berzNIK - YEAR I - NUMBER 4 - 07th JANUARY 2008 - (SUPPLEMENT OF TENDERNIK)

INTEREST OF CLIENTS
MARKET COMPETITION IN THE
MERRY CHRISTMAS
Date 07.01.2008 number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
A New Year, a new step -
BerzNIK
A habit, a Happy New Year and Marry Christmas
practice - The first working week in the new 2008 is
still in a sign of celebration atmosphere.
BerzNIK, a More greetings, congratulations and wishes
segment of for successful year... and less work. BerzNIK
also within the celebration spirit and in pace
digital archive with the printed media which turned out to
be a double edition… is looking back on
specialized to what remarked the domestic capital market.
This is the fourth edition of BerzNIK - di-
convey all gital service for transmission and distribu-
information, tion of selected information from the
finance-stock exchange domain published
evaluations, in the Macedonian printed media. I believe
many of you had the opportunity to take a
analysis which look at the Sunday`s index review, to regis-
ter our activities, and perhaps to get infor-
reflect the
mation and take advantage of our services.
movement on Practically the same as the analytic weekly
newspaper tenderNIK, berzNIK as a special-
the capital ized provider of services updates on daily
basis all the news, events and information
market which directly or indirectly are related to the
stock exchange market.
While the others summarize and present
the results and look back on the most inter-
esting moments and events which had a
positive or negative effect on the public dur-
ing the 2007, berzNIK through the pilot edi-
tion and the three printed weekly reviews
published in December made an attempt to
promote it`s purpose, the function and prior-
ity of it`s service to the users. It remains only
to remind you that we are keeping pace with
the new 2008 - a dynamic pace towards the
business stock exchange world, a special-
ized segment which will continue to convey,
process and explore the content in the fields
of finance, banking, insurance, leasing,
investment funds, stockholders trading. This
includes simply all the information, evalua-
tions, analyses which reflect the capital mar-
ket. The actual picture of all these events on
the Macedonian market will be given a final
berzNIK
3
touch by your opinions, views, principles,
ways of operation, terms of agreement and
presentation, evaluations for which I believe
will be part of your field of interest...
The door of berzNIK is always open for
your examinations, suggestions, ideas,
comments, polemics, discussions… intro-
duce yourself, regardless whether you rep-
resent your individual, own opinion, the po-
sition of the house or the company you pro-
mote or work for. The knowledge is not
enough unless you pass it on, present it or
share it with others. The positive experience
is the instigator of the development trends in
the surroundings, the challenge of being in
the center of the happenings, the challenge
of being in a team who will elaborate and
further explain the written and unwritten
rules of business behavior, and which are
however initial triggers for certain concrete
solutions… decisions for accession in the
market as direct or indirect participant…
The forth edition of berzNIK, to the inter-
est of it`s readers, decided to convey part of
the news which left a mark on certain seg-
ments on the securities market within the
last year. We report part of the views and
opinions, interviews that were given by the
directing people of business and institution-
al offices, funds and companies in the daily
and weekly media, giving on the other hand
valuable, characteristic and detailed infor-
mation which reflect the movements on the
market. Let their specialized views, opinions
and analyses become part of the polemics
in which we will place your views and expe-
riences with the aim to address them to our
subscribers, who can become your clients
as well…
Until the next week!
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.01.2008

WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGE

period 01. - 04.01.2008 year
Turnover by market segments

Data on MBI-10 shares

Index MBI-10
 Date 07.01.2008 number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
31.12.2007-01.01.2008 MONDAY-TUESDAY
C O N T E N T S 1. SHORT REVIEW OF EVENTS

INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Macedonian Stock Exchange matures, is the According to Sterjo Nakov, the passing year
title of stock market analysis, which was con- is one of the most successful.
WEEKLY REVIEW OF THE MACEDONIAN STOCK veyed by Vecer. Macedonian capital market -The passing year is one of the most suc-
EXCHANGE… . . . . . . . . . . . . . . . . . . . . . . . . . . . ...4 made real boom this year. If last stock market cessful, but we can always do more than we have
year was declared as the most successful in the made so far. Our considerations about economy
berzNIK, MONDAY, TUESDAY, WEDNESDAY…..5-6
ten years long history of Macedonian Stock should be changed in the future, and cooperation
INTERVIEW - IVAN STERIEV, DIRECTOR OF Exchange, then, this year is the cherry on top with businessmen should be improved, Nakov sa-
MACEDONIAN STOCK EXCHANGE . . . . . . .……7 when it comes to successful operations. Last id. Businessman Risto Gusterov, who is one of
year turnover amounts 175 million euros, and the main lobbyists for the entry of American giant
MACEDONIAN CAPITAL MARKET - SUBJECT TO only in the first 11 month of this year it reached Johnson Controls in Macedonia, says that busi-
MANY NEW YEAR’S PRINT MEDIA . . . . .……8-9 658 million euros. ness climate in Macedonia improves and current
Utrinski Vesnik in its stock market analysis cabinet is on the right way to make the country
REALIGNMENTS IN THE BANKING SECTOR ascertains that domestic companies are more attractive business destination.
...10-11 and more open on the market, and MSE becomes Vecer pays attention on paradox around
IMPORTANT DECISIONS OF THE MARKET
more and more attractive for legal and natural Veles smeltery. While the Government across
REGULATOR 12-13 entities. MSE becomes alternative market for cit- Ministry of Environment puts all efforts to dislo-
izens as well, because they begun to invest their cate hundreds tones of sulphur acid, which was
berzNIK, THURSDAY, FRIDAY, SATURDAY,WEEKLY money instead keeping them in bank or under pil- time bomb for Veles and river Vardar, largest
MAGAZINES … . . . . . . . . . . . . . . . . . . . . . . ...14-17 low, they played with their money on the stock trustees - Stopanska Banka, Komercijalna Banka,
market and they played with success. Fresped, Makpetrol and Veteks from Veles sold
SECURITIES COMMISSION . . . . . . . . . . . . . .…..18 Who lost and who gained on MSE in the their claim to representatives of Swiss group
passing year? Were there more winners or losers Mineko, which is supported by former officials in
CAPITAL MARKET’S NEWS.........................19
on Macedonian capital market? All experts agree MHK Zletovo, Milan Aksentijevic, Cedo Petrov
that the year end up in sobering of recent avid in- and Zanko Cado. German Berlingen AG is also in
vestors. They are going to make their future deci- for buying of big part of trustees` claim.
I M P R E S S U M sions with clear heads. Vecer in its last 2007 edition shows newspa-
In this year Macedonia made economic cuts per report about Macedonian wine producers who
following European model, Vecer conveys. This are proud of their work. Macedonian proud is in
especially came to the fore in the sphere of tax the wine. Ambassadors, musicians, politicians,
policy. Flat taxes became challenge for changing who ever tasted Macedonian wine speak about
of recent unfavorable attitude of foreign investors its quality and specifics with appetite. Serving of
Publishing: INTERNACIONAL NIK AD - Skopje
Media library and digital archive for Macedonia and our country was placed on wine Aleksandar produced by winery Bovin on the
Editors office: berzNIK investment maps of world and European giants… wedding ceremony of Dutch Prince William
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, Macedonia, as a country that was jammed for ten Alexander in February 2002 is the greatest
R.Makedonija
Phone. 02/25.32.800 faks: 02/25.32.839 years due to painful transition, in the passing year achievement. The same wine was that day
web: www.interNIK.com.mk; begun to outbrave largest European economies served in all Dutch Embassies across Europe.
e-mail: info@interNIK.com.mk since Prime Minister Nikola Gruevski`s cabinet Famous music star Brian Ferry tasted Tikves
Executive Director: Zdravko Josifovski
decided to introduce flat taxes and make Vranec before his concert in Skopje…Let us hope
Account Menager: Divna Pesic Macedonia attractive country for investing, first that the trend of placement of Macedonian wines
Public relations: Natasa Dimovska Europeans chided us, and now Macedonia is an on tables of celebrities will continue in the next
Marketing manager: Ivona Josifovska example how to attract foreign investors across 2008…
Assistent: Stojne Danilova
E-business manager: Ratko Projkovski lower taxes.
Logistics manager: Ana Petrova
Finance manager: Gordana Stojanovska
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
STOCK EXCHANGE REVIEW OF EVENTS IN THE
PRINT MEDIA berzNIK 1. THE GOVERNMENT TO USE THE SERVICES OF KOSMOFON (***)
berzNIK is founded in year 2007. 2. MACEDONIAN STOCK EXCHANGE MATURES (**)

STOCK EXCHANGE REVIEW OF EVENTS IN THE DNEVNIK VECER

PRINT MEDIA berzNIK
Number: 4
Date: 07.01.2008
p.11 CHEERS WITH A MACEDONIAN p.1 THE GOVERNMENT WILL USE
WINE ON ROYAL WEEDING COSMOFON FOR ITS PHONES
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.8 CEDO PETROV BUYS THE
UTRINSKI VESNIK SMELTRY?
FRONT PAGE PHOTO:
p.8 THE GOVERNMENT WILL USE
Photo: Robert Spasovski p.1 THE STOCK EXCHANGE HAS COSMOFON FOR ITS PHONES
SOBERED UP THE INVESTORS p.38 ECONOMIC CUTS BY EUROPEAN
Editorial staff of berzNIK
Internet distributive system: p.2 THE GOVERNMENT TO USE THE PATTERN
www.interNIK.com.mk SERVICES OF KOSMOFON p.39 MACEDONIAN STOCK EXCHANGE
Editor: Makedonka Baldazarska p.11 THE STOCK EXCHANGE HAS MATURES
DTP: Tatijana Trpkovska
Editorial staff:
SOBERED UP THE INVESTORS
News Evaluator: Anita Bashoska
[operators]: Arslan Skoro, Zoran Stamatovski, Martin Arsovski,
Gorge Redzik, Toni Arsovski i Darko Tripunovski *
[translators]: translator's manager Senka Mihajlovska, Angelina
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta
Menoska, Filip Koviloski, Darko Ivanovski
Fotoreporter: Robert Spasovski

Marketing, distribucija i proda`ba:

INTERNACIONAL NIK AD - Skopje
 6 berzNIK number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.01.2008

