berzNIK - YEAR II - NUMBER 25 -02nd JUNE 2008 - (SUPPLEMENT OF TENDERNIK)

EUROPEAN UNION?
ROAD TOWARDS THE
MACEDONIA WISELY ON THE
Date 02.06.2008 number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Macedonia wisely on the road towards
the European Union?
Durin Macedonia has been approaching to the more
advanced transition economies with high tempo in the past
few years. We have been achieving positive and stabile
growth rates for several years in a row, but we are still far
from the Eurozone average. Namely, the productivity in the
trade sector is growing with relatively lower rates in relation
with our foreign partners, which was especially expressed
by the lack of large foreign companies and the loss of
important foreign markets due to export of low quality prod-
ucts. These were movements that caused inflation pres-
sures and absence of real appreciation in each situation, as
it was the case in the transition countries. This is the con-
clusion from the international conference organized by the
National Bank of the Republic of Macedonia (NBRM) enti-
tled “The Competitive-
Even two decades after the transition (let`s not ness of Southeast Euro-
pushing it for a few years),imagine, we have to go pean countries and chal-
on the road towards the European Union prudent- lenges.”
ly…and by all means, jump over the obstacles
(which I personally believe to be raised higher by The Governor of
the Union on purpose)… NBRM, Petar Gosev, on
Nevertheless, The Republic of Macedonia this occasion announ-
should wisely choose its way towards the European ced that in the last deca-
Union, starting from the experience of the new de, Macedonia was re-
member states; is the message of the leaving Mi- cording relatively low
nister of Finance, Trajko Slaveski, for the Macedo- economic growth rate of
nian financial experts… Haven`t we followed and 2.7% in average, which
used their experience so far? Who knows, we have also brings low dynam-
changed so many governments, choosing econom- ics in approaching to
ic and financial experts to select and give us directi- EU. The gross domestic
ons towards that road, but all of this remained a pi- product per capita is
pe dream (as the common people use to say), 25.7% of the Eurozone
which means that either the Europeans are asking average although it mar-
too much from us, or our ministers did something ked increase in relation
wrong… however, it`s a fact that we have received with the year of 1996
a recognition or two precisely from the high Europe- (23.6%).
an financial institutions.
But, that`s the way the cookie crumbles, and - In other words, we
we will follow their instructions with a hope that the have bee achieving pos-
European ramp for the Macedonian business stan- itive and stabile growth
dards will be finally lifted up… rates, furthermore, we
reached the highest gro-
wth rate in 2007 with GDP of 5.1%. This process is backed
by the realized foreign investments and the expedited cred-
it expansion, which last year marked growth of 39%. Since
last year`s closing quarter, the home inflation rate has
speeded up largely due to the global food and energy price
increase-said Gosev.
However, all these parameters related to the economic
growth are part of the transformation not only of our coun-
try, but the transformation of the Central and Southeast
European countries on their road to the EU accession,
which, as the Governor highlighted, will leave great mark in
the history of mankind. Although the GDP per capita is not
a perfect indicator for the intensity of the changes, still the
comparison of this indicator from the beginning of the tran-
sition and now gives clear picture about the progress of the
EU member states. In 1993, the group of ten new EU mem-
ber states had GDP per capita of 37.2% of the Eurozone
average and in 2007, this indicator reached value of 56.4%.
Nevertheless, although the progress is obvious, there is still
much to be done to reach the level of the old member
berzNIK
3
states, point out the Governor.
The discrepancies in the approach to the new EU
member and candidate states has been caused, as Gosev
says, by the factors of production and technological devel-
opment of each country.
This is a short term challenge, if we still may use this
term considering that we are standing in the tailend, how to
reduce the risk of high deficits on the current account which
might bring more extended financial crisis, combined with
currency crisis in the countries of fixed currency boards
(such as ours). Both economic theory and history are clear
that current circumstances are not favorable for these coun-
tries. Current account deficits, which are increasing, are not
sustainable and can not last infinitely. The more they grow,
the more becomes pressure for real depreciation, as a way
of returning the competitiveness.
According to the World Economic Forum (WEF), which
ranks more than 100 economies (131 in 2007) according to
their competitiveness, economies are classified in three
groups:
- Phase in which economies are conducted by the by
the traditional production factors;
- Phase in which economies are conducted by the effi-
ciency; and
- Phase in which economies are conducted by the inno-
vations.
According to this classification, Macedonia in this
moment is situated in transitional phase from competitive-
ness based upon prices, towards competitiveness based
upon quality, measured according to the level of develop-
ment (GDP per capita), says Trajko Slavevski, Minister of
Finance in the previous cabinet. This implies that the future
development of the country and its global competitiveness
more and more depend on the market efficiency, the quali-
ty of high education and labor force, the development of the
research activities etc.
The transition from competitiveness based upon quali-
ty implies for transiting towards more advanced phases of
production and processing, better productivity and bigger
added value, i.e. country`s faster development. But, this
example is not only desired option by the Government of
the Republic of Macedonia, but also inevitability. The
increase of prices on general level in 2008, as well as
expected approximation of prices in Macedonia with those
in EU, or at least neighboring EU countries, (so called nom-
inal convergence), implies that, in the future, Macedonia will
be price uncompetitive. According to Slaveski, the general
characteristics of all countries in the process of accession
in EU is the process of convergence, real and nominal. Real
convergence evolves across the approximation of the GDP
per capita in the future member-state with the level of the
EU member-states, while the nominal convergence com-
prises approximation with the general price level.
Experiences and empiric results show that more developed
countries have higher price level, and therefore, the infla-
tion rate in future member-states is higher compared to
more developed countries, EU members, and the nominal
exchange rate of future members appreciate with the clos-
ing of the development gap among countries.
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
STOCK EXCHANGE NEWS... STOCK EXCHANGE NEWS...
NLB TUTUNSKA BANKA ANNOUNCES PUBLIC CALL FOR BONDS PURCHASE
MINIMAL PURCHASE AMOUNT BY SINGLE
PURCHASER – 100 SHARES
Last week, NLB Tutunska Banka announ-
ced Public Call for entry and purchase of bond
in the Bank. The Securities Commission appro-
ved the first bonds issue of NLB Tutunska
Skopje by means of public offer on May 7 this
year. The Bank will issue 12,000 bonds in a to-
tal value of 12,000,000 EUR. The maturity peri-
od of the bond is three years, the interest rate is
six month EURIBOR + 1.2% , and the minimal
purchase amount by single purchaser is
