Based on T-Hrvatski
Telecom’s performance in
the first half of 2007 and
conditions in the overall
telecom services sector,
the company expects for
upcoming years:
• A slight Group reve-
nues decline year-on-
year, due to fixed telepho-
ny revenue decrease
• Slow revenue growth in mobile telepho-
ny, Internet and wholesale
• A slow EBITDA margin decrease year-
on-year
• Slow increase of EBIT year-on-year,
due to falling depreciations
• Dividend payout policy of 50-100%
annually
Events concerning T-Hrvatski Telekom at
the end of
October 2007 brought to:
- Stronger market drop;
- Strong pressure from retail clients,
almost day to day drop
In November 2007:
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
- Downward pressure continued
- Q3 company results mostly in line
with expectations (Revenues +1%, Net profit
+15%)
- Croatian parliamentary elections
were near
- Croatian National Bank announced
higher expected inflation for the incoming
year
December 2007:
- New pension funds regulation was
strong market mover in December
- HDZ won the Croatian parliamen-
tary elections and got the mandate to form a
government
- Positive trend was seen on the
market although retail pressure on HT was
still seen
December 2008:
- Positive sentiment on the market
continued
- HT however remained floating
around HRK 350
- Decision not to place a binding ten-
der for 49.13% shares of Telekom Slovenije
- Despite bearish market the price
was always above the IPO price
- Management proposed a 100%
dividend pay-out ratio.
Why there aren’t IPO on the
local market
In each developing market ,there is a
question why on the local market there are
no Initial Public Offerings (IPO) of securities,
and we wonder whether it depends from the
market itself or the moment ,or there is
something else. In the case with Romania
were posed similar questions, but contrary to
Macedonia, Romania is already having posi-
tive experience with the Initial Public Offe-
rings of couple joint stock companies.
Laurentiu Ciocirlan -
from Romania has tried to
make reference to the evo-
lution process of PRP in his
country.- On the Bucharest
Stock Market, as main
stock exchange in Ro-
mania, the current market
capital amounts 35 millions
of euros, with 61 companies
listed on the market and
one foreign company (Erste
Bank). The listing of Erste
Bank is of essential impor-
tance for the market, beca-
use it connects the domes-
tic market with the foreign
through the Central deposi-
tary in Austria, and now we
are officially connected to
the World Markets, and the
double listing is possibly
only if there is such connec-
tion. Also, we have OTC
market, on which 1.945
number 19
companies are listed which comes from the
market privatization.
About the favorable factors for introduc-
ing the IPO business on Romania, I can say
that the action has started in 2004, when the
valuations have over passed the levels
offered by the private equity funds. In 2003,
BSE introduced new system which included
basic marketing platform that enabled a con-
tract to be made, which was also a problem.
After many years spent on focusing on the
contracts for private equity capital, quality
legal advices available to the domestic mar-
ket were offered. The local investors have
become more and more interested to find
companies interested for making invest-
ments in Romania. On the other side, there
were a lot of hurdles for development of the
IPO business in Romania, from both legal
and regulation perspective and organization-
al, too.
First, on the capital market wasn’t
enabled preferential allocation. In pre-mar-
keting phase, when there is small number of
investors who try to work out their task, and
to give quality response, the award for their
effort is allocation of IPO. If you can not make
preparation action, the results from the pre-
marketing phase will appear, so it is in your
favor to offer the preparation allocation to the
potential investors, in order to attract them. It
is important greater allocation of investments
to be made on long term period, so the
investors will become more interested to
retain their shares, instead to sell them the
following day. Another hurdle is the applica-
tion or putting the money on account, as in
the case of institutions, or custody. In both
cases it comprises costs. At the beginning,
there is a great interest for application, but in
the last days the interested people are trying
to delay the application until the end of the
process. We had problems with the applica-
tion of the Pension Fund as investor that
happened in 2007.
The problem with the restrictions of local
investor had led to bringing foreign investors.
Date 21.04.2008
Another feature which I consider is not
familiar only to Romania is the high participa-
tion of the direct retail. If you want to have
effective IPO, there should be solid distribu-
tion network on available place that will not
cause problems. Since the contract is made,
in the book for making applications there
should not be written the names of the
investors, but the bulk and the price of the
shares which will be available to the foreign
brokers. Since recently there is an option for
hiding this information from the other bro-
kers.
The beginning of IPO business has been
developing very slowly. Upward change had
been noticed for the first time when the
Government decided to sell approximately
10 % of the state shares to the Romanian
energetic company Trancelektrica, which
attracted the public attention. That was the
first time we remarked change in the public
understandings for the Government, beca-
use, we like it or not, the governmental deci-
sion has the major influence upon the devel-
opment of the local capital market through
the processes of privatization. This was the
first time the politicians to be strongly con-
vinced that this was the best approach for
privatization of the state companies. The fol-
lowing year we started a new process, IPO of
Transgas, company that transmits gases
under high pressure, which had also great
success in the process of privatization.
Among the most important IPO in Ro-
mania, was Transelectrica. What is charac-
teristic for this company is that it was 6.5
times oversubscribed, although the total sum
wasn’t high, approximately 35 millions of
euros. Another important IPO is Transgas,
which fully overcome our expectations,
because it had been oversubscribed 28 ti-
mes. 1.8 millions of euros were issued in to-
tal, and total turnover of 65 million of euros
was realized.
Through IPO we tried to improve the
market, with introducing new instrument
which dependently of the
legal frame is very useful.
Until the closing of IPO a
long time should pass,
and that is because the
new issued shares should
be registered in the com-
mercial register. Basically,
from the moment of clos-
ing of the offering, until
the begging of share trad-
ing, you will obtain one to
two months period of de-
lay. None investor wants
to remain with frozen
investment without market
price, so we introduced a
new instrument which is
called Right on allocation,
with which we enabled the
traders to start trading
three days after the con-
tract. This allocation right
is basically similar to the
shares. It is buying a
 Date 21.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
share. Many were skeptics about this instru-
ment, fearing whether the public will accept,
and at the end it proved as effective. Also, we
made a chart of companies that will be listed
in 2008, and their number is approximately
20, and we hope that this will be a year of
accelerated privatization through IPO. The
small IPO were successfully closed in the
first quarter. Previously we have mentioned
that there was change in the perceptions of
the Government for IPO processes of privati-
zation, but, still, a process has been started
of two major companies, The Bucharest
Airport and Romtelekom, which is not only
technical decision, but also party decision, as
was the case with Croatian Telekom. There
are announcement of IPO of the oil pipeline.