1. SHORT REVIEW OF EVENTS
On the last day of the year 2007, the Govern-
ment discharged its debt with OKTA after the seven-
year dispute. This is the news that all daily printed
media write about on the first working day of the
New Year 2008. Practically, the Government has
transferred 40 million dollars from the 2007 Budget
to the OKTA Refinery. In this way is settled part of
the damage, which the International Arbitrary Court
in Paris has adjudicated to Macedonia due to non-
compliance with the OKTA purchase agreement
from 1999. The total debt of Macedonia towards the
refinery amounts 94 million dollars, including the 53
million dollars principal debt, in accordance with the
verdict of the Parisian Arbitrary Court, 16 million
dollars interests, as well as 25 million dollars new
claims from 2004 until today on the basis of the pur-
chase agreement. According to the Government
Spokesperson Bocevski, OKTA has agreed to
accept 40 million dollars; the rest of 54 million dol-
lars is written off debt.
Among the few stock exchange information in
today`s printed media distinguishes the news from
Utrinski vesnik regarding KIB Kumanovo, whose
new owner is definitely Milestone from Iceland. The
Bank has announced that the offer of the Icelanders
submitted for purchase of the shares of the former
shareholders is proclaimed for successful with
which it becomes owner of 75.9 percents of KIB Ku-
manovo shares. The Macedonian Stock Exchange
was also informed about this last week.
This means that another Macedonian bank has
got foreign owner during 2007. Earlier, foreign ban-
king brands have entered into Ohridska banka,
which was bought by the French Societe Generale,
while Alfa Finance Holding from Bulgaria has bou-
ght our International Private Bank, which is going to
be named Kapital banka. In the forthcoming period,
very soon, it is expected the transactions for sale of
Sileks and Postenska banka to be realized as well,
which are going to be part of the Bulgarian Central
02.01.2008 WEDNESDAY
Cooperative Bank.
Dnevnik informs that the Stock Exchanges of
Banja Luka and Sarajevo have also joined the regi-
onal partnership project, which in the penultimate
week of December 2007 was signed by the heads
of the Stock Exchanges of Ljubljana, Zagreb, Bel-
grade, and Skopje. The two Stock Exchanges from
Montenegro also obtained invitation for joining this
Memorandum for Cooperation.
Dnevnik also conveys the message of the He-
ad of Skopski Pazar, Saso Davitkovski, who says
that they do not plan to sell the company. Namely,
the Management Board President Davitkovski con-
siders continuing the family vision for company`s
development, and looks for the challenge in the ear-
lier successful working and competition impact. He
wants to prove that it is not necessary to sell the do-
mestic business to foreigners, but it could be deve-
loped with own resources as well.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE GOVERNMENT WILL PAY 40 MILLION US DOLLARS TO OKTA (***)
2. MILESTONE DEFINITELY BECAME OWNER OF KIB-KUMANOVO (*)

DNEVNIK DOLLARS FOR OKTA

p.3 THE GOVERNMENT WILL PAY 40 MILLION US DOLLARS TO p.7 MILESTONE DEFINITELY BECAME OWNER OF KIB-
OKTA KUMANOVO
p.7 BOSNIAN STOCK EXCHANGES JOIN THE REGIONAL PRO-
JECT VECER
p.9 WE ARE NOT CONSIDERING SELLING THE COMPANY p.4 THE STATE CLEARS DEBT WITH OKTA
p.13 OKTA STRIKES CUTTINGS
p.14 HEATING OIL WITH 1% SULFUR CANNOT BE PROCURED VEST
p.5 REGULATIONS FOR ECOFUELS POSTPONED FOR 2010
UTRINSKI VESNIK
p.1 MACEDONIAN CITIZENS PAY PENALTIES OF 40 MILLION NOVA MAKEDONIJA
DOLLARS FOR OKTA p.1 REFINERY AGREES ON $40 MILLION
p.2 MACEDONIAN CITIZENS PAY PENALTIES OF 40 MILLION p.4 REFINERY AGREES ON $40 MILLION
 Date 07.01.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
INTERVIEW- IVAN STERIEV, DIRECTOR OF MACEDONIAN STOCK EXCHANGE
WE HAVE TO ATTRACT NEW
FOREIGN INVESTORS
The stock exchanges of the region as
much as they are strong now, they will not be
able to exist alone on a long-term. The solu-
tion lies in the regional cooperation and
attracting investors outside the region.
Therefore with the stock exchanges from
Ljubljana, Belgrade, Zagreb and Skopje we
decided to establish mutual cooperation in
order to promote the region as a whole in the
international investment public. It is planned
we have mutual road show few times a year
and to present together our markets and com-
panies in the big international financial cen-
ters. This way we will be more interesting for
the big international funds and investors we
want to attract to the region- says in the inter-
view for Kapital Ivan Steriev, the head execu-
tive director of Macedonian Stock Exchange.
If one analyzes the events on the Stock
Exchange the past few years, can one make
some correlation to what is happening to us in
the real economy?
- Often enough there were questions how
was it possible the share prices on the Stock
Exchange to go up and yet the general situation in
economy not to be that positive.
The Stock Exchange is always an indicator of
the expectations and perceptions of the investors
who buy and sell shares of certain companies, as
to what happens and will happen in the economy
and those companies. The correlation between
the movements in economy and the Stock
Exchange is closer if on the stock exchange are
listed and traded companies that have significant
role in the growth of the overall economy. This is
the case with us, but not completely since there
are many big companies which out of different
reasons are not present on the Stock Exchange. It
is obvious that what is happening on the Stock
Exchange is under the influence of the percep-
tions and expectations, which can be objective,
but also over-optimistic or over-pessimistic.
For example, there is this syntagma going on
about the American capital market as to how often
the stock markets predict what will happen with
the national economy. So it is said that the move-
ments on Wall Street have predicted the last
seven recessions out of the total four that really
number 4
happened. What I want to say is that there cannot
be a 100% correlation between what happens on
the stock exchange and the economy.
On the other hand, if you analyze the results
of the listed companies, actually of those which
the past three years make the biggest turnover on
the Macedonian Stock Exchange, you can see
that they have constant trend of improving their
results. Meaning, in a good part, seen through the
fundamental analysis, the movements of the
share prices are upheld with better performances
by the companies. This raises many other ques-
tions. Is the appreciation of shares of certain com-
pany justified by the company's financial results?
Do the perceptions on the larger potential in this
or that sector in Macedonia or the region approve
or not such price appreciation? These are delicate
questions and no one knows the right answer
because it is always about perceptions and
expectations.
In cases when the regional funds are the
main players, how realistic is the risk of a
crash happening on the market if they with-
draw? How big is the connection of the
Macedonian capital market with the regional
capital markets?
- It is a fact that there is nig connection
between what happens in Macedonia and the
happenings in the region. I would not comment on
the risk, because the fact I already mentioned is a
price of the Macedonian economy's opening,
which is usually good. What is certain is that we
are no longer autarchic as a market, there are no
more statements in the media that we were
immune to everything that goes on in the world
and the region. We are now connected to the r
egion and I'm sure that we will be under the influ-
ence of the wider international movements even
more. For a small and open economy such as
Macedonia, this is inevitable.
How successful are the Macedonian Stock
Exchange and Macedonian capital market if
analyzed the turnover, the capitalization, the
liquidation and what's going on in the other
stock exchanges in the region?
- According to the realized turnover the
Macedonian Stock Exchange is the fourth stock
exchange in the region, by standard. Taking into
consideration the size of the country and the
national economy, I think this is completely normal
reflection of the realistic situations.
As to the market capitalization, according to
the data we have, we are the fourth stock exchan-
ge in the region in this area too. Nevertheless, if
the capitalization is seen as a percent of the GDP,
then there is still room for development. In the
developed stock exchanges the capitalization is
100% from the GDP. When the capitalization has
low share in the GDP, there is presumption that
there is lot of room for growth as a result to the
potential of more new companies to be listed, or
that there is still room for growth of the already
listed companies.
Why there are no new companies listing
berzNIK
7
on the Stock Exchange? Why there are no new
stock emissions from the listed companies?
- In spite the three-year share price apprecia-
tion, we did not have more significant new stock
emission. This can do companies which are not
joint-stock companies at all and which are not
product of privatization of former state enterprises
with assistance of IPO, but also current joint-stock
companies with the help of new emission in order
to collect extra funds.
Obviously this model of financing is not close
as yet to both groups of companies. As possible
reasons for this are pointed the ownership dilu-
tion, new shareholders entering the company
actually. However, I have perception that things
will change pretty soon. The significance of what
the capital market means is getting bigger than
three years ago and it becomes clear that the
investors are hungry for new financial instru-
ments. This is proof for the companies that there
will sure be demand for well done emission by a
successful company.
Now that the institutional investors also start-
ed working, which Macedonia was behind in
unlike the region, there are conditions the stock
emissions to be realized more safely. There is
interest of listing new companies, there are even
preliminary talks, but the final decision is up to the
companies. It is their legitimate right to decide if
they want to provide extra financial funds through
the market and let new owners in the company.
How risky is it to invest on the
Macedonian Stock Exchange? Does the mar-
ket have capacity of recognizing and penaliz-
ing the speculators, especially after the case
with Mavrovo?
- Usually, investing in securities has certain
dose of risk. And that is why the yields the
investors are expecting from the shares are big-
ger than the yields they get from the state securi-
ties or the bank deposits. What happened with
Mavrovo is a peculiar crash on the market.
Nevertheless, such crashes have happened
before and will be happening in all markets for
securities. The job of the Stock Exchange and the
Commission on Securities is to try establishing
system that will minimize the possibilities for this
kind of events. When an event like this occurs it
means it is time for reforms. The rules for listing
on the Stock Exchange are good, but there surly
is room for some things to be more specified in
order to reduce the possibility of problematic situ-
ation like this occurring again.
We must admit there is great progress in the
part of publishing the companies' financial results
than few years ago when no one wanted to pub-
lish them and when there were very little trading
on the Stock Exchange. The Macedonian Stock
Exchange had its part in the change of the overall
ambient in a big way. There has to be improve-
ments in the sphere of publishing the non-finan-
cial price sensitive information, but this will take
time.
 8 berzNIK number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.01.2008