100.000,00 EUR i.e. 100 bonds. According to
Securities Commission’s explanation, the Bank
is issuing the bonds for the purpose of satisfy-
ing the need of management with the structural
solvency of the Bank, management of the inter-
est risks and for the purpose of provision of
long term sources for financing the activities of
the Bank. This is the first issue of corporative
bonds in the Republic of Macedonia which is
realized through public offer. Both, the Public
Offer and the Prospect for entry and purchase
of bond in NLB Tutunska Banka are announ-
ced. The Prospect, which comprises all data on
establishment, equity, activities, management,
trade and future plans of the Bank, also inclu-
Through price sensitive information anno-
unced on the Macedonian Stock Exchange, the
Bank informed the public that on this year`s
Shareholders Assembly held on May 5, was pa-
ssed a decision on use and distribution of achi-
eved income from 2007. The Supervisory Bo-
ard decided the income on taxation in 2007 in
amount of 9,091,598 denars to be distributed
as follows:
- 20% of the amount from the income after
the taxation in total amount of 1, 818, 32 denars
to be used in establishment of bank`s reserve
KOMERCIJALNA BANKA
MINIMAL SELECTIVE INCREASE OF THE RATES
OF INTEREST
In the previous period of the year, as a re-
sult of the increased inflation in the Republic of
Macedonia by the National Bank of Macedonia
(NBRM) the rates of interest of the treasury bills
were increased in three attempts. During the
first and the second increase Komercijalna
Banka AD Skopje did not increase its rates of
interest, taking part of the increased expenses.
However, after the third increase and the rise of
the inflation which amounted 10, 1% in April,
the Bank decided to selectively increase the
active and the passive rates of interest, starting
from June 1, 2008, taking into account its com-
petitive position.
Having in mind that since 01.01.2008, the
Bank increased the passive rates of interest for
the population, now from 01.06.2008 the Bank
will increase certain passive rates of interest for
the legal entities for 0, 5% pts.
The rates of interest at the population
number 25
des:
Data on issuer’s establishment and equity
- The Bank has 34 branch offices and win-
dows in 19 cities in Macedonia through which
all services for the clients are offered.
Total own capital (equity) of the Bank, on
the basis of the audited consolidated financial
statements for 2007 (in 000 MKD):
Registered capital – 693.866 785.621
Share premium – 968.422 1.610.707
Revaluation reserves – 120.458 213.093
Reserves – 501.711 535.187
Accumulated profit – 649.150 833.658
Total 2.933.607 3.978.266
- Equity (principal) of the Bank on
31.12.2006 is 693.866.000 MKD and consists
of 643.645 ordinary shares and 50.221 prefer-
ence shares with a nominal value of 1000 MKD
per share. On 31.12.2007 the equity is
785.621.000 MKD and consists of 735.400 ordi-
nary shares and 50.221 preference shares with
a nominal value of 1000 MKD per share.
- Following shareholders own more than
10% of the equity of the joint stock company:
LHB Inetrnationale Handelsbank AG
80% FROM THE PROFIT FOR SHARE BUY-BACK
fund;
- 80% of the amount from the income after
the taxation in total amount of 7,273,278 denars
to be distributed and register in fund for special
reserves for share buy-back.
License for credit exposure
We inform you that the National Bank of the
Republic of Macedonia revoked the interdiction
which have quality assurance such as loans for
purchase of immovable property, loans for pur-
chase of car or loans for non-identified purpos-
es approved on the basis of Government dept
securities - bonds or pledge of deposit are not
going to change, and also there will be increase
of the loans for non-identified purposes
approved on the basis of bill of exchange for 0,
5% pts, as well as increase of the rates of inter-
est of the negative balances on the credit cards
and the account currents for 1, 0% pts.
When it comes to the legal entities, there
will be increase only at the rates of interests for
the denar loans for 0, 5% pts, with exception of
the debar loans approved on the basis of
denars deposit.
This increase will cause maximum raise of
the monthly interest for the client in the absolute
amount, and the following examples may serve
as illustrations:
Date 02.06.2008
29.83%
NLB InterFinanz AG 29.04%
Nova Ljubljanska banka d.d.
26.96%.
- According to the comment by the Bank’s
Management on the results from operation, in
accordance with the audited non-consolidated
financial statements of the Bank for 2007, the
Bank has mostly accomplished the projected
targets for the year, with increase of the busi-
ness in all segments of operation, increase of
the client basis, increased market share in all
segments of the market and increased prof-
itability of the Bank. In 2007, the Bank realized
a balance amount of 42.474.928 thousand
MKD, i.e. increase of the potential for 44.2%.
The client deposits increased for 47.5%, and
client placements are higher for 45.0%. The net
profit in 2007 was 552.581 thousand MKD, and
it is for 36.1% higher than in 2006. Furthermore,
a return on equity (ROE) has been realized
before taxation of 23.3%, and the cost effective-
ness of operation expressed through
Cost/Income indicator is 48.48%. The capital
adequacy at the end of 2007 was 12.90%. The
Bank’s profit per share for 2007 was 775.04
MKD, while for 2006 the same was 585.17
MKD.
KIB KUMANOVO
of Komercijalno Investiciona Banka AD
Kumanovo for approving credits and other
forms of credit exposure. With the decision
brought on 26.05.2008 by the Governor of the
National Bank of the Republic of Macedonia
ends the validity of the Resolution nr. 02-14/
120-2005 from 29.09.2005 by which corrective
measures were passed towards Komercijalno
Investiciona Banka AD Kumanovo.
1. About loans for physical entities,
approved by time limit of return to seven years,
the increase of the monthly rate
- For amount of 150.000 denars, will be 61,
00 denars;
- For amount of 300.000 denars, will be
123, 00 denars;
- For amount of 480.000 denars, will be
197, 00 denars;
For the used permissible overflow of
50.000 denars, the increase of the monthly
interest will be 40, 98 denars.
2. About loans for legal entities, the
increase of the monthly rate
- For amount of 1.000.000, 00 denars, will
be 416, 67 denars;
- For amount of 5.000.000, 00 denars, will
be 2.083, 33 denars;
- For amount of 10.000.000, 00 denars, will
be 4.166, 67 denars;
- For amount of 50.000.000, 00 denars, will
be 20.833, 33 denars;
 Date 02.06.2008 number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
26.05.2008 MONDAY
C O N T E N T S 1. SHORT REVIEW OF EVENTS
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Top news, conveyed by all media is promotion of 84.954, 55 denars trading thereby 11 shares, Biznis
Agrilend the new joint company in ownership of the informs.
STOCK EXCHANGE NEWS... . . . . . . . . . . . . . . . . . . . . 4 Government and the Israeli company Soli Group. Stip became a member of ACTE, European As-
The Vice-Premier Zoran Stavrevski, said that the sociation of basic textile promotion, is the title in Ut-
berzNIK, MONDAY, TUESDAY, WEDNESDAY........... 5-7 decision for establishing the joint company follows rinski Vesnik. On 16, on the General Assembly of
after the conducted studies of the Israeli partner, ACTE, association of cities of developed textile in-
CONVERSATION ON THE OCCASION. . . . . . . . . . . . 8-9 which confirm the great potentials of Macedonian ag- dustry, held last week in Log, Poland, Stip became a
INTERNATIONAL PROGRAM FOR EXPERTS IN riculture and identifies problems. Agrilend will start member of this great European association which in-