As I said previously, on the Bucharest
Stock Exchange is listed, also, one foreign
company, Erste Bank, which connected our
market with the foreign.
There is another example. The Govern-
ment initiative from 2004, called Program for
strong market, didn’t started immediately but
after three to four years. We have noticed
that with this initiative we attracted compa-
nies on our market. For the development of
the Romanian market, it is especially impor-
tant the fact that the Government has estab-
lished, so called institutional funds, in which
the participation was lower, especially the
participation of all major companies from the
sector for energy. The total participation of
these institutional funds is estimated to one
to four million of euros. These institutional
funds were listed on the market with great
volume of shares. The fund should list all
major companies that are property of the
state, as the companies for electric energy,
energetic companies, the gas producers and
other companies.
We believe that in the following couple of
years, the Government will increase its
beliefs in privatization though IPO, but on the
other side, as a result of the pressure exer-
cised by the institutional funds for participa-
tion of the major companies, we will be too
busy and we will have a lot to consider.
The Bulgarian monopolies will
be privatized through the Stock
Market
In Bulgaria, the situation has been similar
to the situation in the other developing coun-
tries. The Initial Public Offerings weren’t pre-
sented to the securities market until recently,
and after the first successful story, they are
already having inflation of initial public offer-
ings. It is interesting to hear their experience.
The Bulgarian Stock Market has achieved
great results in 2007, and there are good rea-
sons to believe that 2008 will also be a good
year for all participants on the capital market.
Mrs. Bistra ILKOVA - Chief Executive
Officer, Bulgarian Stock Exchange – Sofia.
The Bulgarian Stock Exchange achieved sig-
nificant results in 2007 and there are good
reasons to believe that 2008 will also be a
number 19
good year for all partici- CRYSTAL BELL FOR 2007
pants on our capital market.
Last year we registered
a 90% increase in the mar-
ket capitalization of our ex-
change, which accounts for
55.46% of the country's
GDP. The turnover in 2007
went up 193 % and rea-
ched EUR 5 billion. Both
our indexes increased sig-
nificantly in one year -the
SOFIX grew by 45% and
the BG40 by 159%.
2007 was a record-
breaking year in terms of
number of IPO's. We had 9
initial public offerings (the
main method used for IPO's
in Bulgaria is book-build-
ing), but also 9 secondary
public offerings, 21 increas-
es of capital and 30 new
bond issues. 20 Special
Purpose Investment Com-
panies (mainly Real Estate
Investment Trusts) listed
their shares on the BSE.
A total of EUR 750 mil-
lion were raised through the
stock market. Initially aro-
und 50 private companies
had declared their intention
to go public and launch
IPO's in 2008, but many of
them have decided to post-
pone their listing on the
BSE due to the global
financial crisis and its re-
percussions on the Bulga-
rian stock market.
It is important to note
that 2007 was the first year
of Bulgaria's membership in
the European Union. Our
legislation is now almost
100% harmonized with the
EU Directives. We started
implementing MiFID (the
Markets in Financial Instru-
ments Directive) in Novem-
ber 2007. With Bulgaria's
entry in the EU our stock
exchange is getting more
and more involved in the
process of integration and
consolidation of capital
markets in Europe. As a re-
sult of our achievements,
the BSE attracted the inter-
est of leading European
bourses and alliances of
bourses.
A major step in this
direction was the signing
last year of an agreement
between the Bulgarian
continue to page 12
berzNIK
11
KOMERCIJALNA BANKA
– MOST TRANSPARENT BANK
The award for best research work was
won by Viktorija Atanasovska for its
work – Empiric testing of the model
for capital assets evaluation - Mace-
donian Stock Exchange case
Macedonian Stock Exchange
ninth annual conference ended
with Crystal Bell 2007 award for
best science-research work and
the award for most transparent lis-
ted joint stock company on Mace-
donian Stock Exchange.
In order to help the science-
research process in Republic of Macedonia in the field of securi-
ties, the Stock Exchange announced a competition for annual
award of best research work, last year, for the first time, in:
Securities Market in the Republic of Macedonia.
According to some key criteria, methodological approach,
work`s innovation and appliance of research work results in prac-
tice, the commission unanimously decided that M-r Viktorija
Atanasovska to be awarded for her research work titled “Empiric
testing of the model for capital assets evaluation – Macedonian
Stock Exchange case” in competition of four research work.
Beside the special mention the winner received prize of 60.000
denars.
The research work of Atanasovska was evaluated as an
attempt to test the validity and the appliance of the most signifi-
cant model in financial science of one new market or developing
market, such as Macedonian. In the bottom of the dissertation is
the question of how much the model of capital assets evaluation
is valid and to what extend it gives real and applicable results and
at the same time the same is attempted to be tested using con-
crete situation – Macedonian Stock Exchange. The author placed
special accent on the connection between the expected assets
inflow with certain risk, named “Beta”. The Commission set this
research work on the same level with the most high-quality
research works in finance field which can be found in eminent sci-
ence magazines.
- I hope that this research work will shift limits of recent meth-
ods and analysis` techniques to one higher level and will be near-
er to world financial analysts – Atanasovska stated.
As exclusively research work with high quality the Stock
Exchange separated Marjan Ivanovski`s research work in
Connection of Macedonian capital market with capital markets in
the other economies in Europe.
In the race for the award for most transparent joint stock com-
pany listed on Macedonian Stock Exchange 38 joint stock compa-
nies took part and the award Crystal Bell went to Komercijalna
banka AD Skopje.
- This award represents acknowledgement for our work so far
in the domain of the on time and fully investment public briefing in
the Republic of Macedonia and we consider that this represents
our long-term investment – stated the representative of
Komercijalna Banka, Goran Markovski.
The Commission praised the joint stock company Alkaloid AD
Skopje for the quality information during 2007 which was in seri-
ous competition for best transparent company selection.
President of the five-member commission was Professor Dr.
Mihail Petkovski (Faculty of Economy), with its members: Profe-
ssor Dr. Jane Miljovski (New York college), assistant professor Dr.
Saso Arsov (Faculty of Economy), Ivan Steriev and Ilco Lazareski
from the Macedonian Stock Exchange.
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
continue from page 12
Stock Exchange and Deutsche Boerse,
according to which our current trading plat-
form will be replaced by the German system
XETRA. This will open a lot more opportuni-
ties to the Bulgarian investors and brokers,
who will have access to the developed
European markets and vice-versa - foreign
investors will have better possibilities to
invest in Bulgarian stocks.