MACEDONIAN CAPITAL MARKET- SUBJECT

MACEDONIAN STOCK
EXCHANGE MADE A REAL
BOOM
Assessment on the last year's working of the drastically fallen the past two months. The stock capitalization, 100 shareholders and 15 percent
Macedonian Stock Exchange also reported exchange crisis that covered the Balkans did not free capital. In February four companies Beton,
Vecer through its own views in the new year's pass our stock exchange. The explanation of the Invest and Komercijalna Banka and Toplifikacija
issue, in which less or more were generally stock exchange analysts is that the political condi- formed the segment super listing for the first time.
reflected the key events that marked the work of tion in the region affects the market directly. In May was introduced new rule for trading, by
Macedonian capital market December is the weakest stock exchange month which the prices of the companies' shares could
because some of the stock exchange traders not vary from 1,0 percent on daily bases. This sta-
The Macedonian capital market made real started to celebrate the New Year holidays early. bilized the stock exchanged drastically.
boom this year. If last stock exchange year was New rules for listing were introduced on the To attract foreign investments, this year the
declared for most successful in the ten-year work- Stock Exchange the passing year. Consequently, Macedonian Stock Exchange became partner
ing of Macedonian Stock Exchange, then this year on the official market one could trade with the with the Belgrade, Croatian and Slovenian stock
is the cream of the successful working. Last year shares of companies that have one million market exchange.
the turnover was 175 million euros and, this year
in the first 11 months alone the turnover reached
over 658 million euros.
The domestic companies are out on the mar-
ket more everyday, and the stock exchange
becomes more attractive both for the legal and
physical entities. The citizens see the stock
exchange as an alternative market because,
instead of investing their free money in the banks
or keeping it under the pillow, they played with it
on the stock exchange and they were doing this
very successfully.
What's topic this year is that the participation
of foreigners started to increase in the companies'
shareholders structure. On the capital market the
foreigners participated with 51.62 percent in buy-
ing sha res and with 18.76 percent in selling
shares.
The trend of foreign investment funds from
Croatia and Slovenia, foreign banks and broker
houses investing on the Macedonian capital mar-
ket continues this year too…Nevertheless, the
intensity of investing on the Stock Exchange has

THE STOCK EXCHANGE

SOBERS THE INVESTORS UP
The small investors, unfortunately,
remained unprotected and many of them made
capital losses because they were investing
blindly, is the conclusion of the analyses Utrinski
Vesnik reported…
Who lost and who gained with the Macedoni-
an Stock Exchange the year that's behind us?
Were there more profit-makers or losers on the
Macedonian capital market? Was the Stock
Exchange place where certain investors lost their
nerves and emptied their pockets? Were the citi-
zens protected enough, and even those less
smart and small investors who did not know to
read the hidden messages in the companies'
financial reports and, nevertheless decided to try
their luck on the Stock Exchange? ...People famili-
ar with this matter all agree on one thing- that we
finish this year in the sign of sobering the pretty
warmed up investors. In future they will pass their
decisions with cool heads. The news is that from
now on they will not have to do this alone, but with
the help of the first licensed investment consult-
ants who will advise the citizens where it would be
most affordable for them to invest.
…Aleksandar Manev, the director of invest-
ment fund Ilirika Fund Management explains that
from the beginning of 2007 the Macedonian Stock
Exchange had the biggest growth of all stock
exchanges in the region. "It was a place where no
investor lost. Everybody gained", says Manev. He
points to the places the ones who made a mistake
should be looked in. "Where there is no profes-
sional management and thorough analyses the
investors make wring decisions. And the small
investors, unfortunately, remained unprotected
and many of them made capital losses".
According to him however, the decision is
always at burden of the investor.
 Date 07.01.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
TO MANY NEW YEAR'S PRINT MEDIA
MOST TRADED THE SHARES OF
GRANIT, ALKALOID, MAKSTIL
AND KOMERCIJALNA
The shares of the companies that compose
the Macedonian stock exchange index MBI-10,
without an exception even in the weeks when the
market had the biggest corrections, have always
kept the investors' attention as one of the most
liquid shares on the market, published Biznis
The last quartile of 2007 big correction ha-
ppened on the Macedonian capital market.
Although this trend was following the stock
exchanges in the region as well, and even wider,
big part of the stock exchange analysts put this
condition down to the instable political surround-
ing. Fact because of which the foreign investors
bypassed us, but also a fact which, on the other
hand, brought hesitation among the domestic
investors producing anemia on the Macedonian
capital market. The intensity of trading has signif-
icantly decreased causing drastic fall, mostly to
the daily turnover and enormous index oscilla-
tions. Nevertheless, in spite of the trading with
small amounts of shares, there are always shares
that are most traded in certain trading day, week
or month, and which more or less affect the move-
ment of the other stock exchange parameters.
Without an exception even in the weeks when the
market underwent the biggest corrections, most
traded were the shares of the companies that
compose the Macedonian stock exchange index
MBI-10.
…According to the monthly lists of trading
published on the Macedonian stock exchange,
the first month of 2007 most traded were the
number 4
shares of construction company Mavrovo with 646
transactions. Second by the number of realized
transactions is company EMO from Ohrid with
488 and, third are the shares of Granit with 400
realized transactions.
The first month of the year that ended,
according to the turnover's structure, the biggest
participation had the trading with block-transac-
tions which covered as many as 84 percent of the
total turnover of 4.22 milliards denars. The
turnover from the Official market participates with
14.36 percent and the Regular market with 1.64
percent in the total turnover.
Most traded shares in February are the
shares of Granit. With them were made 858 trans-
actions, then 581 transaction with the shares of
Komercijalna Banka and 532 of Alkaloid.
Realized according to the structure of partici-
pation in the turnover, now the Official market pre-
vails with 65.55 percent in the total turnover of
1.55 milliard denars. The participation of blocks
has significantly reduced coming down to 20.28
percent…
In March dominant participation in the trading
have the shares of Makstil with 1,156 transactions
and Granit with 1,096… Makstil with 1622 trans-
actions and Komercijalna Banka with 1,050 are
dominant in the trading in April, and Alkaloid and
Granit join the group of most traded shares this
month.
The first two companies remain the most trad-
ed in May as well. The shares of all four compa-
nies stay the most traded in June as well but with
half the transactions realized. And almost all in the
berzNIK
9
range between 573 and 502 transactions. In July
the trend of most traded shares with big amounts
of shares is significantly declining, although this
group is again composed by the shares of
Komercijalna, Alkaloid and Granit.
In August Makstil with 1,011 and Alkaloid with
1,020 transactions return in the focus of most
traded shares and Granit with 882 transactions.
As most traded shares in September appear the
shares of FZC-11 Oktomvri with 1,183 transac-
tions and again most traded are the shares of
MBI-10, Granit and Makstil. The same is the struc-
ture of most traded shares in October as well… In
November there are no bigger oscillations at least
relating to this market segment. In game remain
the same shares of Alkaloid with 707 transactions,
Granit with 653 and Makstil with 622 transactions.
Seen by the market's structure in November
there is again domination of the block transactions
with 53.16 percent in the total turnover on the
market of 3.69 milliard denars. If we summarize
the results on yearly bases then with no exception
the group of most traded shares is composed by
the shares of Granit, Makstil, Komercijalna Banka
and Alkaloid.