THE AGRICULTURAL SCIENCE AND functioning at the beginning of June, providing orga- cludes seven cities from the old continent. On the ce-
nized and secure purchase of agricultural products remony was said that Stip is one of those European
TECHNOLOGY .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
and will directly contribute for exceeding the recent cities with long-year textile economy, as a result of
IS THERE ENOUGH OIL FOR BALKAN OIL elemental policy in the agriculture. The director of which the city gave strong impulse modern textile in-
PIPELINES?.........................................10-11 Soli Group, Isaak Lebreich, pointed out that the lack dustry development in Europe. According to state re-
of modern technology is one of the main problems of gister, 160 enterprises whose basic activities are the
NBRM – REPORT ON BANKING SYSTEM FOR Macedonian agriculturists. Soli group is distingu- textile production have been registered. Estimations
2007..................................................12 ished company with long-year experience in purcha- are that around 90 companies with over 7.000 em-
se and sale of agricultural products and organic food ployed persons are active.
berzNIK, THURSDAY, FRIDAY, SATURDAY ..............13-15 production. The new Silver moon beer of brewery, Skopje
The value of the Official market is 24.3 denars, was promoted last week. Silver moon is Skopsko`s
WEEKLY MAGAZINES.....................................16 and the value of the regular market is 1.4 million de- little brother, said Igro Ilievski, marketing director of
nars. This is a part of the Stock Exchange`s report the brewery on the promotion on the new lager beer.
EVENTS THAT MARKED THE WEEK..............17 for last week`s work, news regularly conveyed by the It is about a lager beer with mild taste, creation of the
newspaper Biznis. Total trade amount of 25.830.950, brewery`s experts. They emphasize that the new
STOCK EXCHANGE NEWS... . . . . . . . . . . . . . . . . . . . 17 95 denars through 138 transactions was realized on beer brand is a result of the elementary research of
Friday. On the Official the shares of Granit, Skopje the needs, desires and expectations of the domestic
WEEKLY REVIEW OF THE MACEDONIAN STOCK were the most traded realizing 16.905.362 denars
EXCHANGE...............................................18-19 consumers, especially the young generation. The
through 10.563 ordinary shares. On the securities planned sale of “skopsko silver moon” by the end of
market on Friday a total trade value of 25.830.950, this year is dimensioned on two million bottles, a pri-
95 denars was realized through 138 transactions.
I M P R E S S U M The total value by markets was the following – On
ority for the domestic market, but also the initial ne-
gotiations for distribution in the region are underway.
the Official market 24.338.204, 96 denars was real- Newspapers convey the last week` s visit of the
ized through 103 transactions, while the other parliamentary- business delegation from Canada of
1.492.746 were realized through 35 transactions on our country. Arg Hanger, member of Canadian par-
the Regular market. MBI-10 recorded decline of 0.39 liament and chairman of the legislation commission
Publishing: INTERNACIONAL NIK AD - Skopje percent, MBID recoded decline of 0.62 percent,
OMB increased by 0.45 percent. On the Official mar- in Canadian parliament Meno Cornerlsen, busi-
Media library and digital archive
Editors office: berzNIK ket the most traded shares were the shares of Granit nessman who deals with agriculture and air industry,
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, Skopje, whereby 10.563 ordinary shares were reali- Wayne Webster, businessman who deals with real
R.Makedonija zed by 16.905.362 denars. The average price of the estates, Gerry Sherman, director and Darlene Mc
Phone. 02/25.32.800 faks: 02/25.32.839 se shares was 1.600, 43 denars. On the second pla- Lin, deputy-director of Christian Embassy of Cana-
web: www.interNIK.com.mk; da, at recommendation of Gligor Taskovik, minister
e-mail: info@interNIK.com.mk ce according to trade value were the shares of Alka-
loid, Skopje, realizing a total value of 1.133.145 de- of investments in the Government of the Republic of
Executive Director: Zdravko Josifovski nars through 132 shares at average price of 8.584, Macedonia, have visited the Economic Chambers of
Account Menager: Divna Pesic 43 denars. On the third place according to the trade Macedonia. They were in mission to get informed on
Public relations: Natasa Dimovska value on this market were the shares of Makpetrol, the economic conditions in the country and the op-
ICT Manager: Kiro Velkovski Skopje realizing a turnover of 934.500 denars portunities for bilateral economic cooperation impro-
Marketing manager: Ivona Josifovska through three transactions at average price of vement.
Assistent: Stojne Danilova
Logistics manager: Ana Petrova 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
Finance manager: Gordana Stojanovska
1. AGRILAND STARTS REPURCHASING IN JUNE (****)
STOCK EXCHANGE REVIEW OF EVENTS IN THE 2. SHARE OF GRANIT WAS TRADED BY HOLLYWOOD SCREENPLAY (**)
PRINT MEDIA berzNIK DNEVNIK UTRINSKI VESNIK
p.5 AGRILAND STARTS REPURCHASING IN JUNE p.5 COUNTRIES FROM THE BALKANS DREAM OF
berzNIK is founded in year 2007. p.9 MACEDONIAN HONEY ON THE CHINESE TAB- BECOMING NEW SAUDI ARABIA
LE p.10 STIP WITH THE TEXTILE WILL ENTER IN
STOCK EXCHANGE REVIEW OF EVENTS IN THE
PRINT MEDIA berzNIK
p.9 CREDIT RATING FACILITATES WAY TO CRE- EUROPE
Number: 25 DITS p.10 NEW COMPANY FOR FARM PRODUCTS AGRI-
Date: 02.06.2008 BIZNIS LAND
p.1 RISE OF TRANSACTIONS WITH CREDIT TRAN- VECER
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY SFERS - THE VALUE REDUCED p.5 THE PRICE OF HOUSING PREMISES FALLS BY
p.1 DOMESTIC MARKET TOO CROWDED FOR LO- 40%
FRONT PAGE PHOTO: CAL PRODUCTS p.7 AGRILAND WILL REPURCHASE AGRICULTUR-
NBRM p.2 DROP OF MBI-10 AND MBID AL PRODUCTS
p.2 VALUE OF THE OFFICIAL MARKET 24, 3- ON p.7 OVER 410 MILLIONS OF EUROS FROM HELLO
Photo: REGULAR MARKET 1, 4 MILLION DENARS AND INTERNET
Robert Spasovski p.4 NOBODY WANTS NOCTURNAL ELECTRICITY p.7 TURNOVER OF TWO MILLION EUROS
Editorial staff of berzNIK
SURPLUSES!? VREME
Internet distributive system: www.interNIK.com.mk p.4 SILVER MOON – SKOPSKO OFFSPRING с.1 FARMERS TO BENEFIT FROM THE INFLATION
Editor: Makedonka Baldazarska p.4 SUPPORT FOR INVESTMENTS FOR MODERNI- p.6 NOBODY TO MONITOR THE CRIMINAL IN
Journalist: Vaska Mickoska, Kiro Simonovski ZATION OF AGRICULTURAL ECONOMIES ENERGETIC
DTP: Tatijana Trpkovska p.11 INTEREST FOR AGRONOMY AND THE REAL p.6 GRANIT CAUSES THE BIGGEST INTEREST
Editorial staff: ESTATES TRADE p.6 MACEDONIA IS FLOOD WITH UNCHECKED
News Evaluator: Anita Bashoska, R. Tasovska p.11 THE NEED OF SOPHISTICATED CREDIT PRODUCTS
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, ANALYSES GROWS p.7 CROPS IN SAFE HANDS
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski p.17 TEMPORARY CEASE OF TRADING WITH NOVA MAKEDONIJA
[translators]: translator's manager Senka Mihajlovska, Angelina BONDS FOR DENATIONALIZATION p.8 DRIVERS FIND ALTERNATIVE IN NATURAL
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta p.17 SHARE BUY-BACKS GAS
Menoska, Filip Koviloski, Darko Ivanovski p.17 NON-TRADE TRANSFERS OF LISTED COMPA- p.8 SHARE OF GRANIT WAS TRADED BY HOLLY-
Fotoreporter: Robert Spasovski
NIES` SHARES WOOD SCREENPLAY
Marketing, distribucija i prodazba:
p.17 SHARES OF GRANIT SKOPJE - MOST TRADED p.8 ISRAELI CAPITAL TO DEVELOP MACEDONIAN
INTERNACIONAL NIK AD - Skopje p.17 INVESTORS REST EXPECTING THE ELEC- FARMING
TIONS
 6 berzNIK number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 02.06.2008