Although we are very pleased with all
these results, we see new challenges in front
of us. That is why we adopted a strategy for
the development of the BSE and the Bul-
garian capital market until 2010, as well as a
Business Plan. In these documents we have
fixed our priorities for the next three years,
the most important of which are:
- Implementation of the XETRA trad-
ing platform;
- Increase of the number, volume
and variety of financial instruments;
- Attracting new issuers for listing on
the exchange;
- Attracting more local and foreign
investors;
- Application of the Corporate
Governance Code by all public companies;
- Propose new information services.
The experience from the last years has
shown that the stock exchange can be used
as an efficient and transparent instrument for
carrying out privatization deals. The first pri-
vatization through the ex-
change was organized in
1998. Since then, major
stakes of some of the biggest
Bulgarian companies like the
Bulgarian Telecommunicati-
ons Company, Bulgartabak,
the Bulgarian Merchant Fleet
and others have been suc-
cessfully privatized.
The following privatization
methods are used in Bulgaria:
1. Public Offering of
Securities
2. Centralized Public
Auction
3. Remote Public Auc-
tion
4. Tender Offer
The privatization procedure is as follows:
The Principal of the securities decides to
sell its stake. The Privatization Agency opens
a procedure. Then an intermediary or con-
sortium of intermediaries is selected. After
that follows the application for registration on
one of the privatization markets. The param-
eters of the sale are then announced to the
public.
The BSE uses the Closed Auction for the
privatization deals. Orders can be "Market"
and "Limit" and their validity is 1 day. The
order priorities are 1) price and 2) time.
number 19
The total number of stakes that have
been privatized through the exchange is 1
897, of which 1 443 were sold through
Centralized Public Auctions, 290 through
Remote Public Auction, 157 through Public
Offering and 7 through Tender Offer.
Bulgarian government officials have
declared that major state monopolies - like
Bulgargaz, National Electricity Company,
energy distribution companies and others -
can be privatized fully or partially through the
BSE. We hope that this will happen, because
such a step will be very beneficial for our
capital market.
Baltic Stock exchanges with
exceptional profits
Lauri Lind - director of Hansabank Markets
security sector, Estonia. – Although our coun-
try is small we are raising funds and other
investment assets and we already had few
big investments in the region, in Bulgaria,
Romania and Serbia. On the other hand we
are working in order to achieve capital for ot-
her companies.
I will briefly present the current situation
of the Baltic countries. In correlation with the
fast economic growth, all Baltic Stock
Exchanges have indicated exceptional prof-
its, but due to the world negative economies
which suffer small liquidity, foreign investors
indicate small interest for these countries.
IPO`s market became relatively active in
Baltic countries as a result of the great inter-
ests of the institutional and sale investors. In
order to increase the liquidity and the world
to get more familiar with the Baltic shares
emerges great interests for public offers in all
Baltic countries and double listing on the
Warsaw Stock Exchange.
In relation with evaluation methods we
can say that the price isn`t determined by the
investment bank but the investor itself. The
market is the one that determines the price.
In relation with shares issuing we had
25% of the listed shares, although we were
advised to risk bigger percent, while the price
of the shares should be determined in the
Date 21.04.2008
period of the book-building and the price
movement should be determined in pre-mar-
keting phase. This offer`s structure is much
more different than the structure of Romania,
Croatia and Bulgaria, but we have recently
accepted their structure and created mutual
structure for all Baltic countries, hence we
had public offers in few countries and at the
same time in the three Baltic countries, in the
same period and with the same price. We
apply the institutional offer in all countries in
the world. We have some restrictions which
majority refer to USA, hence these restric-
tions that doesn`t refer only to qualified insti-
tutional buyers.
In terms of IPO`s process it is very impor-
tant to have a councilor after the listing,
because sometimes there is suitable time for
listing of this business, but also times when
the opposite situation is much important from
market`s point of view to have councilor who
will explain you exactly what is happening
and will explain why the share decline is hap-
pening, and the management of the compa-
ny should work 24 hours in order to find suit-
able solutions. The market investigation is
also very important. The story of the equity
capital should be represented to analysts
who investigate the market. They research
the equity capital, publish material along with
the gained information and distribute it to
investors in order to have full insight in mar-
ket`s situation.
I will state few significant roles of
Hansabank, such as counseling the compa-
ny, in relation with double listing,
placement strategy preparation,
evaluation of the company, IPO
before the marketing phase, agre-
ement, listing, marketing etc.
While, for its role in the mar-
ket`s investigation and trade I can
point out its big experience with
IPO and private placement in the
region. Majority of active foreign
investors on the Baltic market
have security accounts and trade
through Hansabank. Baltic market
is very specific in terms of altho-
ugh there are 10 or more members
who have applied, although gro-
ups like City Bank are big, in reali-
ty they don`t contribute towards
the market, still the local brokersp
promoting the market do their job. Major
companies do not see our market as a who-
le. Generally speaking, we are the biggest
investment bank in the region and from his-
torical reasons we privatized all local banks
in every country, so that we have big sale
and institutional contribution on the market.
In terms of the agreements with other
companies I will state the cooperation with
Olympic Entertainment Group (OEG) which a
leading casino company in the Baltic coun-
tries. Hansabank markets were the major
manager of OEG IPO, and for the first time a
process has been started simultaneously in
all three Baltic countries and new shares of
71.8 million euros were issued.
 Date 21.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Rebranding of Makedonski Telekomunikacii is
news present in all printed media. Starting May
1st, the new name of Makedonski Telekomunikacii
will be Makedonski Telekom JSC for electronic
communications, and the company will operate
under the brand of T-Home. Makedonski Telekom
is the first company within the frames of internati-
onal group Deutsche Telekom, which is going to
follow the new T-Brand architecture in the field of
telecommunications. Accepting the new brand,
makes the company member of the biggest te-
lecommunications family and Macedonian users
will have the opportunity, same as other 150 milli-
on users, to enjoy privileges offered by T-Brand in
more than 50 countries in the world.
Macedonia faces new milk crisis, this time
due to lack of milk for purchasing, papers inform,
which is a result of the opening of diaries, owned
by foreigners. Purchasing prices in just 6 months
increased almost 80%, and stockbreeders an-
nounced new increase due to expensive and
insufficient fodder. On the other hand, foreign
owners introduce new standards in milk produc-
tion. According to the information in newspapers,
diary Swedmilk Macedonia is the best promoter of
highest European standards, which means quali-
number 19
ty control in the entire process, from the farm to
the final consumer. The education of farmers, who
directly implement positive experiences that
already function, is the most important.