August 31 of this year the Macedonian stock

exchange index has reached the highest level,
after what followed the biggest price correction.
"By the end of August the investors were gen-
erally managing making capital profit-smaller or
bigger, in every share they would invest in. At the
beginning of September though, the Macedonian
market registered price depreciation caused little
by the global trends and little by the open issues-
will Macedonia join NATO, will it receive date for
negotiations with EU and how will the Kosovo
issue be solved", says Krste Sajnoski, investment
consultant.
Nevertheless, according to him, the advan-
tage of the domestic market is that it is still under-
rated comparing to regional ones and the foreign
investors find it attractive.
…Ivan Steriev, the director of Macedonian
Stock Exchange, explains that it is crucial that the
investors make their decisions for investing on the
bases of thorough analyses. "From the perspec-
tive of the opportunity for gains and losses on the
Stock Exchange this year, we cannot escape the
numbers. And they speak that this is the third year
in a row of significant growth of the Macedonian
stock exchange index MBI-10. In 2007 this index
will make growth on yearly bases of nearly 100
percent", explains the head of the Stock
Exchange…According to him, the key difference
comparing to last year is that this year there was
serious amplitude down. "It was peculiar test for
the investors that in a certain period the market
can turn against them…
…The Commission on Securities says that
the number of complaints by the shareholders is
continually getting reduced, which shows that
there is an order established on the capital mar- and the investors. The Commission on Securities
ket. The numbers show that if in 2003 there were encourages the shareholders who think their
256 requests for protection of shareholders rights, rights have been violated to report it with the
now including November 2007 there are 99. "Our Commission", says the president of the
goal is to protect the rights of the shareholders Commission, Marina Nakeva-Kavrakova.
10 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
REALIGNMENTS IN THE BANKING SECTOR
THE MACEDONIAN BANKS UNDER
THE MAGNIFYING GLASS OF THE
FOREIGN INVESTORS
The ownership structure in the banks suffered huge realignments at the end of this year. The recent acquisitions of three banks from the middle banks'
group, like Postenska Banka, Sileks Banka, and International Private Bank, which were taken over by Bulgarian banks, left their mark. This is an assessment
from the thorough analysis of the banking sector in Macedonia, published by the newspaper "Biznis", according to which, the dominant ownership of the
domestic investors in this country's banks has significantly decreased…
Last year, direct investments in the amount of 77
million euros entered the banking sector: purchase of
shares-46 million euros, 4 million euros as reinvested
profit, and 27.4 million euros for further capitalization
and subordinated deposit.
he year which passed brought a bigger sta-
T bility to the financial system, but without any
changes of the well positioned banking sys-
tem which is dominant, especially with a high con-
centration of the three major banks: Stopanska
Banka, Komercijalna Banka and Tutunska Banka.
According to the statistical data of the National
Bank, the year 2007 goes down in the history of
the banking sector for best results. The prognoses
of the bankers and the experts indicate that the
Macedonian banking sector will have a different
look in the forthcoming two years. The market
started swelling when the French company
"Societe Generale" entered. The bankers feel that
there will be a diversification, and the middle
banks will have to either specialize themselves in
order to get a small part of the market or they
would be taken over by the major banks, which is
already happening and very few middle banks
remained domestic. The liquidation of
Makedonska Banka, which caused harsh reac-
tions among the public, will remain as a most sig-
number 4
nificant mark of the banking year 2007. The
Governor of the Macedonian National Bank, Petar
Goshev, admits that the three major banks in the
country are still dominant on the domestic banking
market and that they own 65% of it. But, the com-
petition in the banking sector is growing.
According to him, the numbers indicate that the
country's banking sector is improving. The com-
petition is becoming healthier, especially after the
entering of the foreign investments, like a compa-
ny from the caliber of "Societe Generale". "The
entrance of "Societe Generale" cannot immedi-
ately make dramatic changes. But, with these new
entries of foreign investors in the banking sector,
next year will definitely be a year of additional leap
of the competitiveness in the banking sector", the
Governor said.
The Bulgarian capital is becoming significant
This year, direct investments in the amount of
77 million euros entered the banking sector: pur-
chase of shares-46 million euros, 4 million euros
as reinvested profit, and 27.4 million euros for fur-
ther capitalization and subordinated deposit.
The ownership structure in the banks suffered
huge realignments at the end of this year. The
recent acquisitions of three banks from the middle
Date 07.01.2008
banks' group, like Postenska Banka, Sileks
Banka, and International Private Bank, which
were taken over by Bulgarian banks, left their
mark. Herewith, the participation of the Bulgarian
capital in the Macedonian banking sector is
becoming significant. If recently, the presence of
the Bulgarian capital in the banks was only recog-
nizable by Universal Investment Bank (Uni Bank),
now it has its competition in Central Cooperative
Bank and Alfa Finance Holding (Capital Bank).
At the beginning of December this year, the
Governor of the National Bank of the Republic of
Macedonia brought decisions, with which, previ-
ous consent to Central Cooperative Bank JSC
Sofia, Republic of Bulgaria, for acquiring of
66.67% of the total number of shares of
Postenska Banka and 100% of the total number of
voting shares of Sileks Banka, with an order that
the transactions for the acquisitions of the shares
should be made within a period of 180 days from
the day of the receiving of the Governor's con-
sent.
Central Cooperative Bank is working based
on a permit for performing of banking activities in
the Republic of Bulgaria and abroad, issued by
the Bulgarian National Bank. It is a member of the
International Cooperative Banking Association,
and with the admission to the European Union, it
also becomes a member of the European
Association of Co-operative Banks. The bank is
one of the most dynamic banks in Bulgaria with
a 30% increase from the average development
of the Bulgarian banking system. They also
agree with the findings of the other Bulgarian
investors in the banking industry that
Macedonia is a country with a market, which
has an enormous potential for developing of the
financial markets.
Alfa Finance Holding (Capital Bank) is a
leading financial and industrial group in
Bulgaria. Meanwhile, the bank is renamed in
Capital Bank. According to the representatives
of the bank's management, Macedonia is cho-
sen for investing because of the possibilities of
the Macedonian financial market and the seri-
ous potential for developing of the Macedonian
economy. Alfa Finance Holding enters
Macedonia with its competences in the field of
the corporative finances and capital markets,
the management of the financial assets and the
real estate. According to the announcements,
the initial objective of the new shareholder is to
engage in increasing of the capital within a short
 Date 07.01.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
period of time. The announcements for new kinds
of credits, developing of the ATM network, taking
a leading position in the field of the investment
banking and taking a leading position in the pay-
ment card activities are a part of the bank's strat-
egy. Yet, the new players should take the compe-
tition which comes from the direction of Uni Bank
seriously, because Uni Bank holds the leading
position in the payment card activities and the
ATM network in this country, and it is also consid-
ered as a bank which is focused especially on the
population with a wide spectrum of services,
which are meant for various needs of the clients.
According to the recent data from the Central
Securities Depositary from 1st of December 2007
regarding the shareholders who own over 5%
shares, shareholders in Uni Bank are "Geras
Cunev trgovija" with 51.47% of the preference
cumulative shares, TTK Bank-Skopje owns
42.62% of the preference cumulative shares, and
the shareholders Ceko Todorov Minev and Ivajlo
Dimitrov Mutafciev each own 37.51% of the ordi-
nary shares.
Foreign capital from Greece and Slovenia
dominant in the domestic banks
According to the recent statistical
data from the National Bank for the par-
ticipation of the foreign capital in the
banking system during the first half of
2007, the increase of the participation of
the foreign capital in the total capital of
the banks in Macedonia continues. This
increase was present on a level of sepa-
rate groups of banks and in the banking
system as a whole. Therefore, on 30th of
June 2007, the participation of the for-
eign capital in the total shareholder cap-
ital of the banking system in the Republic
of Macedonia amounted to 63%, which
represents an increase of 6.9% in com-
parison with the end of 2006. On a level
of separate groups of banks, the biggest
increase of the participation of the for-
eign capital in the total capital was regis-
number 4
tered in the middle banks' group, which is
mostly a result of the acquisition of the
Ohrid Bank by "Societe Generale". On 30th
of June 2007, the foreign capital was pres-
ent in 17 banks, and its participation in the
single banks was between 1% and 100% in
four banks. As a result of these activities,
the increase of the participation of the for-
eign shareholders in the banks and in the
total capital of the banking system contin-
ued in the first half of 2007. According to
these data, the biggest foreign investors in
the banking system come from these two
EU member states-Greece and Slovenia.
The investors from these two countries are
owners of more than half of the capital of
the banks, which are in dominant foreign
ownership, which is mostly due to the fact
that two of the three major banks are in
dominant possession of banking groups
from these two countries. In the first half of
2007, the Bulgarian capital participated in
the banking system with 3.36%, but with
their participation significantly increased
with the recent acquisitions. The question
whether the example of the Bulgarian
investors in the banking industry will be fol-
lowed by the other regional banking brands
remains open, and, according to the unofficial
information for interest of Serbian and Slovenian
banks, which want to enter in our banks, it
should be a reality.
Dominant domestic owners
After the sale of Postenska Banka and
Sileks Banka to the Bulgarian Central
Cooperative Bank, the enter of the Icelandic
company "Milestone" in Komercijalno-investi-
ciska banka-Kumanovo, as well as the recent
sale of Ohrid Bank to the French company
"Societe Generale", there are few banks in this
country where domestic physical and legal enti-
ties are dominant owners.
Stopanska Banka-Bitola, TTK Bank,
Komercijalna Banka and Invest Banka are
banks which dominant owners are domestic
shareholders. According to the Central
Securities Depositary's record of owners who
owned at least 5% of the shares of Komercijalna
Banka in December 2007, the dominant share-
holder is the firm Provino with 16.9% of the
shares. Even 40.6% of the shares of TTK Bank
are in possession of the wool industrial complex
berzNIK
11
Todor Ciprovski-Merdzan, and the
agricultural industrial complex Pela-
gonija owns 21% of the shares of Sto-
panska Banka-Bitola. Invest Banka
has the most divided ownership struc-
ture and several domestic legal and
physical entities are owners of over
5% of the shares of the bank.
Yet, regarding the fact that the
European Bank for Reconstruction
and Development and several foreign
funds appear as bigger shareholders
among them, as well as that for cer-
tain banks, like Komercijalna Banka
and Stopanska Banka-Bitola, it is con-
stantly announced that the foreigners
will completely take over the Mace-
donian banking sector within a year or
two.
The analysis of the ownership
structure indicates that with the realization of the
transaction for acquisition of Postenska Banka,
Sileks Banka and KIB, 12 from 18 banks, which
are currently working in Macedonia, will be in a
dominant possession of foreign shareholders.
Representatives of the national bank informed
that until June 2007, even 63% of the banks` cap-
ital was in the possession of foreign shareholders.
At the beginning of the 90ties, the foreigners had
only 20% of the ownership structure of the banks.
It is interesting that after the announcements for
amending of the regulative in this sector and the
passing of the new Law on Banks, four
Macedonian banks were sold in a period of one
year. The experts say that this is not unexpected,
because it is a matter of one of the most profitable
sectors in Macedonia. Proof for that is the fact that
in August this year, the banks approved new cred-
its in the amount of 660 million euros to the non-
financial sector, which is an increase of 36.3% in
comparison with August last year.
Representatives of the National Bank of the
Republic of Macedonia estimated that, next year,
the banks will have an opportunity to give credits
from 800 to 900 million euros to the private sector.
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
IMPORTANT DECISIONS OF THE MARKET REGULATOR
MARKET COMPETITION IN THE
INTEREST OF CLIENTS
While regulating the capital market, in 2007 the Securities Commission made a lot of decisions for new share issues, high vol-
umes of share buy backs from certain companies, takeovers of other companies, it also pronounced a number of measures for tem-
porary trading bans, and exclusion from the market… and many more, however we are going to mention, or if you wish we are going
to pay attention to, those which were positive, contributed to the stabilization of the Macedonian capital market, and influenced the
strengthening of the security of the clients who participate on the market…
…At a session held on 16.03.2007 the
Securities Commission issued a license to
Societe Generale SA Paris, Republic of France to
give a purchasing offer for the
regular shares issued by
Ohridska Banka AD Ohrid.
The Securities Commission
of the Republic of Macedonia, at
the seventy-eight session held on
23.04.2007 reached a decision,
which determines successful the
offer for purchasing regular sha-
res issued by Ohridska Banka AD
Ohrid, given by Societe Gene-
rale(Societe Generale, SA).
Societe Generale (Societe
Generale, SA) acquired 166,022
regular shares, which represent a
portion of 51.47% from the total
member of voting shares from
Ohridska Banka AD Ohrid. Accor-
ding to the legal regulations, the
French Group Societe Gene-
rale(Societe Generale, SA) noti-
fied the Securities Commission that the purchas-
ing offer of 322,549 regular shares was accepted
by a total of 297 regular shareholders , who sub-
mitted statements for a total of 166,022 regular
shares issued by Ohridska Banka AD Ohrid and
that the purchasing offer was realized successful-
ly. The purchase of the securities was executed at
a price of 8,157.96 denars per share.
On the basis of the report regarding the out-
come of the offer for purchasing and after the
complete establishing of the actual state, accord-
ing to Article 43 of the Law on Taking Over Joint
Stock Companies, the Securities Commission
reached the decision that the offer was success-
ful.
The Securities Commission considers that
the entering of the worldwide-recognized brand
Societe Generale in Ohridska Banka AD Ohrid is
expected to expand the offer of high quality prod-
ucts and services on the Macedonian banking
market and increase the competition, which is in
the interest of the clients.
… In addition, it was pointed out that it is a
matter of a brand, which is present in 80 countries
across the world, and is one of the leading banks
in Europe. From the countries in the region it has
its subsidiaries in Slovenia, Serbia, Bulgaria,
Montenegro, Romania and in Greece. This world-
wide-recognized bank employees 120,000 peo-
ple. They concluded that the entering of a foreign
investor like Societe Generale SA is needed for
number 4
Date 07.01.2008
the Republic of Macedonia, and is in interest of number of regular shares to which the offer refers
the citizens and companies. to. The bidder obliges to purchase the securities
… Societe purchased the majority portion of at the price of 2,740 denars per share. The
Securities Commission
obliged Milestone ehf.,
Reykjavik, Iceland to
submit a proof that the
deadline at which the
bank guarantee is
issued was extended
due to harmonization
with the Law on Taking
Over Joint Stock
Companies. This is the
second offer for pur-
chasing a bank this
year, after the success-
ful takeover of Ohridska
Banka AD Ohrid by
Societe Generale SA
Paris.
… The Commissi-
on on Securities deter-
mined by a decision
that the takeover of Co
mmercial Investment
over 51% of the shares of Ohridska Banka at the Bank JSC Kumanovo by Milestone ehf.,
begging of last year for about 45 million euros. Reykjavik, Iceland is successful. Milestone ehf.,
Reykjavik, Iceland acquired 97,647 regular
*** shares which provide a portion of 75.9% from the
The Securities Commission issued a license voting shares issued by Commercial Investment
for Milestone ehf., Reykjavik, Iceland to be able to Bank JSC Kumanovo.
give a purchase offer for the regular shares issued
by Commercial Investment Bank JSC Kumanovo. ***
The offer refers to 128,655 regular shares, and In November the Securities Commission
would be considered successful if Milestone ehf., granted the fourth share issue to the insurance
Reykjavik, Iceland purchases 67% from the total shareholding company Sava Tabak - Skopje. It is
PRIVATE INVESTMENT FUNDS
The Macedonian capital market got its ninth private investment fund. The
name of the new fund is Euro Ekvity Invest Fond or just - EE Invest Fund, which
is registered as a private fund in the Securities Commission.
The new fund Euro Ekvity Invest Fond has been established for a period of
eight years with a principal of 55,000 euros by the company for management of
investment funds - Euro Capital Investment from Skopje. It is a matter of a fund,
which would primarily invest in shares and bonds on the Macedonian Securities
Market. At the moment, the company is in the phase of collecting portions from
private investors, who mainly are physical entities from Macedonia. According
to the law, the minimal property of a private fund should amount half a million
euros.
Since the start of July up until the end of the year, Macedonia got a total of
nine private investment funds: Fisher Omega, Fisher Alpha, Fisher Delta, Fisher
Gama, Fisher Teta, Nova Investment SEE Invest and Small Investment Fund.
 Date 07.01.2008 number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13