1. SHORT REVIEW OF EVENTS
The petrol become more expensive for two,
the diesel for 3.5 denars, convey today’s pa-
pers. – For the first time since diesel is selling in
the country, it is more expensive than any other
petrol, say from the Regulatory commission for
energetic (RKE). This way, the new price of the
diesel, EURODIESEL (D–E–IV) is 74 denars
per liter, and the motor petrol MB – 96 amounts
76.5 denars per liter. The unleaded petrol
EUROSUPER–95 will be selling at 73.5, and
EUROSUPER–98 for 75.5 denars per liter.
In comparison to these fuels, Makpetrol
decreased the price of biodiesel B–6 and not it
is even with the one of the diesel Euro4, con-
veys Biznis. This means that B–6 costs 74 de-
nars per liter. According to the information of the
company, this move is a result of the great inter-
est for the biodiesel petrol where Makpetrol re-
gards the needs of the consumers, in terms
when the price of the diesel constantly grows on
the market.
Here you will read that KIB from Kumanovo
will be named in Stater banka. One expects to
obtain prior consent from the governor of the
National bank, after which the decision for chan-
ging the name will be officialized. The bank will
do a decrease of the initiate capital (basic as-
sets) which amounts 601.573.440 denars to
593.873.000 denars with annulment of 4.477
own shares in the amount of 7.700.440 denars.
Top subject in today’s press is the news
about the new offer of Hypo Adria leasing. The
company in 15 months of work has become a le-
ader on the Macedonian market with 46% of de-
posit. They, as they say because of the earned
trust from the Macedonian users are cancelling
the 10% deposit for the vehicles. Since now, au-
tomobiles can be bought on leasing without de-
posit, and the company will offer leasing for
ships and motorcycles. – The interest for such
type of service is seen in the potential for deve-
lopment of the tourism in Ohrid. According to
Gjorgje Vojnovik, member of the Management
committee of Hypo Alpe Adria leasing, for year
and a half now, the investment in Macedonia
amounts around 30 millions of euros. However,
they plan new investments. – Soon, they will
start with construction of own object from 13 000
square meters for which the group will invest 17
millions of euros, and the construction work will
be performed by Macedonian companies – an-
nounces Oliver Cintle member of the mana-ge-
ment committee. The management announced
the opening of new branches throughout
Macedonia with which they should become 10
by 2010 from the three they have now.
EU increased the money for the Macedoni-
an agricultural workers, conveys Nova Makedo-
nija - The amount from the IPARD funds will be
31,5 million euro in the period of 2007 to
2010.The EU increased the money amounts in
the IPARD funds, assigned to support the devel-
opment of the Macedonian agriculture to 12,5
million euro until 2010. This way, the money of
IPARD form the EU funds only will be 31, 5 milli-
on euro in the period of 2007 to 2010.In the Ma-
27.05.2008 TUESDAY
cedonian Ministry of agriculture expect that the
projects` total amount for support by the IPARD
project will reach 80 million euro.
Vecer and Utrinski convey that Macedonian
Telekom has decreased the prices for 20% for
the interconnection with other operators. The
new referent offer for the interconnection should
be renamed from the first of June. Until then,
Telecom is due to publish the referent offer of
the new prices for the interconnection on its
Internet page. The high interconnection prices
were one of the main obstacles for the develop-
ment of the fixed telephony. In any case such
announcement will provide the second fixed
operator Ontel to offer competitive prices on lo-
cal, intercity and international conversations.
Vest announces that the denar savings of
the citizens is decreasing. The fear that the two
digit inflation can lead to devaluation makes the
citizens to save in foreign currencies. According
to Tutunska banka Skopje, from January the sa-
vings are increasing in general, but a decrease
of the denar savings can be noticed. Komercijal-
na Banka comes with the same opinion. The for-
eign exchange currency deposits of physical
entities by the end of March this year, compared
with the end of 2007 are increased for 5.14 per-
cents. Yet, the denar savings for the same peri-
od is decreased for 1.32 percents. The data
from the National Bank confirm that the interest
for saving in denars has been decreasing from
the beginning of the year.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. HYPO ALPE ADRIA ENLARGES THE BUSINESS (*****)
2. PRICES OF PETROL INCREASED FOR TWO, DIESEL FOR THERE AND HALF DENARS (*****)