Due to the drastic increase of price of food in
the recent months, the Government will start
negotiations for import of wheat and fodder, Dnev-
nik informs. This decision is adopted on the last
Government session, and the goal is providing of
reserves before the crop in order of avoiding pos-
sible shortage. The reason why the Government
considers import of wheat is that prices on the
market are higher compared to several months
ago when the last amounts of wheat and fodder
were imported. The Government will import wheat
and invest advance money in state-importers in
order of securing that in time of reduced crop
there will not be halt of the shipments due to
export ban.
In this moment on MSE there is redistribution
of foreign share holding structure, Biznis informs.
Existing foreign institutional investors leave MSE,
because in the past period they gained certain
profit and that is why they are leaving and looking
for new markets. But, still, there are new foreign
share holding structures, which is confirmed by
berzNIK
13
17.04.2008 THURSDAY
the enter of new Bulgarian and Croatian institu-
tional investors. Figures in MSE-Monthly Statisti-
cal Bulletin, show that in March foreigners partici-
pated with 21.82% on the Official Market, which is
0.02% lower than February with 21.84%.
In Biznis can be read that interest rates have
sloping up trend on the primary securities market.
Average pondered interest rate at three-month
state owned securities, mark stabilization trend
with sign reduce in the first two months. In Janua-
ry it reached 5.1%, while February, on the first bid-
ding was realized pondered interest rate of
5.04%, and 5.06% on the next bidding. In March
and the first half of April they increased 1%, and it
contributed for greater interest by the investors.
On the securities market, Wednesday value
of MBI-10 index marked 0.82% increase, MBID
0.04% drop, and OMB 0.23% increase.
The fall of American dollar compared to euros
is the crucial factor for the oil to reach record
breaking price of 114.49 dollars per barrel.
Euro yesterday reached new record breaking
value of 1.5947 dollars. According to data of Euro-
stat, the 15 euro member-states, last month regis-
ter 3.6% inflation, which is the highest rate since
1999.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIAN TELEKOM WITH TRADEMARK “T” (*****)
2. THE MILK PRODUCERS PRESENTED CERTIFICATES OF GRATITUDE (****)

DNEVNIK p.8 MACEDONIAN TELECOMMUNICATIONS REBRANDED IN

p.1 THE GOVERNMENT WILL IMPORT FOOD RESERVES MACEDONIAN TELECOM
p.7 INCREASED DEMAND OF MILK p.8 NEW RECORD VALUE OF THE EURO IN RELATION TO THE
p.7 ONLY TWO INSURANCE COMPANIES PROVIDE IN-SURANCE DOLLAR
TO AGRICULTURISTS p.8 NEW RECORD OF THE OIL OF 114, 49 DOLLARS
p.9 MACEDONIAN TELEKOM WITH TRADEMARK “T” VECER
p.9 PATRIOTIC FISCAL RECEIPTS FOR FOREIGN PRODUCTS p.1 TELECOM IS REBRANDING TO T-HOME
p.7 МBI 17.04.2008 p.6 THE GOVERNMENT IS THINKING OF IMPORTING WHEAT
BIZNIS p.6 THE MILK PRODUCERS PRESENTED CERTIFICATES OF
p.1 FOREIGN PHYSICAL ENTITIES EXIT- OTHERS EN-TER GRATITUDE
p.1 DEUTSCHE TELECOM IS BRINGING THE T – HOME BRAND p.6 FROM MAKTEL TO T-HOME
p.3 DEUTSCHE TELECOM IS BRINGING THE T – HOME BRAND p.6 OIL PRICE HITS $114.5 A BARREL
p.9 THE MORTGAGE CRISIS INCREASED THE NUMBER OF p.7 SERBIA TO SAVE THE REGION
BANKRUPTCY p.7 THE GLOBUS SALAMI ON THE RUSSIAN MARKET TOO
p.9 THE CRISIS MAKES THEM RICHER- p.7 SUBSIDIARY OF OHRIDSKA BANKA
p.13 MBI – 10 WITH INCREASE OF 0.82 PERCENTS VREME
p.13 TRADE VALUE REACHED 37.1 MILLION DENARS p.5 A DAIRY ACCORDING TO SWEDISH STANDARDS
p.14 FOREIGN PHYSICAL ENTITIES EXIT- OTHERS ENTER p.5 HIGH QUALITY SERVICES WITH T-HOME
p.15 INTEREST RATES GO UPHILL p.5 THE GOVERNMENT DON`T WANT TO MEET TRADERS WISH-
p.16 OIL REACHED RECORD BREAKING PRICE -114.49 DOLLARS ES ABOUT FISCAL REGISTER COSTS
PER BARREL VEST
p.16 NEW SUBSIDIARY IN GOSTIVAR p.6 T-HOME TO BE CHEAPER AT NIGHT
p.17 DIARY IN BITOLA MOTIVATES THE DEVELOPMENT OF p.6 KOSMOFON REPAIRED 10 APPLIANCES FOR THE NEWLY
FARMS BORN
p.17 INTRODUCTION OF HIGHEST EUROPEAN STANDARDS NOVA MAKEDONIJA
UTRINSKI VESNIK p.9 SERBIA IS SAVING US FROM THE LACK OF ELECTRICITY
p.7 A PIPE FROM NISH TO MACEDONIA WILL BE BUILT p.9 THE OIL FROM KUWAIT FOR THE FIRST TIME PRICED FOR
p.7 IF THE STOCKBREEDERS WANT PROFITS, THEY ARE TO OVER 100 DOLLARS PER BARREL
IMPROVE THE MILK QUALITY p.9 THE STOCK – BREEDERS LEARN HOW THE MACEDONIAN
p.7 THE HYDRO POTENTIAL INCREASED FOR 135% MILK SHOULD REACH THE EU STANDARDS
p.7 THE GOVERNMENT IS IMPORTING WHEAT
14 berzNIK number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.04.2008

1. SHORT REVIEW OF EVENTS
The two days visit of the delegation of the
European bank for reconstruction and develop-
ment was without a doubt the most interesting
event in all the printed media. On the meeting, the
vice Prime Minister Zoran Stavreski together with
the vice president of the EBOR Varel Freedman,
is agreed for the EBOR to secure 50 millions of
euros as addition of the financial situation of the
project for construction and reconstruction of the
regional and local roads with the World Bank,
from which 70 millions of euros have already been
granted. With this, the total amount for the con-
struction of the regional and local roads will cost
120 millions of euros, which will provide improve-
ment of the total transport and infrastructure in
Macedonia. EBOR expressed readiness and deci-
siveness for the support of the development of the
business in the private sector, attracting foreign
investments, working with the financial sector, in
order to help the development of the small banks.