a matter of 460 regular shares, at the amount of

230,000 euros. The issue was realized as a pri-
vate offer and is purposed for the existing share-
holders in the company.
Takeover of Shareholding Companies
The Securities Commission determined that
the offer of MEGA EL EOOD, Sofia, R. of Bulgaria
for the purchase of the shares of the Cable facto-
ry Negotino is successful, i.e. that at the open call
for taking over of the factory a total of 204 share-
holders applied and offered 25,377 shares, which
represent 14.9% of the total number of shares
issued by the company.
***
At the twenty-first session held on
24.12.2007, chaired by the president of the
Securities Commission Marina Nakeva-
Kavrakova, the SC gave a license to Universal
Investment Bank JSC Skopje for the share buy
back by means of a private offer. It is a matter of
1,580 shares with a purchase price of 3,000 de-
nars per share, i.e. a total sell value of 4,740,000
denars.
***
The Securities Commission granted the first
issuing of debt securities of ProCredit Bank AD
Skopje. The bank is going to issue 5,000 bonds
with a total value of 300,000,000 denars. The
interest rate will amount 8,4% on an annual level.
OPEN INVESTMENT FUNDS
Ilirika Southeast Europe, Ilirika Global Growing Markets and Inovo Status Shares
are the first three investment funds, for which the Securities Commission granted
the permit to be established. These are open type funds, and citizens as well as
companies could invest in them. They represent new creators of the securities mar-
ket in the Republic of Macedonia.
The open investment funds would be collecting financial means by public calls
for sale of documents for participation in the funds and would invest them in accor-
dance with the Law on Investment Funds, the Statute and the Prospect of the fund.
This means that by payment of money, each investor would be given a portion,
based on which as owner he would be entitled to an appropriate portion of the
fund`s profit, and he would be able to ask for his part to be paid by the fund or with-
draw from it at any given moment.
In accordance with the data of the funds` prospects, the finances will be invest-
ed in:
1. Ilirika Southeast Europe - in securities of companies and banks that oper-
ate on the territory of the countries in Southeast Europe;
2. Ilirika Global Growing Markets - on the global and developing markets, as
well as in the Balkans;
3. Inovo Status Shares - in securities of issuers, which main office is situat-
ed on the territory of Macedonia, Croatia, Bosnia and Herzegovina, Slovenia, Serbia
and Montenegro.
The abovementioned shows that the Republic of Macedonia is located on the
investment maps of these three funds. The activity of these funds is expected to
cause an increase of the competition amongst the existing banking and financial
institutions in our country.
The due date of the bonds is three years. bonds in order to provide financial means, which
Buyer of the first issue of ProCredit Bank AD would be placed as credits. This is the first issuing
Skopje is going to be NLB Tutunska Banka AD of corporative bonds by a bank in the Republic of
Skopje. ProCredit Bank AD Skopje issues the Macedonia.

MANAGERS OF THE PRIVATE FUNDS ENVISAGE

A STABILE YEAR WITH A

GROWTH OF ABOUT 50%
Positive expectations about the movement of the Macedonian capital market released by the daily news-
paper Kapital give Raja Lazarovska, director of the Management of Investment Funds, Fiser investments,
which manages with six private funds and Ivica karapetrov, director of the Management of Investment
Funds, Mak Assets Management, who manages the private fund SEE Invest

expect the current Stock Exchange stagna- It is important to mentions that certain of the total conditions of the capital market. -I

I tion to end with a trade profit in February of

March. Otherwise the Stock Exchange
decline is a result of the following. Now, at the
end of the year, in time when the annual bal-
ance sheet are made, the investment funds
especially Slovenian and Croatian which were
big players on Macedonian Stock Exchange
emptied the portfolios in order to show the
realized profit. Then in January they will refill
it again. Another important reason for the
Stock Exchange decline in the region was the
appearance of some IPOs of the Zagreb Stock
Exchange, who withdraw the assets form the
other Stock Exchanges. In 2008 I don`t expect
such big growth as last year. My estimations
are that in spring the prices of the shares shall
increase for 30%, and until the end of the year
the contributions shall be around 50%.
companies already achieved the maximum,
which on the basis on real information and
expectations for further investments, while
other still don`t have a possibility to increase
the market`s capitalization, says Raja
Lazarovska, director of the Management of
Investment Funds Fisher investments that
manages the sixth private funds: Fisher
Omega, Fisher Alfa, Fisher Delta, Fisher Teta,
Fisher Gamma and Nova Investment. She
expects from Macedonian Stock Exchange in
2008 to be more stabile. Lazarovska says that
in general considering the stock exchanges`
decline, they are satisfied from the work so far.
Ivica Karapetrov, director of the
Management of Investment Funds Mak assets
management, that manages the private fund
SEE Invest says that he expects improvement
expect better financial results of the compa-
nies for 2007, in relation to previous year. The
announced profit tax decrease shall con-
tribute towards lower expenses of the compa-
nies, which will automatically increase the liq-
uidity and will enable to use the increased
assets for investments. Regulatory guillotine
will have an influence on the expenses of the
companies. Positive influence on the entrance
of the foreign investors on the capital market
will have the expected invitation for NATO
membership. The funds that are yet to open
shall contribute towards the increase of the
trade on Macedonian Stock Exchange. I think
that 2008 will be more stabile than 2007 and I
expect average annual proceeds of 30%
to40%.
14 berzNIK number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.01.2008