DNEVNIK NARS
p.1 FRENCH FIRM TO INVEST 100 MILLION EUROS IN BUNAR- p.13 VAULTS OF STOPANSKA BANKA ROBBED
DZIK VECER
p.7 PETROL UPS 2 DENARS p.5 BANK ROBBERY
p.7 SPASENOVSKI MAKES EXPORT ARRANGEMENTS p.7 PETROL INCREASES FOR TWO AND THE DIESEL FOR 3,5
p.7 HYPO LEASING ENLARGES BUSINESS DENARS
BIZNIS p.7 20% LOWER INTERCONNECTION
p.1 CAR LEASING WITHOUT DOWN PAYMENT p.7 COOKING OIL TO REACH 120 DENARS!
p.1 GROSS- WAGE HIGHER BY 8, 4 % p.7 MACEDONIANS SHOW INTEREST FOR LEASING OF
p.2 WE ARE THE FIRST TO INTRODUCE SERVICE AND PROD- YACHTS AND SCOOTERS
UCT BLACKBERRY FROM VODAFONE VREME
с.3 CAR LEASING WITHOUT DOWN PAYMENT p.7 PETROL UP BY MKD 2, DIESEL BY MKD 3.5
p.3 PETROLEUM RISES IN PRICE FOR TWO, DIESEL FOR 3, 5 p.7 TRAGICOMEDY IN TELECOM
DENARS p.7 OUR LAWS STUNT THE FINANCIAL MARKET
p.3 BIO-DIESEL B-6 CHEAPER VEST
p.3 GROSS- WAGE HIGHER BY 8, 4 % p.1 SLUMPS DENAR’S ECONOMY
p.4 FOR IMPORT OF NON-COMMERCIAL GOODS FROM ABRO- p.3 SLUMPS DENAR’S ECONOMY
AD p.3 SUBSIDIARY OF STOPANSKA BANKA ROBBED
p.8 KOMERCIJALNO - INVESTICIONA BANKA RENAMES TO STA- p.3 DIESEL MORE EXPENSIVE THAN PETROL
TER BANKA NOVA MAKEDONIJA
p.8 SHARE BUY-BACKS p.1 EU INCREASED THE FUNDS FOR THE MACEDONIAN FARM-
p.8 NON-TRADE TRANSFERS OF LISTED COMPANIES` SHARES ERS
p.9 MBI-10 FALLS – MBID AND OMB INCREASE p.5 PETROL INCREASES FOR TWO, THE DIESEL FOR THREE-
p.9 OFFICIAL MARKET RECORDS TURNOVER OF 12.6 MILLION AND-A-HALF DENARS
DENARS p.8 FALL OF THE TENSION ON THE STOCK EXCHANGE
p.9 МBI 27.05.2008 p.8 EU INCREASED THE FUNDS FOR THE MACEDONIAN FAR-
UTRINSKI VESNIK MERS
p.10 HYPO ALPE ADRIA ENLARGES THE BUSINESS p.8 MARCH AVERAGE SALARY AT MKD 15.520
p.10 INTERCONNECTION PRICES LOWER FOR 20 PERCENTS, p.8 HYPO ALPE ADRIA INTENSIVELY INCREASES THE BUSI-
ITS OPERATOR’S TURN NESS IN MACEDONIA
p.10 IMB SHARES OUT 42 LACTOFREEZERS SPIC
с.10 PRICES OF PETROL INCREASED FOR TWO, DIESEL FOR p.1 STARTING TODAY – DIESEL EXCEEDS PETROL
THERE AND HALF DENARS p.5 AVERAGE SALARY AT 254 EUROS
p.13 EMPLOYEES OF POSHTENSKA BANKA STEAL 150,000 DE- p.5 STARTING TODAY – DIESEL EXCEEDS PETROL
 Date 02.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The European Union opens its funds for the
Macedonian farmers, is the news that covered
all today`s print media editions. Macedonia will
get additional 12.5 million euros from the EU
preaccession funds and together with the previ-
ous 19 million euros give total of 31 million eu-
ros budget for IPARD funds, allocated for rural
development in the period 2007-2010.
This automatically means that Macedonia`s
funds should be increased by several million eu-
ros, as well as the funds of the financiers and
the investors that will apply and receive these
grants. Preliminary, the overall funds were esti-
mated at 50 million euros, but with this increase,
we project these funds at over 80 million euros,
emphasized Pero Dimsovski, Deputy Minister
of Agriculture, who chairs over the Monitoring
Committee for IPARD Funds, established by the
Government of the Republic of Macedonia and
representatives of the European Commission`s
Directorate General for Agriculture and Rural
Development.
The newspapers also paid great attention to
the first French Greenfield investment in Bunar-
dzik. Namely, the media inform that a delegation
of the Macedonian Government, lead by PM Ni-
kola Gruevski, today in Paris is to sign a con-
tract with eminent French company for construc-
tion of a new factory in the free economic zone.
The name of the company will be kept in secre-
cy until the signing of the document, but it is
known that the Frenchmen are planning to open
large factory for car parts for famous brands
number 25
such as Citroen, Renault, Peugeot, as well as
the Giant General Motors. According to the an-
nouncements, the investment for the first year
will be 60 million euros, and the factory will em-
ploy around 500 workers.
The almost everyday petrol price increase
is a matter of interest of most of the daily news-
papers. According to the experts` opinion, carri-
ed by Utrinski Vesnik, Macedonia cannot fight
against this price increase, since the prices on
the domestic market are formed in accordance
with the trends on the world oil markets. After
the latest oil price increase in the country, the
prices of diesel fuel exceeded the prices of the
unleaded petrol, a situation never seen before in
the home economy. Vreme, on the other hand,
informs we have new price increase weave,
which will be commenced with the new prices of
taxi transportation, followed by a price increase
of the public city transportation (after the electi-
ons), to continue with the new tariff books by the
private transporters.
The eighth attempt for sale of the Veles
smeltry was attractive news for Vest too. The
tender for sale of the metallurgical-chemical fac-
tory will be announced this week without a start-
ing price. However, the potential buyers will ha-
ve to submit banking guarantee at the amount of
one million euros. The decision for a new tender
for the smeltry was brought by the Assembly of
Trustees of the largest heavy metal polluter in
Veles. The sale terms this time were also voted
by the largest trustee, the Swiss-English Com-
berzNIK
7
28.05.2008 WEDNESDAY
pany Mineko, whose representative revealed
the interest for purchasing the smeltry, restarting
the production of colored metals, but this time
taking care for not polluting the city.
After several month price increase trend of
the milk and dairy products, at last good news
for the citizens-the milk goes down in price.
First, Swedmilk reduced the milk prices, fol-
lowed by the Milk Industry-Bitola (IMB). The ma-
in reason for the milk price fall is located in the
increased production and offer of milk.
After serious turbulences on the market for
credits and structural products, the banks in the
world show enlarged capacity for detecting and
measuring the credit risk. This is the conclusion
from the 19th meeting of the Central Bank Go-
vernors' Club in the region of Black Sea, Bal-
kans and Central Asia that took place few days
ago in Tirana; today`s edition of Biznis has the
story. The meeting also put forward the need for
greater cooperation between the central banks
and the supervision organs at international le-
vel, especially in the filed of possible crisis situa-
tion management.
Biznis also informs that the trust in the sec-
ond pension pillar is growing, since the pensi-
ons companies Nov Penziski Fond and KB Prv
Penziski Fond attracted over 64 thousand vol-
untary members in the past two and a half
years, irrespective to the fact they were not le-
gally obliged to do so. Total of 171,624 people
have become members of the second pension
pillar to date.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE MEANS IN THE IPARD FUNDS FOR THE REPUBLIC OF MACEDONIA ARE INCREASED (****)
2. FRENCH COMPANY MONTUPET ENTERS BUNARDZIK (***)