The Financial Times Deutschland announced
that the German construction company Hohtif
JSC is interested in investing in the Skopje airport
Aleksandar the Great. As reported by the today’s
issues of the papers, in the text it is stated that
this company has already sent a letter of interest
to the Macedonian government. It is also quoted
an announcement on a source of the Macedonian
government saying that the company Hohtif has
good chances for success in the agreement for
the Skopje airport. According to the plan of the
Macedonian government, the best bidder will
have to invest 300 millions of euros in expansion
and construction of the three airports in the coun-
try, and with this acquiring the right to manage
with them for the next 20 years.
That Macedonia is an interesting country for
investing, have found the Italian businessmen,
whose delegation stayed in the country. – The
entrepreneurs that are with me are interested to
invest in the living environment of the waters, to
cooperate with the government at the developing
of the energy sector for production of electricity,
hydro energy and the possibilities of using the oil
as a possible source of energy, for construction of
apartments and the world known hotel in Skopje –
stated the president of De Genaro group, Daniele
Julio De Genaro, adding that one of the Italian
businessmen from the delegation, which is owner
of seven hotels from the Sheraton and Hilton
brands is interested in entering Macedonia.
The newspaper Vest, reports the claim of the
governor of the National Bank, Petar Goshev, that
besides the early elections, the course of the
denar will stay stabile. On the strong speculations,
for the possible devaluation of the denar, Goshev
states that – the inflation will start to fall, but even
it stays higher, the stance of the National Bank is
that there would be no devaluation. The Central
bank will keep the course as stabile. There are
plenty of reserves in currencies, i.e. over 1.5 bil-
lions of dollars, and we have enough instruments
if it would be necessary to intervene and to keep
the stability of the denar.
The agency for electronic communication has
made an immediate agreement with the Seavus
company for supplying the software for the trans-
mitting service of the phone numbers for which
18.04.2008 FRIDAY
will pay 510 000 euros informs Dnevnik. The
Seavus offer is three times higher than the offers
of the other companies that are participating on
the two previously annulled public offers. At the
Agency say that only Seavus had been qualified
for an immediate agreement because the other
companies did not have any reference for suc-
cessfully implemented software.
For a long time now on the Macedonian stock
market there is an increase of the three stock
market indexes, say the regular stock market
report in Biznis. Namely, the Macedonian Stock
market index - MBI–10 is 5.760.03 and marks an
increase for 4.42%, MBID has increased for
0.97% and OMB for 0.18%.
From the events in the region, interesting
news is that the biggest Slovenian bank Nova
Ljubljanska Banka NLB is announcing emission of
new shares because the increase of the capital in
shares. The total emission worth 300 millions of
euros will increase the capital in shares of the
bank to 11.2 percents.
The increase of the prices of the food and of
the fuels is the main reasons for the record-break-
ing inflation of the two biggest European
economies – the French and the German, informs
Nova Macedonia. Namely, France in March has
had a record – breaking high inflation for 3.2 per-
cent, which is the biggest leap since 1991, while
the German state statistical office confirmed that
the inflation in March in Germany has reached 3.1
percent.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. ANOTHER 50 MILLION EUROS FROM EBDR (*****)
2. GERMANS WANT TO MANAGE THE MACEDONIAN AIRPORTS (*****)
DNEVNIK p.6 MILK IN TETOVO CHEAPER FOR TWO DENARS
p.12 A FIRSTHAND AGREEMENT ON SOFTWARE WORTH 500 000 p.6 CRYSTAL BELL FOR KOMERCIJALNA BANKA
EURO p.7 WILL THERE BE SHERATON OR HILTON IN SKOPJE?
p.12 GERMANS WANT TO MANAGE THE MACEDONIAN AIR- p.7 GERMANS INTERESTED FOR THE SKOPJE AIRPORT
PORTS VREME
p.12 THE CUSTOMS TERMINAL IN STRUMICA AVOIDED THE CLO- p.6 EBOR IS FINANCING HIGHWAYS AND POWER PLANTS
SURE p.7 GERMAN BUILDER HOCHTIEF WISHES TO TAKE OVER THE
p.12 BUSINESSMEN FROM ITALY INTERESTED IN MACEDONIA AIRPORT
BIZNIS p.7 HOTELS HILTON OR SCHARATON WILL SPRING UP IN
p.1 GROWTH OF THE THREE STOCK INDEXES SKOPJE?
p.3 GERMAN HOCHTIEF AG INTERESTED IN ALEKSANDAR p.7 NOVA LJUBLJANSKA BANKA NLB INCREASES THE CAPITAL
VELIKI VEST
p.3 ANOTHER 50 MILLION EUROS FROM EBDR p.3 STOCK EXCHANGE`S GROWTH OF 4.42 PERCENT
p.3 ITALIANS TO BUILD HILTON AND SHERATON p.6 INFLATION WILL NOT WITHDRAW DEVALUATION
p.13 GROWTH OF THE THREE STOCK INDEXES p.8 ITALIANS WISH TO BUILD A LUXURIOUS HOTEL IN SKOPJE
p.13 SHARES OF MAKPETROL, SKOPJE, MOST TRADED p.9 GERMAN HOCHTIEF AG INTERESTED IN ALEKSANDAR
p.13 МBI 18.04.2008 VELIKI
p.14 MAKEDONIJATURIST WITH NET-PROFIT OF 138.2 MILLION NOVA MAKEDONIJA
DENARS p.1 SHERATON AND HILTON CAN RISE IN SKOPJE
p.14 MARKET INFORMATION ABOUT MBI-10 p.6 THE HOTELS SHERATON AND HILTON CAN RISE IN MACE-
UTRINSKI VESNIK DONIA
p.7 GERMAN HOCHTIEF AG INTENDS TO INVEST IN SKOPJE`S p.6 EBRD SUPPORTS THE PRIVATIZATION OF MACEDONIAN
AIRPORT AIRPORTS
p.7 ITALIANS INTERESTED IN ENERGY SECTOR AND HOTEL p.6 INFLATION RECORD OF THE TWO GREATEST EUROPEAN
CONSTRUCTION IN THE COUNTRY ECONOMIES
p.8 TPP OSLOMEJ p.6 LUKOIL WITH 9.5 BILLIONS PF DOLLARS OF PROFITS
p.8 EBRD TO SUPPORT LOCAL BUSINESSES IN MACEDONIA p.6 50 MILLION EUROS FOR REGIONAL AND NATIONAL ROADS
p.8 MICROSOFT DONATED 400,000 US DOLLARS ABOUT THE p.6 OPEC OIL AT RECORD PRICES OF 106, 65 DOLLARS PER
SHTIP UNIVERSITY BARREL
VECER p.7 DELTA INVESTS 3 BILLIONS OF EUROS IN THE REGION
p.5 EBRD TO FINANCE THE MODERNIZATION OF THE AIR- p.7 THE SLOVENIAN NLB INCREASES THE SHARE CAPITAL
PORTS
 Date 21.04.2008 number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
19.04.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

Starting from yesterday the Macedonian
lambs are being exported on the Serbian market
for the first time; inform Saturday’s editions of the
newspapers. Until the Orthodox Easter it has
been agreed for the Serbian merchants to pur-
chase a total of 6,000 lambs from Macedonia,
and as our traders explain the export in Serbia is
a result of the reduced placement in Greece. So
far Serbia hasn’t been importing Macedonian
lamb because there was an administrative ban.
