Highlights of Bulgarian stock market: 13 – 19 September 2019

Bulgarian Stock Exchange

Bulgarian Stock Exchange

Gradus will distribute interim dividend – shareholders to vote

Poultry producer Gradus’ (GR6 BU) management proposed interim DPS of BGN 0.022. Gradus will distribute BGN 5.4m or 89% of H1’19 holding company net profit. Shareholders will vote the proposal on 25th Oct’19. As a result, on a TTM basis, Gradus will have distributed BGN 0.122, 3.4% higher than our expectation. This yields 7.16% at current quotes and 6.78% at the IPO price.

Sopharma Properties REIT raised capital BGN 3m

Sopharma Properties REIT (6S6 BU) successfully completed its BGN 3m capital raise. As a result, it placed 461,984 new shares at BGN 6.50, raising BGN 3m and boosting its capital to BGN 21.4m.

Advance Terrafund REIT bought 800 dca

Biggest land REIT Advance Terrafund (6A6 BU) (ATERA) bought 800 dca at an average price of BGN 1 020 per dca in Aug’19. It also received undisclosed amount for 369 dca of land on a deferred payment plan paid in advance. As a result, at the end of Aug’19, ATERA had 230 545 dca of arable land, including land with deferred payment agreements, and 133 dca of urban land.

Sopharma reduced stake in Momina Krepost

Generic pharma producer Sopharma (3JR BU) divested another 5.63% of subsidiary Momina Krepost (5MR BU), the latter announced in a filing. Sopharma sold 94,636 shares in Momina Krepost for BGN 300k. As a result, Sopharma now owns 65.07% in the firm.

SOFIX ETF NAV reaching approx. BGN 26m

Expat Bulgaria SOFIX UCITS ETF reported subscription orders in the amount of BGN 410k (EUR 209k) in one day on 17th Sep, which could trigger a positive trend on the BSE market. As a result, Expat will increase its number of shares in issue to 25.4 million (NAV to reach BGN 25.4m as at end of 17th Sep).

Allterco deciding on dividends – yielding 5.6% – 6%

IoT-focused company Allterco (A4L BU) proposed to distribute between BGN 2.5m and BGN 2.7m in dividends. Allterco’s management announced it would pay annual dividends for the financial years 2015, 2017 and 2018 as well as an interim dividend for 2019. At a GSM scheduled for 25th Oct, shareholders will choosing from two options. As a result, shareholders are to receive DPS of either BGN 0.167 (yielding 5.60% at current quotes) or BGN 0.18 (yielding 6.04%).

Korado distributing interim dividend yielding 4%

Steel radiators producer Korado will pay DPS of BGN 0.10 for H1’19. The Company will distribute BGN 1.3m of its H1’19 net profit, entailing DPS of BGN 0.10, which yields 4.39% at a TTM basis and current quotes. The distribution starts on 16th Oct and will last for two months. Shareholders also voted share buyback of up to 12k shares for the purpose of employee bonus shares distribution.

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