DNEVNIK PRICES
p.1 FRENCH COMPANY MONTUPET ENTERS BUNARDZIK p.10 THE MEANS IN THE IPARD FUNDS FOR THE REPUBLIC OF
p.7 FRENCH COMPANY MONTUPET ENTERS BUNARDZIK MACEDONIA ARE INCREASED
p.7 THE COMPANIES SHOULD BE SEXY p.12 VELES SMELTERY TO BE SOLD WITH NO UPSET PRICE
p.7 NBM AND NBS SIGNED MEMORANDUM FOR UNDERSTAND- p.12 SAVING IS THE REMEDY FOR EXPENSIVE PETROL
ING VECER
p.7 THE FUND FOR RURAL DEVELOPMENT ENRICHED p.1 ANOTHER 12, 5 MILLION EUROS FOR MACEDONIA
BIZNIS p.3 ANOTHER 12, 5 MILLION EUROS FOR MACEDONIA
p.1 EURO 80 MILLION FOR RURAL DEVELOPMENT OF MACE- p.7 THE FRENCH WILL BUILT A FACTORY IN BUNARDZIK
DONIA p.7 NEGATIVE PROGNOSIS FOR THE BLACK GOLD
p.1 THE ADMINISTRATION, MANAGERS AND JOURNALISTS VREME
WIRETAPPED?! p.1 NEW PRICE AVALANCHE ON THE RUN
p.1 PENSION COMPANIES ATTRACT OVER 64,000 VOLUNTARY p.6 NEW PRICE AVALANCHE ON THE RUN
MEMBERS p.6 SHARES OF TELEKOM FALL
p.3 EURO 80 MILLION FOR RURAL DEVELOPMENT OF MACE- p.6 QUANTITIES OF MILK REDOUBLED
DONIA p.6 EU DONATED FOR THE AGRICULTURE
p.4 PENSION COMPANIES ATTRACT OVER 64,000 VOLUNTARY p.7 TWO COMPANIES WITH SAME DIRECTORS STEAL MIL-
MEMBERS LIONS
p.4 BANKS INCREASE THE CAPACITY FOR MEASURING THE p.10 5,120 EUROS STOLEN FROM STOPANSKA BANKA
CREDIT RISK VEST
p.4 FRENCH COMPANY TO BUILD A FACTORY IN BUNARDZIK p.1 TALKS TO BE PROCESSED IN GREECE
p.7 MBI-10 FALLS FOR 0.52 PERCENT p.5 TALKS TO BE PROCESSED IN GREECE
p.10 TEHNOMETAL VARDAR ASSORTED LAST YEAR`S PROFIT p.6 EIGHT ATTEMPT FOR SELL OF TOPILNICA
p.10 SHARE BUY-BACKS p.10 VEVCANI IN DARK
p.10 NON-TRADE TRANSFERS OF LISTED COMPANIES` SHARES p.14 NIGERIA ATTACKS BOOST OIL PRICE
p.10 TURNOVER INCREASES, MBI-10 FALLS p.14 SHOCK DEPARTURE FOR VODAFONE BOSS
p.12 THE ADMINISTRATION, MANAGERS AND JOURNALISTS NOVA MAKEDONIJA
WIRETAPPED?! с.1 OIL SHAKES THE BREAD PRICE AS WELL
UTRINSKI VESNIK p.8 STOCK EXCHANGE IN THE SHADOW OF THE ELECTIONS
p.1 SAVING IS THE REMEDY FOR EXPENSIVE PETROL p.8 OIL SHAKES THE BREAD PRICE AS WELL
p.10 THE INCREASED OFFER STARTED REDUCING THE MILK
 8 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
CONVERSATION ON THE OCCASION...
TASHKO RIZOV, CHIEF TECHNICAL OFFICER AT ICL GROUP IN MACEDONIA
THE COMPETITION IS NOT AMONGST THE
COMPANIES, BUT AMONGST THE SUPPLY CHAINS
The Macedonian companies are also part of some supply chains. By introducing information and communication applications, the
expenses for supplies, for transport, for processing the orders are decreased…which on the other hand increases the competitiveness of
the small and the middle companies. At the same time, the preparedness for communication and becoming part of some of the European
or world supply chains is increasing as well, especially in the production and in the mechanical industry.
he company ICL Macedonia, even though
T it exists only for six months, on the EU
Day of the Entrepreneur 9th May, was
presented as an example of a successful busi-
ness story. Last year, on the same manifesta-
tion, the business plan, which in fact is the foun-
dation of this company, was the best in the first
round of the competition of the Business start-
up center within the
Ss. Cyril and Methodius University; howev-
er in the final qualification it won the sixth place.
For Tashko Rizov, the creator of the busi-
ness plan, on one hand it meant not getting a
financial aid for starting business, but on the
other hand it enabled him to attract the interest
of the investors by finished idea and prepared
business-plan.
Now, Rizov is Chief Technical Officer of ICL
Group Macedonia, and his company is listed as
a direct foreign investment in the register of the
Ministry of Economy. We discussed with the
young businessman Rizov for finding out the
real deal and which the elements of the busi-
ness plan are in which the investors detected a
potential for profit making.
- Basically, we are offering information and
communication technology, encased in one fin-
ished solution, which strictly speaking is intend-
ed for small and middle companies. That man-
agement term of supply chains is something
new in our country that starts to emerge now,
but principally it means reviewing the trade
process not only between the customer and the
salesman, but between all the links which can
be found in that chain, so that, by joint commu-
nication and optimization of those processes in
that supply chain, it can come to higher compet-
itiveness of the entire chain. In the world today,
the companies are not the ones to compete, but
the supply chains. Anyway, the Macedonian
companies are part of some supply chains.
Whether they are aware of that or not remains
to be seen, but nevertheless they must accept
those trends of communication optimization
and those processes, if they want to be part of
the most competitive supply chains.
*What does you company concretely offer in
this segment?
- Our solution comprises the exchange of
documents, information and data between the
small-middle companies, members of the sup-
ply chains and the exchange with the Govern-
ment`s institutions. It is a matter of cheap tech-
nological solution which enables elimination of
the barrier for communication when it comes to
different structure of the data and different data
format. The fact that the computers enabled
number 25
Date 02.06.2008
huge benefits for their users in means of differ- here to the Near and Far East to pass exactly
ent software and hardware components now
brings to communication interruption amongst
the owners of the computer systems. Simply
here, while moving through and from Europe.
I consider that in the forthcoming period,
with the development of the Macedonian indus-
speaking, if one company has computer system try and by increase of the needs for movement
A which needs to communicate with another of goods, and information, this is of major
company with computer system B, and they are importance. Therefore, I think what attracted
not compatible amongst themselves, they can- the investors is what we have – the geographic
not communicate with each other. This means position. However, on the other side, I contact-
ed few investors before this one who decided to
invest and everyone was amazed with our, gen-
At the moment we work on solution for the erally speaking, Macedonians approach and
needs of the Customs Directorate of
their openness to foreign investments – how we
Macedonia, for the process of refinement
import. We are developing application
act, especially with the last Government`s pro-
which will enable facilitation of the commu- grams for attraction of foreign investments and
nication between the small and the middle their activities. Everyone gave the same com-
companies and the Customs Directorate. For ment, that so far they have not met such open-
illustration only, just to pass the border ness and hospitability in the region. It is some-
while importing goods, 30 text pages, and thing that we traditionally have, and in occa-
40 documents with 200 specifications are sions like these it is something that is of major
needed today. It takes 60 out of 70% of the use to us.
time from the total engagement…
*What would the small and middle companies
that one of the companies needs to change its get, as you potential clients, by using your servic-
computer system, which is both very difficult es? Are already the products you offer on the mar-
and expensive. We offer solution in the middle, ket applied somewhere?
which enables communication of these comput-
er systems, no matter the form and the struc- - Generally, the software offers lots of ben-
ture of the data. efits, and I would separate the ones for reduc-
tion of the expenses. With the implementation
*The investment of the American ICLogistics in of one such solution, the expenses for supplies,
your company meant its entry in Europe. Why did for transport, for processing the orders are
the investor chose you to get promoted on the decreased…which on the other hand increases
European market? the competitiveness of the small and the middle
companies.
- In Macedonia, we usually head for the fact At the same time, the preparedness for
that we have cheap work force, however in this communication and becoming part of some of
field of business it is not quite interesting. What the European or world supply chains is increas-
is the most interesting here is that Macedonia ing as well, especially in the production and in
has competitive advantage in the matter of the the mechanical industry. It is something very
geographic position. It is something that we important for the Macedonian companies if they
have from the very beginning, and which we will want to increase their export.
have for a long time from now on. Namely, Otherwise, we still have not got the com-
Macedonia is on the direct crossroad of the cor- plete implementation of the software solution,
ridors 8 and 10, which is of great logistic impor- because we exist for only six months, period in
tance during the movement of goods inside the which we spend time of getting to know each
state and transit of these two corridors. Not by other, what it is that we want to do in finding the
chance, Macedonia is part of what used to be optimal organization, so I think that from now on
called Silk Route (Silk Road). So, the geo- we will be very active on the market and in the
graphic position, the relief characteristics of this ether. However at the moment we are working
region made that natural flow of the goods from on a solution for the needs of the Customs
ICLogistics is an American company which exists for 15 years and specializes exclusively with
problems, software tools and technological solutions for supply chain management. The company
has huge experience – they have operations in North and South America, in part of India…
For a while now they are present in the region through different projects, realized in Ukraine,
Romania, Bulgaria, part even in Macedonia, where they worked on projects through USAID.
After the presentation of my business idea, we agreed and we established the company, in
which they are dominant owners by 78% - explains Rizov.
 Date 02.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
What attracted the investors is what we have – the
geographic position.
Directorate of Macedonia, for the process of
refinement import. We are developing applica-
tion which will enable facilitation of the commu-
nication between the small and the middle
companies and the Customs Directorate.
*How did it come to the cooperation with the
Customs Directorate?
- It is a matter of USAID project. They
already cooperate with the Customs on few
projects for finding a way how the make the
Macedonian Customs most competitive in the
region. One of the components in that project is
the development of our application, which
makes the customs procedure simpler. For
illustration only, just to pass the border while
importing goods, 30 text pages, and 40 docu-
ments with 200 specifications are needed
today. It takes 60 out of 70% of the time from
the total engagement.
Actually, in the past, in these regions the
goods made it faster to the destination by car-
avans, than they do now with the modern
means of communication. Our business and
technological logics is that we offer a solution
which enables, once the specifications are en-
tered in digital form, the same can be exchan-
ged through the supply chains as many times
as necessary, because it does not exist limita-
tion of the form and the structure of the data.
*What are your plans for the future, in means of
enlarging the business, going publicly on the Stock
Exchange…?
- So far, we have not considered going
public on the Stock Exchange, however I hope
we will have such opportunity in the near
future. Our idea is to come out on the regional
market as soon as possible, which means to be
present in few Balkan countries. We already
have contacts and cooperation with the
American University in Blagoevgrad, Bulgaria,
and our next target is to establish contact with
Serbia. The idea is all of this to outgrow in a
regional concept, and in that case I believe it
will be very interesting to go out public on the
Stock Exchange.
V.M.
number 25
berzNIK
9
INTERNATIONAL PROGRAM FOR EXPERTS IN THE
AGRICULTURAL SCIENCE AND TECHNOLOGY
THE MACEDONIAN SCIENCE
COMMUNITY IN STEP WITH
THE WORLD TRENDS
The successful ending of the American universities` training will enable
the Macedonian agricultural scientific workers and researchers to get
acquainted with the latest achievements in the agriculture and to be part
of the world scientific and research activities in this domain
In organization of the Embassy of United States in Macedonia, in Skopje was
held a Conference which marked the first year of Republic of Macedonia’s participa-
tion in the International Program for experts in the agricultural science and technolo-
gy - Norman E. Borlaug, and the graduation of the eight students in the first class of
the program for experts in the agricultural science and technology. The Program,
which carries the name of the Noble Prize winner, Norman E. Borlaug, who by the
way is considered father of the Green Revolution, helps the developing countries to
strengthen the sustainable agricultural systems by providing short-term scientific
training and collaborative research opportunities to visiting researchers, policymak-
ers and university faculty while they work with a mentor at U.S. universities and
research institutions.
The US Ambassador, Gillian Milovanovic, who opened the Conference, pointed
out that Macedonia’s approach in this Program enables building strong connections
between the
scientific community in the field of agricultural and veterinary sciences of both
countries. – The concrete aim of this program is to promote security of the food and
economic development through transfer of knowledge in the agricultural science and
technology, said the Ambassador Milovanovic, adding that the last increase of the
food prices once again emphasizes the importance of healthy agricultural policy and
constant research of the new agricultural technologies.
The dean of The Faculty of Agricultural Sciences and Food, Ordan Chukaliev,
regarding the importance of Macedonia’s participation in this program, pointed out
that it is of priceless possibility for the Macedonian scientists to get acquainted and
be in step with the modern scientific-research activity of this field. – The Faculty of
Agriculture will try to provide conditions to these young scientists so that they could
realize the ideas they gained during their study visit in the USA, Chukaliev said.
On the Conference were also presented the studies of the Macedonian agricul-
tural scientific workers and researchers realized during their stay on more universi-
ties in the United States in America.
10 berzNIK number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 02.06.2008

