Bulgarian Land perks up on revaluation
2007-03-01
LONDON (SHARECAST) - Bulgarian Land Development, the residential and commercial property developer, perked up today after revealing a much improved revaluation of its portfolio.
A revaluation by Cushman & Wakefield shows a 37% increase in its net asset value per share to 109p from 81p at the year end of 31 December 2006.
Unaudited net present value at the same date is 129p including the discounted value of profits anticipated by Cushman if certain of the sites are developed out.
“Much of this increase is attributable to our ability to spot off-market opportunities where we can then bring to bear our planning improvement skills,” said chief executive Christo Iliev.
In an update on its activities Bulgarian Land also said its development portfolio has a completed development value of £163m with 82% of the net proceeds received from its IPO last March now committed.
The group expects to use the rest of its cash pile over the next few months. “BLD is in negotiations regarding additional property acquisitions and further announcements will be made in due course,” added Iliev.
The group added that 37% of the units at its Harmony Hills development at Kavarna Property, 94% of the 32 units at Paradise View in Sozopol and 38% of the 37 units at Evridika Hills in Pamporovo have all been reserved.
Changed SOFIX and BG40 effective from February 26
2007-03-01
Sofia. From Monday, February 26 the new shape of SOFIX will become effective, Banker weekly reports. This is the indicator’s second change for 24 days. Apart from Ship-Repairing Yard Odessos, Bulgartabac Holding and Blagoevgrad BT as well as Black Sea resort Golden Sands will drop off the index. The new companies to determine SOFIX are the Bulgarian-American Credit Bank (BACB), Toplivo, Industrial Holding Bulgaria, the Bulgarian Telecommunications Company (BTC) and Elana Fund for Agricultural Land REIT. The number of SOFIX companies is increased to 16.
BG40 will lose Zlaten Lev Holding, Kremikovtzi, Balkantourist Elite, Zlaten Lev, St. Constantine and Helena Holding, BenchMark Fund Estates, Sunny Beach, Holding Coop – Yug, Plovdiv BT and Investor.bg. They will be replaced by Chimimport, Toplivo, Oil and Gas Exploration and Extraction, Elprom ZEM, Decotex, Kauchuk, Sopharma Properties in Bulgaria, Web Media Group, Petrol and Katex.
Org. Source www.focus-fen.net
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