In order to enter the country the meat shipments
were supposed to undergo customs procedure
for three days. Recently Serbian authorities intro-
duced new facilitating import measures. The total
number of exported lamb is reduced, because
the sheep breeders do not sell the female lambs
as a result of the stimulations given by the
Government. Statistic data on the other hand
show that Macedonia annually exports around
3,000 tons of lamb. The entire foreign exchange
inflow is around 11 million euros.
The Germans are most interested in energy
and construction of hydroelectric power plants,
but they also show great interest for the infra-
structure of airports, roads and internet banking,
Vice-prime Minister Zoran Stavreski said, after
yesterday’s meeting of government representa-
tives with 20 German businessmen where they
discussed about the opportunities for economic
cooperation between Germany and Macedonia.
Newspapers also inform that despite this, the
German businessmen are interested in real-
estate especially regarding the project which
envisages for a large residential and business
center to be built in one part of the army barracks
Ilinden, which would include apartments, malls
and other facilities.
Macedonian businessman Edmond Karliu
will be one of the main financers in the largest
investment in Kosovo, worth 400 million euros for
the construction of a large number of apartments
and business premises in the capitol of our north-
ern neighbor, Utrinski Vesnik conveys. The enter-
ing of this powerful businessman on the civil
engineering market of Kosovo would certainly
mean getting solid deals and work for many
Macedonian construction companies, although
so far nobody mentions the potential candidates.
The Croatian market will be open for the cig-
arettes from Macedonia, is the headline of
Dnevnik’s article, where you could read that this
would be achieved if the demand of the EU is
implemented, that means for Zagreb to abolish
the discriminatory taxes for import from other
countries. Namely, as a result of the very high
taxes, none of the cigarettes produced in our
tobacco companies has been sold in Croatia so
far. The attempts of some of the Macedonian pro-
ducers to win over the Croatian smokes were not
successful, because they were uncompetitive on
the market.
The early parliamentary elections in
Macedonia will not have a negative influence of
the business; neither this is going to stop the eco-
nomic activities in our country, Branko Azeski,
president of the Economic Chamber, states for
today’s edition of Vecher. – However, it is normal
that there would be a certain delay of the
Government’s activities in our country. The capi-
tal investments realized by the Government are
going to be brought to a halt, but the remaining
economic process will continue at their normal
course, because the business is becoming more
and more immune to the politics, Azeski consid-
ers.
Including the first quartile of this year KB
First Open Pension Fund had 98.989 members,
it is said in the Funds’ announcement conveyed
by Nova Makedonija. Compared to the same
period in February, the number of new members
has increased for 1.315, stands in the fund’s
announcement for the results achieved in the first
quartile. The total net incomes that the fund
made are now 1.9 million denars, which is an
increase of 5,34 percent comparing to the month
before.

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIAN CONSTRUCTION COMPANIES WILL PROFIT FROM THE BIGGEST
INVESTMENT IN KOSOVO?! (****)
2. THE DOMESTIC LAMB ON THE SERBIAN MARKET FOR THE FIRST TIME (**)

DNEVNIK
p.7 THE CROATIAN MARKET WILL OPEN UP FOR THE MACE- VECER
DONIAN CIGARETTES p.7 BUSINESS BECOMES IMMUNE TO THE POLICY
p.7 MACEDONIAN BUSINESSMAN WILL INVEST 400 US MILLION
DOLLARS IN KOSOVO VREME
p.7 THE DOMESTIC LAMB ON THE SERBIAN MARKET FOR THE p.7 THE GOVERNMENT MUST NOT INVITE NEW TEN-DERS
FIRST TIME p.7 GERMANS INTEREST ABOUT A LOT OF PROJECTS
p.7 NOTE OF PROTEST TO GREECE BECAUSE OF MAT
p.7 BUSINESS CENTER WILL SPRING UP NEAR THE BARRACKS VEST
ILINDEN p.8 SERBIA IMPORTS MACEDONIAN LAMB FOR THE FIRST
TIME
UTRINSKI VESNIK
p.7 MACEDONIAN CONSTRUCTION COMPANIES WILL PROFIT NOVA MAKEDONIJA
FROM THE BIGGEST INVESTMENT IN KOSOVO?! p.5 COOPERATION WITHOUT CONCRETE DEALS
p.7 DOES REK BITOLA WORKS ON COAL OR HEATING OIL? p.5 FIRST PENSION FUND REACHES 90.000 USERS
p.7 THE GERMANS WISH TO INVEST IN THE ENERGY SECTOR p.6 OIL PRICE INCREASE CONTINUES
AND IN A BUSINESS CENTER p.6 GRANIT FOUNDS ANOTHER COMPANY
16 berzNIK number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
KAPITAL
p.11 NEW PRODUCER OF OIL DERIVATES
Capital Oil-LLC – is the name of the new company founded last week
which deals with oil derivates production.
p.11 SRGAN KRSTIC NEW MEMBER IN THE MANAGING BOARD OF
EUROSTANDARD BANKA
Srgan Krtic, the first general director of Postenska Banka entered the
managing board of Eurostandard bank last week.
p.11 VESNA SAP HAS NEW OWNERS
Vesna Sap, company for starter batteries production in the past known
as Zletovo has new owner and larger owner structure.