IS THERE ENOUGH OIL FOR BALKAN OIL PIPELINES?

THE CONSTRUCTION OF AMBO DEPENDS ON

THE QUANTITIES OF OIL IN THE BLACK SEA
Research of quantities of oil that can be transported across oil pipelines in the Black Sea region come down to these fig-
ures: Burgas-Alexandroupolis – from 35 to 50 million tons annually; Constanta-Trieste around 40-60 million tons annually;
Odessa-Brodi-Gdanjsk around 62 million tons annually and Samsun-Chejen of 70 million tons annually

Enormous energy projects that are planed sixty million tons; Kazakhstan four billions in 18 years, Kazakhstan in 23, Azerbaijan

- on the Balkans include huge oil and gas

pipelines, thermal and nuclear power
plants which primary goal is not only distribu-
and eight million tons; Azerbaijan 952 million
tons established resources; Turkmenistan –
80 million tons. All four countries together
and Turkmenistan in 15 years. So do not for-
get that the oil pipelines are projected in 40
years.
tion of energy for the region, but West have around 13 billion tons of established
Europe. Governments in the region concen- reserves but, it should be taken into consid- Big investments for limited
trate on new projects and wish their realiza- eration that Russia is among the first three term of use
tion because they consider that these proj- places by the oil production throughout the
ects will bring economic development, new world. – if this is totally unreal and hypotheti-
employments and improved infrastructure. cal presumption that our oil pipelines will Another more realistic scenario about the
But, these projects bring negative effects attract the whole quantity of oil, and I repeat Black Sea region is that in 2010, 30 to 50 mil-
over the environment and the population. it`s totally impossible, this is the best possi- lion tons of oil a year can be available
Institutions should hear both sides of the ble option, Kovacev says, - Caspian region according to many presumptions. Hence,
story, acquisitions and threats from these will provide oil for around 35 to 45 years these conditions must be met in order to real-
projects, and decide what is best for our about the Black Sea`s projects. This is the ize this scenario. In 2020 this quantity will
country and countries in the region, says Ana highest limit which could be achieved, how- slightly increase almost up to 180 million tons
Colovic, Director of Center Environmental ever this represents certain limit. To be more a year. Hence Kovacev`s assurance that if
Research and Information - Eco-sense, precise, more realistic, the Bulgarian expert anyone can present more realistic quantities
which last week organized the workshop continues: If we take into consideration the for 2030 probably has to bet. I am sure that
Pipelines – Threats vs. Acquisitions. Petko relation between the reserves and the pro- no one today can say how much oil will be in
Kovacev of Bulgarian Green Policy Institute duction meaning if the countries continue to 2030. One month ago I was at presentation
addressed in the frames of the workshop drill oil with the same speed as today, the on one German expert for disappearing oil
entitled Global oil and Balkan region. established Russian reserves will disappear and reducing the oil quantities. He presented
not so promising numbers for this
He started his addressing with industry.
one single question: is there
enough oil for Balkans` pipeline, This means that if we want to
who is going to provide it and how realize the availability of the oil we
much oil is there as resource? should investigate more unofficial
information than those we received
Oil pipelines in the Black officially. My message is that we
Sea region should be more skeptical in order
to answer the main question –
Whether we should invest these
According to Kovacev`s rese- primary assets of the infrastructure
arches regarding the oil quantities and projects which can disappear
which can be transported through in the mid of their life cycles. The
the oil pipelines of the Black Sea situation is more complex because
region come down to following it is under the influence of political
numbers: Burgas - Alexandropolis risks in the region.
35-50 million tons a year, AMBO
30-40 million tons a year; In order to present the com-
Constanca – Trst around 40 -60 mil- plexity of the problem, Kovacev
lion tons a year; Odessa – Broody – -The construction of AMBO depends on the quantities of adds that this business also depend
Gdansk 62 million tons a year and oil that should be transported from the Black Sea, on the development. For instance,
Samsun – Chaen 70 million tons a how will Russia and USA develop
year. Totally it is about 297 to 382 because it requires sufficient quantity of oil in order of their bilateral relations, than Russia-
million tons a year, excluding the oil starting the construction, said Minister of Foreign Ukraine, Russia and Georgia? On
pipeline Baku - Tbilisi - Chaen, Investments Gligor Taskovic on the workshop entitled the other hand Russia – China,
through which around 50 million tons Pipelines – Threats vs. Acquisitions, organized by the Russia – India, China- India are
of oil a year can be transported tak- Center Environmental Research and Information - Eco- countries which develop slowly and
ing oil from Azerbaijan. they need more and more oil. They
sense, Skopje. constantly search for new reso-
Kovacev also researched how -You can not start construction of pipeline and leave it urces, which Russia provided them
much oil own the states as a empty. First, there must be sufficient quantities of oil and to Akvam. (Akvam means Georgia,
resource and who will provide the oil build with the idea that when the construction ends there Ukraine, Azerbaijan, Moldavia;
for the oil pipelines? His conclusions will be enough oil for transportation, Minister Taskovic shanghai organization for coopera-
are coming down to following data: tion which includes China and other
Russia – eight billion hundred and considers. neighboring countries). By the way
 Date 02.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Kazakhstan`s development is one of the
largest countries which can influence on the
oil business in the region and many other we
don`t know.
-So, all these situations which I call risks
can affect the oil production and its transport
in our region. Even without stabile analysis
and prediction it is more hardly to say
whether we`ll have stabile oil supply within
the next 40 years. Hence, the conclusion will
be: First of all the oil pipelines planned in the
Montenegro`s region are competing for the
same oil resources. This fact gives strong
power fro political decisions which is danger
because political decisions sometimes
exceed the economic reasons, which means
if you have conflicts with political neighbors
or neighboring countries for the same oil you
don`t use always the economic reasonable
parameters but, you follow your political
agenda. This too represents danger for our
region. The second conclusion refers to the
fact that the established oil reserves in the
Caspian region are not enough to provide
stabile supply for all projects in the Black Sea
region giving at the same time enough room
for Russia and Kazakhstan to deliver in other
regions such as China, India, which seek oil
at the same time. It seems that this situation
will not change within the next 10 to 20
years. It means that very soon there will be a
competitions for the Caspian oil between our
region and the East and South Asia`s region.
This conclusion remains the same even if we
presume that Turkey will decide to close
Bosporus and Dardanelles for oil tankers,
which according to me is less probable.
Is AMBO worth investing?
AMBO
Project AMBO, which represents Albania-Macedonia-Bulgarian Oil Corporation, is con-
sisted of construction of oil pipeline in length of 894.5 kilometers, which starts in Burgas in
Bulgaria, crosses Macedonia and ends up in the bay of Valona in Albania. The purpose of
the construction is to support the transfer of 30-40 million tons of crude oil annually from
the Caspian region to the Adriatic Sea and on in Europe and USA. The debate on this proj-
ect is current in the past 13 years. Total cost of the project amounts 1.8 billion dollars.
AMBO Corporation represented the pipeline as the only safe and necessary for the devel-
opment of the region.
number 25
-Similarly, says Kovacev, as I previously
stated, without sufficient oil the pipelines will
bring less incomes for the governments,
which will increase the risk that the states i.e.
the local budgets will have to cover the
expected and unexpected damages on the
environment, the social aspects, so
Macedonia is quite lucky being in the middle,
since Bulgaria and Albania are facing marine
problems and risks on the Black Sea and the
Adriatic respectively. A lot of money will be
needed should something happens, and
money is something that we don`t have. The
amount of 35 million dollars a year, income
for Bulgaria from the Burgas-Alexan-
droupolis pipeline is 0.7 American cents for a
kilometer of transit, and when I hear our min-
ister saying they will first try with the special
funds for environmental preservation, then
on the next meeting saying Burgas will try to
overcome the regional problems, just to give
their vote to reallocate the money for differ-
ent purpose on the third meeting, it is quite
clear they are only children`s tales.
Furthermore, 35 million dollars can be
easily procured from the year surplus of the
Bulgarian budget. Who cares about 35 mil-
lions from this risky story when you have 2
billion dollars a year in reserves.
To conclude, nobody can persuade me
that the budget has need of these funds.
When we put all the risks we are facing with,
it rises the question whether these three
countries should invest into this risky busi-
ness, I refer to the trilateral agreement for
AMBO among Bulgaria, Albania and Ma-
cedonia, which has been revealed by the
Bulgarian Ministry of Regional Development
on its web page. This is an agreement we
should take a look into before reaching to our
final conclusion.
berzNIK
11
MINISTER GLIGOR TASKOVIC
Caspian Region next after
the depletion of the other
oil wells
Minister Gligor Taskovic empha-
sized that the pipelines in the region of
the Black Sea were financed on the basis
of 70 percent of the capacity.
- According to the latest figures that I
am aware of from two years ago, the
capacity is 35-45 million tons a year i.e.
around 750 thousand barrels a day,
which brings us to a conclusion that the
more you finance, the more oil is trans-
ported, but given the fact that the
pipeline`s capacity is one million barrels
a day, then we are financing the project at
a level of 70-75 percent. These are
expenses only for covering the project.
So, the project e planned at 70% and
everything above these 70% comes as
additional income.
Further on, I can say that out of five
mentioned projects, only AMBO is in
advanced phase, and I believe that its
construction will influence political
effects, not only economic. So, if we
speak from the historic aspect, Russian
export terminal in Mursbak. It is in fact
one of the southernmost export terminals
in Russia and if you take a look on the
map you will see that, in fact, pipelines
are build up this way in order of sloping
down, but in the past decades we have
other means for export of oil so there will
not be only one or two ports. I like to
stress that the production on oil fields is
not switcher to turn it on or off, but it is an
issue that constantly evolves. It is impor-
tant to say that the quantities of oil in the
wider Caspian region are just 4% of the
global oil reserves which is not much.
And it gives the opportunity for exploita-
tion? New oil sources are discovered in
the sea off Brazil. There are cargo
inspection groups CIG, which prepare
annual reports for the entire oil shipped
from Russia – from Black Sea and
Caspian Sea., which inform on ships`
movement, how is oil loaded and how is
it transported. These are the only real fig-
ures that can be used, because they are
real figures related to oil in contrary to
politicians` estimations about the
reserves of oil. Regarding the project
AMBO, I say that you may not rest until it
is done because these funds should not
be in Governments` hands.
– These are estimations for the entire
region, is the Caspian region, Caspian oil
or the research on Caspian oil going to
improve, depends on the fact if other
fields are going to reduce.
12 berzNIK number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 02.06.2008