03.01.2008 THURSDAY
1. SHORT REVIEW OF EVENTS

The earnings of the New Year`s SMS mes-
sages is top news headlines of the day. Every
written media released the information that the
mobile operators made profit of 450.000 euros.
According to them T-mobile from midnight to
11 o`clock on 1st January recorded 1.7 million
messages, and at the end of the day they incre-
ased to 3.6 million. 580.000 SMS messages
were sent through Cosmofon in the period from
midnight to 3 o`clock on 1st January. VIP record-
ed 250.000 sent messages. Or, in other words,
the citizens on New Year`s Eve sent about 4.4
million SMS messages wishing one another
good health, happiness and love. By free calcu-
lation, they spent around 360.000 euros.
The news about the agreement between the
Government and OKTA of settling the debt was
in the focus of media attention. The controversy
pick on Governmental decision about the way of
payment od the compensation to the refinery.
The statement of the Government`s spokesman
Ivica Bocevski that the agreement signed by the
Government and Helenik petroleum shall be
published further in future, raised the suspicions
that maybe the procedures of settling the debt
are unreal or more possible harmful procedures.
The agreement about settling the debt is anoth-
er agreement face to face between the tradition-
al partners for muddy business, VMRO-DPMNE
and OKTA, according to Stevco Jakimovski, for-
mer minister of economy, in whose mandate
OKTA filed the complaint against Macedonia.
According to him, the matter that is being agreed
and known in public, is that the European fuel
standards application shall be postponed in a
year, and it injured citizens.
- The money that should the state pay as a
compensation to OKTA due to breaching the
obligations from the company`s purchase agree-
ment could be returned in the exchequer, if a cor-
ruption is established when signing the agree-
ment. This is revealed by the former member of
the Anti Corruption Commission, Dragan
Malinovski, a lawyer, invoking on the internation-
ally accepted rules.
Vecer convey that the industrial complex
Silmak from Jegunovce despite the information
that it will be a victim of the liberalization on the
electricity market, still works normally. The
stoves of the factory yesterday were functioning,
despite the leadership`s announcement of the
complex of ferrosilicon saying that if they have to
import electricity, they shall close the company.
This has been announced several times to
Government and MEPSO.
Biznis convey that the first trading day of the
Stock Exchange is hung-over for the Stock
Exchange. Yesterday as well as the last year, the
first trading day is only a part of the statistical
chain, which ruins the average, and can be
quickly forgotten. Still, the most traded shares on
the Official market were the shares of the com-
pany Granit, with 1.290 ordinary shares, while on
the Regular market 400 shares of Arcelormittal
(HRM) were traded. The biggest price increase
recorded the shares of Ading of 19.05 per cent
as well as the shares of Mlaz Bogdanci of 9.84%.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. 4,4 MILLION NEW YEAR SMS MASSAGES SENT (****)
2. OKTA PAID OFF, NO ONE IS FOUND GUILTY (***)
4,4 million New Year SMS massages sent
Around 4,4 million SMS massages wishing
for health, joy and love sent the citizens on the
New Year`s Eve. Upon free calculation, they
spent around EUR 360,000.
The officials in the mobile operator T-mobile
stated that one million users sent 3,6 million
SMS massages on January 1. It is an increase
by 50 percent in relation to the telephone traffic
in other days.
The subscribers to Cosmofon sent 580,000
massages until 3 p.m. during the first day in the
new year. In addition, VIP informed that through
their network 250,000 SMS wishes were sent.
Okta paid off, no one is
found guilty
The bill for scandalous purchasing agree-
ment of refinery “OKTA” arrived on the address
of the least guilty – citizens of the Republic of
Macedonia. 40 million American dollars from
2007 Central Budget were paid off, funds that
are more than necessary to the economy that is
making efforts to keep the step with sharp com-
petition and businesses that are expected to
open new working posts

DNEVNIK STANDARDS
p.1 4,4 MILLION NEW YEAR SMS MASSAGES SENT p.6 MBI
p.1 IT LOOKS LIKE AN AGREEMENT MADE TETE-A-TETE p.8 OKTA PAID OFF, NO ONE IS FOUND GUILTY
p.4 IT LOOKS LIKE AN AGREEMENT MADE TETE-A-TETE VECER
p.4 IF PROVED A CORRUPTION, THE CONTRACT CAN BE TER- p.6 SILMAK WORKS AT FULL STRETCH
MINATED p.6 THREE MILLION SMS MESSAGES SENT
p.7 4,4 MILLION NEW YEAR SMS MASSAGES SENT VREME
p.8 MBI 03.01.2008 p.1 SULFUR FOR INTEREST
BIZNIS p.3 SULFUR FOR INTEREST
p.1 THE STOCKS OF GRANIT MOST TRADED, THE STOCKS OF p.11 WHAT DOES OKTA SMELL LIKE: OIL OR SULFUR?
ADING WITH THE HIGHEST GROWTH VEST
p.1 ON JANUARY 1 THE OPERATORS ENCASH 450,000 EUROS p.2 FOREIGN TRUCKS TO PAY FOR UTILIZATION OF ROAD
p.2 STOP FOR ABUSE OF PROPERTY EXITS
p.3 ON JANUARY 1ST THE OPERATORS ENCASH 450,000 EU- p.2 ADOPTED THE DRAFT-LAWS ON INVESTMENT FUNDS AND
ROS CADASTRE
p.3 FOURTH MOBILE OPERATOR- AFTER ALL! p.3 THE STOCK EXCHANGE STARTS WITH SLIGHT DECLINE
p.11 THE STOCKS OF GRANIT MOST TRADED, THE STOCKS OF NOVA MAKEDONIJA
ADING WITH THE HIGHEST GROWTH p.1 NEW YEAR`S HANGOVER AT THE STOCK EXCHANGE
p.11 POSTERIOR NEW YEAR`S SEEDINESS ON THE STOCK EX- p.3 THREE MILLION GREETINGS BY MOBILE PHONE
CHANGE p.9 NEW YEAR`S HANGOVER AT THE STOCK EXCHANGE - 20.2
p.11 USEFUL ADVICES WHEN USING A PAYMENT CARDS MILLION-DENAR TURNOVER
p.11 STOCK EXCHANGE REPORT FOR JANUARY 02, 2008 SPIC
NIKDJ11 p.8 THE STATE PAID OKTA 40 MILLION US DOLLARS
UTRINSKI VESNIK p.8 COLLECTED 22.5 MILLION EUROS FOR EVN AT THE LAST
p.1 OKTA`S DISCOUNT PAID BY POSTPONED ECOSTANDARDS MINUTE
p.3 OKTA`S DISCOUNT PAID BY POSTPONEMENT OF ECO-
 Date 07.01.2008 number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
04.01.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

The most prevalent news in the daily newspa-
pers was the news about the closing of the facto-
ry Silmak. Vecher informs that the furnaces of the
ferrosilicon factory Silmak in Jagunovce stopped
working since yesterday afternoon because the
transmission system operator MEPSO discon-
nected the power supply of the factory. Starting
from January 1st the factory was supposed to pur-
chase the required electricity on the open market,
however after this did not happen MEPSO
stopped the delivery because the factory is no
longer a tariff consumer.
Utrinski Vesnik adds that starting today all
700 employees were sent on a forced vocation,
and their future hireling would depend on the out-
come of the possible negotiations between the
representatives of Silmak and MEPSO under the
direct mediation of the Government.
The second hottest topic, but not least impor-
tant, which was covered by the daily press, is the
case of OKTA. According to Transparency
Macedonia, in the next ten years the OKTA case
would drain more than a billion dollars from
Macedonia. In the nongovernmental organization
they are commenting that this is a matter of politi-
cal games, because it becomes obvious that both
the Government and the opposition, avoid clear-
ing out and processing this major corruption case.
Vest publishes that the price of gold rose at
the highest level ever, 855.10 dollars per ounce,
due to the week dollar, the increased process of
the oil and the geopolitical problems. The gold,
which becomes cheaper in the other currencies
when the dollar weakens, is considered to be the
salvation during times of uncertainty and inflation
caused by the oil.
The news linked to the Stock Exchange is
regularly covered by Biznis. They presented the
data for yesterday`s trading at the Stock
Exchange. A total trading at the amount of
32,235,695.00 denars was made on the securities
market, and over 139 transactions were realized
on Thursday. The Official Market realized
19,803,399.19 denars in 99 transactions, while
the remaining 2,149,366.00 denars were realized
at the Regularly Market in 38 transactions. The
shares of Makpetrol - Skopje were traded the
most at the Official Market and 30 regular shares
realized 3,627,611.00 denars through 13 transac-
tions. The average price of these shares amount-
ed 120,920.37 denars.
Biznis also informs that with the start of 2008
a complete liberalization of the purchasing of
securities to non-residents of our state is being
made. With a decision that become effective on
the first this month, the abolishing of the foreign
currency rights and the other restrictions for port-
folio investments in securities in the Republic of
Macedonia…

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS Silmak disconnected, the

1 SILMAK DISCONNECTED, THE EMPLOYEES ON FORCED VACATION (****)
2. OKTA WILL DRAIN MACEDONIA FOR A BILLION DOLLARS (***)
OKTA will drain Macedonia for a billion dollars
The case OKTA in the forthcoming
ten years will drain Macedonia for over a
billion dollars, published yesterday
“Transparency – Macedonia” on the
press conference presenting the
December report on corruption and crim-
inal. The nongovernmental organization
commented that there are political
games in question, because it is becom-
ing apparent that the Government and
the opposition however, are avoiding to
clarify and to process this huge corrup-
tion case.
“A confirmation for this behavior is
the fact that upon the criminal charge
filed by the nongovernmental organiza-
tion involving suspicion of breach of duty
by the former Prime Minister Ljubco
Gjorgievski and others, the Public
Prosecutor`s Office has not responded
for almost four months,” stated the
President of “Transparency – We requested MEPSO not to discon-
Macedonia”, Saso Ordanovski. He fur-
ther explained that regarding their insis-
tence on response, they were informed
that the criminal charge was initially lost
and then found, and afterwards that the
responsible prosecutor was on vacation.
employees on forced vacation
All stoves in the metallurgical works
“Sileks” in Jegunovce since yesterday
midday are disconnected because
Macedonian electro-transfer system
operator disconnected the distribution of
electricity. All 700 employees are on
forced vacation. The administration of
the factory announced that the employ-
ees shall be dismissed if “Silmak”
remains inoperative.
nect electricity until we agree with the
Government about the electricity supply.
“Silmak” is not in a position of buying
electricity on the free market because it
will not be profitable – stated Zvonko
Stojanovski, director of the factory.