p.12 ALKALOID TO DONATE EQUIPMENT FOR SCIENTIFIC
RESEARCH ACTIVITY
The purpose of last week`s agreement by Ss.Cyril and Methodius
University and Alkaloid is cooperation in order to stimulate and to enable joint
implementation of projects and other cooperation forms in order to accom-
plish mutual goals of the academic and business community.
p.12 GREEK VETO FOR MACEDONIAN LAMB TOO, MORE ON
DOMESTIC MARKET – 143164
Greece doesn`t want Macedonian lamb for the approaching eastern hol-
idays. Last two weeks the import of lamb meet to our southern neighbor had
been fully stopped. 60 thousand lambs on Macedonian farms remained
unsold.
p.12 ZOELLICK: THE INCREASED FOOD PRICES ARE NOT TEMPO-
RARY
Increased food prices are not temporary event, and will probably main-
tain during the next years, Robert Zoellick, president of the World Bank
Robert Zoellick stated. Increased demand and biofuel`s utilization as alterna-
tive source of energy are gone.
p.14 THE WEAK DOLLAR A REASON FOR SHOPPING TOURISM IN
NEW YORK
Due to fall of the dollar in relation to other currencies, New York experi-
ences new type of tourist boom.
p.22 MACEDONIAN ECONOMY LOSSES THE FIGHT ON THE
DOMESTIC MARKET TOO!?
Macedonia increases the volume of its trade with foreign countries, but
increases its trade deficit too.
p.27 MACEDONIAN STOCK EXCHANGE EUPHORIA ENDS.
The price correction lasts half a year now, global financial markets are
unstable, due to which they`ve stopped spreading positive energy a key fac-
tor for our region`s growth.
p.36 SLOVENIAN AND CROATIAN INSURERS “AT WAR” FOR THE
INSURANCE BUSINESS IN MACEDONIA!
One year ago Macedonian insurance market was not so popular subject
for discussions among financial business circles, but this year becomes pop-
ular in terms of its further development.
p.42 BUCIM WITH BEST RESULTS SO FAR
The mine Bucim from Radovis plans to increase the production during
next year and for this purpose it intends to invest over 4 million dollars in new
equipment.
p.42 PRINTING HOUSE KIRO DANDARO INVESTS THREE MILLION
EUROS ON EQUIPMENT - The printing house of Bitola Kiro Dandaro plans
to invest around three million euros the next two years in new machine and
equipment supply. “An investment of one million euros is planned for this
year from which the bigger part is already realized. We plan to spent two mil-
lion euros next year for new machines and equipment”, Dragi Milosevski,
director of the printing house stated.
p.43 KRKA OPENED NEW BUSINESS CENTER IN MACEDONIA
Slovenian pharmacy company Krka on 1.907 square meters has opened
new business- store centre in Skopje. According to Jose Colaric, president of
Krka`s managing board, the company by making this move marked the 14
year annual presence on Macedonian market.
p.44 EASTERN CREDIT FOR THE CITIZENS FROM UNI BANK
On the occasion of the approaching eastern holidays, Easter and 1, May,
UNI Bank created non-purpose credit for citizens. The procedure about lend-
ing these credits is very simple and quick and it can be approved without
additional commission for the credit in this promotional period.
p.45 OVER TWO MILLION EUROS ABOUT SOFTWARE RECORDING
THE MACEDONIAN PRODUCTS!
The implementation of the new software within fiscal registers will cost
the Macedonian private businesses at least two million euros. The software
will record how many Macedonian products are produced in Macedonia.
Date 21.04.2008
14.04.-19.04.2008 MONDAY-SATURDAY
p.48 RETAIL TRADE LAST YEAR INCREASED BY 11%
Food and fuels products constitute over 60 % of the turnover. During
2007, the retail trade in Macedonia has been increased by 17.1% in relation
to 2006.
p.48 BALKAN IS GOOD FOR INVESTMENTS
“Political situation dominates in the texts about the Balkan, but behind
the complex politics, there is growth of the trade, investments, economy, and
wages, and the common investment climate continuously improves, estimat-
ed Ernhard Busek, special coordinator of the Stability Pact for Southeast
Europe in authorial text for “Financial Times”.
p.62 TECHNOLOGY CAN SIGNIFICANTLY CHANGE THE LIFE AND
THE BUSINESS
Since the middle of 2004, Goran Radman is one of the fifth regional
presidents of Microsoft EMEA (Europe, Middle East and Africa), especially
responsible for Southeast region.
MAKEDONSKO SONCE
p.35 DECENT OFFER WITH BIG COMPENSATION
Employees of “Makedonski Telekomunikacii” with at least five years of
length of service will be able, within one month to apply for voluntarily depar-
ture with compensation from the company.
p.36 BLACK METALLURGY IN BIG PAIN
These days, representatives of domestic metallurgy giants have openly
asked for better conditions for market economy. For them especially impor-
tant is the energy support, and they also ask for state aid pursuant to the
National program for reconstruction of the steel industry.
FORUM
p.9 EXPANSION OF SEAVUS
Until the end of the year, the development center of Seavus in Nish,
Serbia will increase the number of employees to 70. The company at the
same period plans an expansion of its cooperation with the information –
technological faculties in Nish, with which it will grow in a leading center for
the development of the information technology in this part of Serbia.
p.26 NIP HAS BEEN “DYING” FOR FIVE YEARS
Probably very few people remember the 12 loss-making firms for which
destiny Macedonia had to sign FESAL-arrangement with the IMF. Among
them was the once fortress NIP Nova Makedonija, in which secret chambers,
according to unwritten memoirs, the personnel compositions of then
Executive Council of Assembly of SRM had been tailored.
p. 28 INVESTOR ACTIVISM
On the ninth annual conference of the Macedonian Stock Exchange last
week, several scenarios on the development of events were stated out, relat-
ed to the share prices until the end of the year.
p.29 LAST YEAR’S BOOM IS NOT GOING TO HAPPEN AGAIN
After the last year’s boom on Macedonian Stock Exchange, when there
was euphoric rush- who didn’t buy didn’t get, this year the Stock Exchange
got affected by the apathetic period where usually the bear is the one domi-
nating and not the bull.
p.31 IN KNOCKOUT AGAIN
The second stock exchange week of April started peacefully and without
any big expectations. On Monday there was reservation both with the buyers
and the ones making the offers, with realized turnover of 21 million denars
and slight increase of MBI-10 of 0,73%.
p.33 ALKALOID SIGNS AGREEMENT WITH UNIVERSITY OF SS.
CYRIL AND METHODIUS
Alkaloid will sponsor scientific researches in the pharmaceutical area of
the state university of Ss. Cyril and Methodius.