DNEVNIK p.9 LUKOIL LIVENS UP MACEDONIAN ENERGY MARKET

p.1 SILMAK DISCONNECTED, THE EMPLOYEES ON FORCED VECER
VACATION p.6 THE EXPENSIVE ELECTRICITY CLOSED DOWN SILMAK
p.5 OPPOSITION BLAMES OF SECOND CORRUPTIVE AGREE- p.6 SDSM REQUESTS, THE POWER REFUSES SESSION ON
MENT OF VMRO-DPMNE THE AGREEMENT FOR OKTA
p.7 SILMAK TURNS OFF THE STOVES VREME
p.7 MBI 04.01.2008 p.D
BIZNIS VEST
p.1 COMPLETE LIBERALIZATION IN PURCHASING SECURITIES p.2 OKTA WILL GIVE TEN MILLION EUROS FOR IMPROVING THE
p.5 COMPLETE LIBERALIZATION IN PURCHASING SECURITIES QUALITY OF THE GASOLINE
p.11 MBI 04.01.2008 p.3 PAYMENT PROCEDURES FROM SINGLE ACCOUNT
p.11 ACTUATION OF THE SHARES OF GRANIT AND MAKPETROL p.11 THE GOLD WITH SKY HIGH PRICES
p.11 NON-TRADING TRANSACTIONS NOVA MAKEDONIJA
p.11 MBI-10 DECLINES 1.12 PERCENT p.1 THE DAMAGE OF THE AGREEMENT WILL LAST FOR A FEW
UTRINSKI VESNIK YEARS
p.1 WITHOUT ELECTRICITY THE INDUSTRIAL OVENS OF SIL- p.4 SILMAK DISCONNECTED FROM ELECTRIC POWER SUPPLY
MAK TURNED OFF p.6 STOCK EXCHANGE LEANER AND THINNER THAN YESTER-
p.1 OKTA WILL DRAIN MACEDONIA FOR A BILLION DOLLARS DAY
p.2 A SERIES OF UNCLEAR MATTERS AFTER THE GOVERN- p.7 THE DAMAGE OF THE AGREEMENT WILL LAST FOR A FEW
MENT`S AGREEMENT WITH OKTA YEARS
p.3 THE STATE DRIES UP SILMAK SPIC
p.4 OKTA WILL DRAIN MACEDONIA FOR A BILLION DOLLARS p.
p.7 BLAZO RISTOMANOV, LIVING LEGEND WHICH BUILT UP
BETON
16 berzNIK number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 07.01.2008

05.01.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

The case OKTA is again on the front
page of newspapers. State`s debt payment
towards OKTA of 40 million dollars and con-
tractual write-off of the residual total 94 mil-
lion dollars shocked the public again. The
opposing party doesn`t agree with the man-
ner of payment. It accused the Government
for harmful agreement according to which
the refinery is the only one gain profit, but at
the expense of the citizens. Practically, the
opposing party interprets on its own way the
clauses from the recently signed settlement
agreement after the verdict of the Arbitrary
Court of Paris, which the Government
announced it on its web site. Anyway, what is
questionable is the concession about the
appliance of the new Rulebook on the quali-
ty of heating oil and gasoline that has to start
from 30 July 2009.
Some media transfer the positive side of
this agreement between the Government
and Helenik Petroleum according to which
Macedonia will soon acquire 9.5 million
euros from OKTA`s oil-pipeline on the basis
of unsettled dividends. Namely, Macedonia
shall acquire 20% of the shares of Vardaks,
accompany that manages with the oil-
pipeline Thessaloniki -Skopje. The oil-
pipeline of 2002 to 2006 has made profit of
49 million euros, of which we are entitled of
9.5 million euros dividend….
Dnevnik and Vreme transfer the news
that Government offers to the major industri-
al capacities 1.250 gigawatt electrical energy
annually at price of 75 euros for megawatt
hours. Vice Premier Zoran Stavrevski, after
yesterday`s meeting with the companies`
establishment, stated that this price of 10 to
20 per cent lower than the agreed price with
the factories of their suppliers on the free
market.
All media transfer the governmental draft
for allocation of radiofrequencies for three
multiplexes of digital TV transmission. The
three radiofrequencies will be granted on
tender who the Agency for electronic com-
munications should announce it until 20
January, and Macedonian Television will get
one multiplex more from the total nine
through which the channels of Macedonian
Television shall be transmitted.
Also the news for demolishing the North
Stand of the stadium was transferred by all
media. After being there for 75 years the
North Stand of the city stadium was
destroyed. It is anticipated that the terrain
shall be cleared in two weeks time, and
Beton will start to build a new Stand. The
Stand should have its final modern look for
18 months and afterwards tender for recon-
struction of the East and west Stand shall be
announced.
Utrinski Vesnik transfers the new way of
payment at the banks. Third day since the
Law on payment operation became effective
and the citizens are confused and are com-
plaining that the payment goes slowly and by
complex procedures. The systems of some
banks were blocked due to adjustment of the
new legal decisions. The bankers claim that
the payment operations goes without prob-
lems and delays at the clients, although
slight setback due to news that demands the
legal text that will regulate the payment oper-
ations.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

NEW TENDER FOR DIGITAL TV
1. SKOPJE CITY STADIUM NORTH STAND PULLED DOWN (****) BY THE END OF JANUARY
2. NEW TENDER FOR DIGITAL TV BY THE END OF JANUARY (****)
The Government will propose the
SKOPJE CITY STADIUM NORTH STAND PULLED DOWN Agency for Electronic Communica-
tions to announce a tender for grant-
THE NORTH STAND After 75 the ground within two weeks, after ing of three multiplexes for transmis-
years of existing, Skopje City Sta- which, Beton`s teams are going to sion of digital TV around 20th this
dium North Stand yesterday became start the construction of the new month, Minister of Transport and
history. Two bulldozers yesterday stand. Communications Mile Janakievski,
“hit” the stand that will be pulled to yesterday informed.