DENES
p.5 Croatian Ingra became owner of the majority share package in
Mavrovo. Croatians bought another 33 percent of the construction compa-
ny’s capital- before announcing the public offer on taking over the company,
they owned 28 percent of Mavrovo’s capital.
p.21 POWER STROKES ON THE STATE BUDGET
In only one month, another two serious problems occurred with the sys-
tem of the Macedonian electricity producer.
p.24 GOVERNMENT NOT TO GET INTO UNPRODUCTIVE SPENDING
The current state in economy, before the arrangement, got into the mon-
etary experts’ focus, several weeks before announcing the early parliamen-
tary elections.
 Date 21.04.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
PAST WEEK IN THE TOKEN OF...
Loans for improving transport infrastructure
After the business climate and the tax
reforms, Macedonia is among the best in
Europe and the world. This assessment, given
by the president of the World Bank, Shigeo
Katsu, on the IMF and the World Bank’s spring
session, opened the last week which in the print
media went mostly in the sign of the internation-
al financial institutions and companies. From
the same place came also the news that
Macedonia will receive loan of about 70 million
euros from the World Bank for construction of
new and reconstruction of the existing roads in
the country. Together with the 50 million euros
that the European Bank for Reconstruction and
Development will provide, which was agreed on
their delegation’s visit in Macedonia, the total
amount for improvement of the entire transport
infrastructure in Macedonia will be of about 120
million euros.
number 19
This week was also marked by the assess-
ment from the popular independent consulting
firm Standard and Purs, which doesn’t expect
the early elections in Macedonia to cause sig-
nificant deviations from the political course
required for starting negotiations for our coun-
try’s membership in EU.
Financial Times Deutschland paper reports
the news that German construction company
Hohtiff was interested in investing in Skopje air-
port Aleksandar Veliki, and according from
sources from Macedonian Government, the
best bidder will have to invest 300 million euros
in expansion and construction of the three air-
ports in the country, which will earn him the right
to manage them for 20 years.
The renaming of Makedonski Telekomuni-
kacii is the news that was reported by all print
media. Macedonian Telekom is the first compa-
berzNIK
17
ny within the Deutsche Telekom Group that will
follow the new T-brand architecture in telecom-
munication industry. By accepting the new
brand, Macedonian users will have an opportu-
nity of enjoying the privileges T-Brand offers in
over 50 countries around the world.
From the domestic news to be marked is
the one that all exporting or importing compa-
nies will be able to charge duties on their prod-
uct on their own if they possess approval for
simplified customs procedures. Among the top
news is also the one saying that the campaign
for increasing the sell of Macedonian products
has the traders’ support, but they do not agree
to finance it with their money. According to
them, if the idea is the Government to statisti-
cally determine how much the Macedonian
products are being sold, then the Government
should cover the expenses for this change.
Otherwise, they will increase the prices of their
products.

MACEDONIAN STOCK EXCHANGE GD GRANIT AD SKOPJE

Regular revision of OMB Index New Company

In accordance with the Methodology for calculation of the bonds Index on Macedonian Stock
Exchange OMB, on 15.04.2008 the Commission for stock exchange index made regular revision
founded
of OMB.
The Commission established that the following bonds will continue to be elements of OMB: On 31.03.2008 the construction company
Bonds for settlement of citizens’ demands on the grounds of deposited foreign exchange Granit AD Skopje founded Company for pro-
deposits (RM01), Bonds for denationalization-First emission (RMDEN01), Bonds for denational- duction of factions from mineral raw materi-
ization- Second emission (RMDEN02), Bonds for denationalization-Third emission (RMDEN03), als, GRANIT-KAMENOLOMI LLC Skopje.
Bonds for denationalization- Fourth emission (RMDEN04), Bonds for denationalization- Fifth Priority field of the company is exploiting of
emission (RMDEN05), Bonds for denationalization- Sixth emission (RMDEN06). decorative stone for civil engineering. The
According to the participation of every bond-element of the index in the overall trading with company will carry out all activities set with
bonds in the period between two revisions (16.01.2008-15.04.2008), the Commission determined the National classification of activities except
the influence of each OMB element on the index’s movement, whereas the influence of not one for those that require consent, permit or any
element is to exceed 30%. other act from a state or other competent
The next regular revision of OMB will be carried out on 15.07.2008. organ. Trade and services company GRAN-
IT-KAMENOLOMI LLC Skopje uses funds
which are in ownership of the founder. The
KOMERCIJALNA BANKA AD SKOPJE equity is five thousand euros. In the legal
trade with other persons the company will act
in its behalf and for its own account.
Conversion of priority shares
Komercijalna Banka AD Skopje informs that after making the conversion of 3.353 priority
shares with total nominal value of 3.353.000,00 denars to 3.353 ordinary shares with the same
total nominal value of 3.353.000,00 denars, the number of shares issued by Komercijalna banka RZ USLUGI AD SKOPJE
AD Skopje listed on the Macedonian stock exchange AD Skopje changes and is now 17.938,00
priority shares with total nominal value of 17.938,000,00 denars and 1.996.129 ordinary shares Monthly incomes
with total nominal value of 1.996.129.000,00 denars.
smaller for four million
MAKEDONIJATURIST AD SKOPJE
denars
The stagnation and the stoppage of pro-
duction process in Makstil-steelworks, will
Net-profit of 138,2 million denars affect the operation of RZ Uslugi AD in the
In 2007 joint-stock company Makedonijaturist made a net-profit of 138.205.000 denars. part of technological water distribution for
According to the consolidated balance sheet, the overall assets in 2007 were 1.812.627.000 their needs.
denars, and the value of capital and reserves 1.745.144.000 denars. In the consolidated income As it stands in the Company’s announce-
statement the profit’s value of the regular operation is 149.098.000 denars, which is an increase ment, in the period of stagnation the reduce
comparing to those 114.510.000 denars in 2006. of incomes on monthly level will be about
The Supervision Committee of Makedonijaturist AD Skopje passed a decision by which it 4.000.000,00 denars, and the overall effect
revokes Grigor Koprov from the position member of Board of Directors of Makedonijaturist AD on the financial result of RZ Uslugi AD will be
Skopje, because of meeting legal conditions for retirement. At the same time, Supervision established once the stagnation period
Committee passed a decision by which is appoints Mirjana Tanevska member of the Company’s expires.
Board of Directors.
18 berzNIK number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 21.04.2008

W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 14.04. - 18.04.2008
Date 21.04.2008 number 19
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19