DNEVNIK p.7 NORTH STAND PULLING DOWN STARTS

p.5 OKTA WILL RECEIVE USD 900 MILLION ON THE EXPANSE VREME
OF THE CITIZENS
p.9 UEC ASKS PART OF EC`S PROPERTY p.2 BY 2019 MACEDONIA WILL PLUNGE INTO DARKNESS?
p.11 MBI 05.01.2008 p.2 THE GOVERNMENT OFFERED ELECTRICITY FROM TPP
p.11 TENDER FOR DIGITAL TV BROADCASTER NEGOTINO AND ELEM
p.11 INDUSTRY TO PAY 75 EUROS PER MWH p.8 WE ARE GOING TO CASH 9.5 MILLION EUROS FROM
OKTA`S IL PIPELINE
UTRINSKI VESNIK
VEST
p.1 SKOPJE CITY STADIUM NORTH STAND PULLED DOWN
p.3 THE GOVERNMENT ANNOUNCED DOCUMENTS ON OKTA p.8 PULLING DOWN OF THE NORTH STAND STARTS
p.4 CITIZENS COMPLAIN ON PAYING ACROSS BANKS, p.8 T-MOBILE REMAINS GOVERNMENT OPERATOR
BANKERS CLAIM THERE IS NO PROBLEM p.8 NEW TENDER FOR DIGITAL TV BY THE END OF JANUARY
p.4 TPP NEGOTINO WORKS WITH FULL CAPACITY
p.12 DOMESTIC COMPANIES EXCLUDED FROM TV DIGITALIZA- NOVA MAKEDONIJA
TION
p.12 UEC PROPOSES COOPERATION TO EC p.2 COMPROMISE SOLUTION, BUT NOT ON BUDGET`S DAM-
p.12 MBI 05.01.2008 AGE
p.30 SKOPJE CITY STADIUM NORTH STAND PULLED DOWN p.4 DOCUMENTS ON OKTA ANNOUNCED
p.4 DEFECT DUE TO DAMAGED UNDERGROUND CABLE
VECER
SPIC
p.1 THE NORTH STAND PULLED DOWN
p.6 SDSM: OKTA CASE WEIGHS 1.2 MILLIARD DOLLARS p.7 PIPELINE WILL BRING OVER 10 MILLION EUROS INFLOW
p.6 ONE MULTIPLEX FOR MTV, THREE OFFERED THROUGH p.7 CHEAPER ELECTRICITY FOR BIG CONSUMERS
TENDER
 Date 07.01.2008 number 4
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
p.46 THE CONSTRUCTION COMPANIES WILL BUILD
PROFITS
The record growth of the index indicator and of the
value of the stocks will not repeat in the next year on
the Macedonian stock market, was the prognosis of
the stock exchange experts. The occurrences on the
Belgrade stock exchange will be one of our greatest
competitors. The potential growth of the price of the
real estate will offer comfort for the traders on the
Macedonian stock exchange in 2008 in case of small
profit, but surely not in case of greater stability of their
investments on the capital market
The annual record participation of the physical enti-
ties in 40 percent of the total trade on the Macedonian
stock exchange has surprised even it`s management.
The citizens could not resist the dizzily growth of the
stock prices which brought thereby enormous profits.
The experts of the conditions state that this idyll will
end soon and that the physical entities should not
hope that the stock exchange indicators and the
value of the stocks will undergo large leaps. They
warn the citizens to be more careful in 2008 when
they invest on the stock exchange.
COMING DOWN
The foreign investors on the Macedonian and other
regional stock exchanges anticipate for Globus that
the standstill existing on our capital market will
endure till March 2008. In this period the investors
expect gradual recovery of the index indicators after
the fall that occurred on all former Yugoslav stock
exchanges.
COMPETITION
One of the reasons why the Macedonian stock
exchange will probably be calmer this year is the
process of privatization in neighbor Serbia, which
more and more attracts the interest of the regional
and world investors. In the projections for the forth-
coming year the stock exchange analysts as a signif-
icant factor have in mind the possibility for listing the
Public Enterprises on the Belgrade stock exchange,
which now start the transformation of the capital. The
participation of such companies on the Belgrade
stock exchange will represent a large challenge for
the investment funds in the region.
MEMORIES
The citizens who made a good profit on the stock ex-
change and who are planning in 2008, instead of pla-
ying lottery, to try their luck again on the Macedonian
stock exchange will be very reluctant in terms of ac-
cepting the prognosis of more moderate growing mo-
vements of the stock exchange index and even more
gradual growth of the securities. Understandingly, the
memories of 2007 are beautiful. The Macedonian
stock exchange was a regional record maker. The
index of our stock exchange MBI-10, which at the end
of 2006 amounted 3.702, during the 2007 recorded
average constant growth in order to reach it`s maxi-
mum of 10.057 percent on August 31.
berzNIK
17
31.12.2007-05.01.2008 MONDAY-SATURDAY
FORUM
Stock market estimations for 2008
This period is a good opportunity to estimate the
future events connected with the capital market. Are
we going to experience the stress from 2007 that
resulted with the biggest success in history? Just to
remind, in 2007 capital market expressed through the
movements of the volume and the prices of
Macedonian Stock exchange brought us many dra-
matic events, but also a happy end. Although unex-
pectedly, in 2007 the general index of Macedonian
exchange shares, MBI-10 was increased for exact-
ly109% from 3703 to 7741 index points. In 2006 the
growth was 62%. This is a record accomplishment on
a world level for a growth of one stock exchange
index in 2007. In the meantime, in the second half of
the year, and especially in the last quarter, the index
underwent serious decline of the amount of over 30%
which resulted with a great anticipation and fear at
home investors. A reason for this decline are mixture
of elements starting from the overpriced value of
shares, through the crisis in Kosovo, the scandal with
ADG Mavrovo, until the decrease of the activity of for-
eign investors from Slovenia and Croatia. From the
other hand, in 2008 we will collide with different prob-
lems. This framework includes the macro-events, as
well those specific events for individual companies.
For example, at the beginning of 2008, more precise-
ly in the first three months, the situation referring to
Kosovo will come to a turning point which will bring
serious turbulences on the capital market.
Positive trend of the market shares
The last trade week from 2007 didn`t bring spectacular
changes which honestly haven`t been expected
either. Generally as Forum has anticipated, the week
marked the share trade of the creators of
Macedonian stock exchange index who participated
with 70% of the profit or 104.42 million denars in the
realized total profit of 170.3 million denars on the
Official market. Typical for the last stock exchange
week is that almost all shares, at least on the Official
market, had a slight increase or remained on the
same price margins from last week. Also, there was a
constant increase of the MBI-10 index value.
Macedonian stock exchange index recorded growth
for five days, hence the week level increased for
4.13%. On the last trade day on Friday (28
December) the Stock Exchange ended on 7.740, 79
points on the last day of trading (28 December) which
compared with the previous day represented an
increase of 0.64%. It is interesting to point out that
MBI-10 beside great fluctuations in October, still on
the last day compared with the beginning of the year,
i.e. first day of trading from 2007 has increased dou-
ble. MBI-10 is the only index having 100% growth in
the region. This is evidence that this year of trading
was successful.
18 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
SECURITIES COMMISSION
NEW BROKERAGES
Upon the issuing of working license for the new
brokerages, a total of 23 authorized participants are
operating on the securities market in Republic of
Macedonia
The Securities Commission within the last
year issued a working license to a number of new
participants on the securities market. The latest
established brokerage which acquired a working
license is JSC Ideja Plus Broker Radovis. This
brokerage is registered with principal in the
amount of EUR 75,000 in denar equivalent value,
distributed in 75,000 common stocks with a nom-
inal value of one euro per stock.
In accordance with Article 94 of the Law on
Securities, this participant on the market shall buy
and sell securities upon the order and on the
expense of the client, shall act as mediator during
the listing and shall have the possibility of provid-
ing investment advising services. The Director of
JSC Ideja Plus Broker Radovis will be Janka
Dimitrova.
A working license issued by the Securities
Commission on it`s eighty-four session was also
granted to JSC Auctor Brokeri Skopje. The prin-
cipal of JSC Auctor Brokeri Skopje is in the
amount of EUR 150,000 in denar equivalent
value, distributed in 15,000 common stocks with a
nominal value of ten euros per stock.
This participant on the market shall buy and
sell securities upon the order and on the expense
of the client, shall manage securities portfolios
upon the order and on the expense of the client,
number 4
Date 07.01.2008
shall act as mediator during the listing
and shall have the possibility of providing
investment advising services.
Working license in the fourth quarter
of the last year was granted to JSC Beta
Broker Skopje and JSC Dinev Broker
Skopje. These are the two new broker-
ages that acquired working licenses by
the Securities Commission on it`s eighty-
third session held on September 6, 2007.
The principal of JSC Beta Broker
Skopje is in the amount of EUR 80,000 in
denar equivalent value, distributed in
10,000 common stocks with a nominal
value of eight euros per stock.
In accordance with Article 94 of the
Law on Securities, this participant on the
market shall buy and sell securities upon
the order and on the expense of the
client, shall act as mediator during the
listing and shall have the possibility of
providing investment advising services.
The principal of JSC Dinev Broker
Skopje is in the amount of EUR 75,100 in
denar equivalent value, distributed in
3,004 common stocks with a nominal
value of EUR 25 per stock. JSC Dinev
Broker Skopje is authorized to provide
the same services as JSC Beta Broker
Skopje.
The services include the right to buy
and sell securities upon the order and on
the expense of the client, to act as medi-
ator during the listing and to have the
possibility of providing investment
advising services. This brokerage
will be directed by Lenin Prculovski.
JSC Publicum Skopje and JSC
VIP Skopje are likewise the new
brokerages which acquired working
licenses by the Securities Commi-
ssion during the summer of 2007.
The principal of JSC Publicum Skopje is cessful public offer of securities, with or without
in the amount of EUR 75,000 in denar equiv- compulsory buying in unsold securities, acting as
alent value, distributed in 75,000 common mediator during the listing, providing investment
stocks with a nominal value of one euro per advising services and completing of transactions
stock. This participant also in accordance and performing activities on the expense of third
with Article 94 of the Law on Securities shall parties required for acquisition of Joint Stock
buy and sell securities on the capital market Company in accordance with the Law on Taking
upon the order and on the expense of the Over Joint Stock Companies. The Director of JSC
client, shall act as mediator during the listing VIP Skopje will be Gjorgji Ignjatov.
and shall have the possibility of providing The Securities Commission of Republic of
investment advising services. Macedonia on it`s eighty session held on May
JSC VIP Skopje is registered with a prin- granted working license to the brokerage JSC
cipal in the amount of EUR 500,000 in denar Sensal Skopje. The principal of this brokerage is
equivalent value, distributed in 50,000 com- in the amount of EUR 75,000 in denar equivalent
mon stocks with a nominal value of ten euros value, distributed in 1,500 common stocks with a
per stock. This brokerage is authorized to nominal value of EUR 50 per stock. In accordance
provide the same services: buying and sell- with Article 94 of the Law on Securities, this par-
ing securities on it`s own behalf and on it`s ticipant on the market shall buy and sell securities
own expense, managing securities portfolio upon the order and on the expense of the client,
upon the order and on the expense of the shall act as mediator during the listing and shall
individual client, completing of transactions have the possibility of providing investment advis-
and performing activities upon the expense ing services.
of the issuer of securities required for suc-
 Date 07.01.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
CAPITAL MARKET`S NEWS
THE STOCK EXCHANGE WILL FORM
JOINT STOCK COMPANIES TOO
From august 2007 Macedonian Stock
Exchange will be include in the process of form-
ing new joint companies, companies that will be
listed on the Stock Exchange. This practically
means that the Stock Exchange may issues
shares that will be listed on the market.
The investor who will buy a part of the shares
will become a shareholder in the company in
SUPER LISTING
In the first months of 2007 Macedonian
Stock Exchange has introduced besides the list-
ing market`s super listing. On this list only four
companies are listed: Beton, Investbanka,
Komercijalna Banka and Toplifikacija
Special conditions for share listing of Super
listing are: In order to enter specific shares in the
Super listing, the issuer must meet the following
conditions: 1.Authencity and objectivity of the
INDEX OF PUBLICLY LIMITED
COMPANIES (MPOC)
From 18.06.20078 Macedonian Stock
Exchange began calculating and releasing the
new index of publicly limited companies- MPOC
with a basic value of 10.000 index points on
15.06.2007. Taking into consideration the hetero-
geneity of the companies whose shares are trad-
ed on the market of the publicly limited companies
on Macedonian Stock Exchange, from the aspect
of the capital`s volume as well as from the aspect
of liquidity in accordance with the methodology of
its calculation., MPOC is price, whose compo-
nents are chosen by the Commission on stock-
exchange index , taking into consideration the fol-
lowing criteria: the number of trading days and
realized profit in the period between two audits of
the index.
The analyses for the period before introduc-
number 4
which name the Stock Exchange offers the
shares. The Stock Exchange has decided to start
with a new product because the analysis has
shown that many Macedonian companies want to
open themselves for new shareholders.
According to the heads of Macedonian Stock
Exchange the investment public is already inter-
financial reports audited, financial reports for the
last three years. 2. Financial results, achieved
profit in the last three months. 3. Principal or mar-
ket capitalization at least 10.000.00 euros,
4.Expansibility of the type of the shares in public,
at least 20% 5. Number shares at least 200 6.
Internet page; the issuer must posses internet
page, on Macedonian and Albanian language.
The expansibility of the at least 20% of the
ing MPOC have shown that the shares of the
companies which are traded on the public limited
companies` market are becoming more interested
for the investors, especially taking into considera-
tion the companies` obligation to inform of the
price sensitive information towards the Securities
Commission, in accordance with the Law on
Securities. Hence the information show that dur-
ing2007 the trade on the Official market partici-
pates with over 73% of the total profit, the trade on
the market of public limited companies partici-
pates with significant 21%, while the free market
participates with 50%. Hence, taking into consid-
eration that MBI10 is an index which relevantly
shows the price movement of the 10 most repre-
sentative a, shares on the Official market, was
imposed the need of introducing an index that will
berzNIK
19
ested in, especially at the joint stock companies
as issuers of securities, for this kind of special
auction. On this way the Stock Exchange slowly
becomes a type of barometer of the movement of
the past and future companies. The investors
responded very quickly on the publicly released
information.
certain type shares should be under ownership of
at least 200 shareholders. By calculating the per-
centage from the above item, the shares that they
own are excluded.: a) members of the manage-
ment bodies of the issuer, if they own over 5% of
the shares, b) more considerable shareholders
(individuals or institutional) with over 10% of the
shares v) the shares of the Republic of Macedonia
and state institutions, if they own over 10% of the
shares.
show the price movement of the shares on the
market of public limited companies.
In accordance with the Methodology of index
calculation of the publicly limited companies,
MPCO, the Commission of stock exchange index
established that the first elements of MPOC are
the ordinary shares issued from the following joint
stock companies: Mittal Steel, Skopje (HRM), AD
Skopje, Kjubi Macedonia AD Skopje, OKTA AD
Skopje, Stopanska Banka AD Skopje, Prilep
brewery AD Plrilep, Mittal Steel Skopje (CRM), AD
Skopje, Makedonski Telekomunacii AD Skopje,
ICN-Farm AD Skopje, Beton AD Stip, Metalec AD
Prilep, Makedonska Banka AD Skopje,
Automakedonija AD Skopje, UNI Banka AD
Skopje, Mlaz Bogdanci, and Tutunska banka AD
Skopje.