NBRM – REPORT ON BANKING SYSTEM FOR 2007

LOANS FOR THE POPULATION WITH

MOST INTENSIVE GROWTH
According to the type of loan product intended for population, the fastest were
increasing the loans based on credit cards and overdrawing by current accounts
with 121.5% and 76.6% respectively… Last year, the total profit of the banking system
was MKD 3.65 billion and in comparison to the year 2006 it increased by 30.4%.

he Council of the National Bank of the
trend of improvement of banking sector prof-
itability and effectiveness. Thus, in 2007 the
total profit of the banking system was MKD
3.65 billion and in comparison to the year
2006 it increased by 30.4%. The rate of the
return on equity (ROE) of banks at the end of
2007 was 15.2% and recorded improvement
by 2.9 percentage points, while the indicator
for return on assets (ROA) was on the same
level as in 2006 (1.8%). The improved prof-
itability is not only a result of the increased
activity of the banks but also of their impro-
ved effectiveness. Hence, the share of the
operational expenses in the total regular in-
come on annual basis was reduced and by
the end of 2007 it was 58.4%.
Banking sector holds relatively high and
stable solvent position, and therefore on
their operation. On 31.12.2007, the share of
the higher risk exposure (classified in the risk
categories C, D and E) in the total credit risk
exposure was 5.7%, which is a decrease by
1.9 percentage points in comparison to
31.12.2006. However, the credit exposure of
the population sector registered certain dete-
rioration of the credit portfolio quality con-
cerning consumer credits, credit cards and
current account overdrawing.
The Council has also analyzed the Re-
port on independent confirmation of the per-
formed own operation assessment by the
Internal Audit Directorate of the National
Bank. This external operation assessment by
the internal audit of the National Bank was
performed in accordance with the interna-
tional standards of the Institute of Internal

T Republic of Macedonia at the session

held on May 29, analyzed and adopted
the Report on Banking System and Banking
31.12.2007 the average rate of capital ade-
quacy was 17%. The credit risk remained
dominant risk to which banks are exposed in
Auditors by the Dutch Central Bank expert’s
team in November 2007.

Supervision of the Republic of Macedonia for

2007.
On 31.12.2007 the total assets of the
banking system of the Republic of Mace-
donia reached an amount of MKD 223.7 bil-
lion, which in comparison to 31.12.2006 rep-
resents increase by 28.5%. The main instiga-
tor of the assets growth of banks, and at the
same time the most important financial so-
urce of banking activities, were the deposits
by nonfinancial subjects. The trend of inten-
sified loan activity of banks continued with
even greater intensity during the past year,
and the total loans by nonfinancial subjects
recorded annual growth rate by 39.1%. The
loans for population were growing with
largest intensity, with an annual rate by
56.2%, while according to the type of loan
product intended for population, the fastest
were growing the loans based on credit cards
and overdrawing by current accounts with
121.5% and 76.6% respectively.
In conjunction with the assets growth, in
2007 continued the trend of its positive
restructuring, with growth of the share of the
interest bearing assets in the expense of
diminished share of low-interest and non-
interest bearing assets of the banks. In addi-
tion, the loan share by nonfinancial subjects
increased from 45.7% to 50.9% of the total
assets of banks, opposite of the further de-
crease of the placement share of other do-
mestic and foreign banks, which reduced
from 27.1% to 20.9%. In 2007 continued the
MEETING OF THE GOVERNORS FROM 14 COUNTRIES
Credit risk in the shadow of liquidity risk
On 23-24.05.2008 in Tirana was organized the 19th Meeting of the Central Bank
Governors’ Club in the region of Black Sea, Balkans and Central Asia. The meeting was
attended by Governors from 14 countries. At this meeting were analyzed the latest glob-
al macroeconomic movements and aftermath of the international financial markets’ crisis.
It was concluded that after the serious turbulences on the credit and structural products
market the capacity of the banks worldwide for credit risk recognition and measurement
has been increased. However, this risk the banks are faced with, gives place to the liquid-
ity risk. In addition, in terms of liquidity tensions on the financial markets, large challenge
for central banks is providing greater effectiveness in monetary policy implementation and
protection from macroeconomic risks and risks over financial stability. Furthermore, the
need of larger cooperation between central banks and supervision bodies on internation-
al level was emphasized especially in the domain of management with potential critical
situations.
At this meeting Governors also took into consideration the latest macroeco-
nomic movements in their countries, as well as the more significant activities in their cen-
tral banks.
For cooperation strengthening while performing the supervision and regulatory
function, a bilateral Memorandum for Understanding was signed within the framework of
this meeting between the National Bank of the Republic of Macedonia and the National
Bank of Serbia. This Memorandum regulates the cooperation and information exchange
in more detail, particularly in the field of license issuing, the possibility of conducting com-
mon supervision controls, more significant changes of the regulatory framework and etc.
To date, the National Bank of the Republic of Macedonia has signed such Memorandum
for Cooperation with the central banks of Slovenia, Russia, Bulgaria, Albania, Greece and
Montenegro, and preparations for signing it with central banks from other countries are
also in progress.
 Date 02.06.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
French company Montupet enters Macedo-
nia, is the headline with which all daily newspa-
pers marked the entrance of the first French direct
greenfield investment in Macedonia. The con-
struction of the factory for production of engine
cylinders for automobiles from the brand Ford,
which will be exported to the markets in England
and Romania, will start in the free economic zone
Bunardzik until the end of this year. This green-
field investment in the amount of 60 million euros
were officially agreed by Prime Minister Nikola
Gruevski and Montupet’s Executive Managing
Director Marc Majus, who signed Cooperation
Memorandum. - 500 people will be hired in the
first phase of the implementation of the project,
and this number will double within 3-4 years - Gru-
evski stated and added that the other Macedonian
companies will also have an indirect benefit from
the investment. He informed that 70-100 million
euros per year will be realized from export, and for
five years, 200 million euros will stay in
Macedonia as additional value.
As a consequence to the increase of the
interest rates of the treasury bills in the battle
against the high inflation made by National Bank
of the Republic of Macedonia, the appreciation of
the loans began, the print media inform. The begi-
nning was marked by Komercijalna banka, which
will will make minimal and selective increase of
the interest rates from 1st of June. As it is read in
the public announcement of Komercijalna banka,
the interest rates that have quality assurance
such as loans for purchase of immovable proper-
ty, loans for purchase of car or loans for non-iden-
tified purposes approved on the basis of Govern-
ment dept securities - bonds or pledge of deposit
number 25
are not going to change, and there will be increa-
se of the loans for non-identified purposes appro-
ved on the basis of bill of exchange for 0.5% pts,
as well as increase of the rates of interest of the
negative balances on the credit cards and the
account currents for 1.0% pts.
Construction company Granit started to con-
struct the full infrastructure of facility Era City of
the Slovenian group Era and the first phase of the
commercial-business facility, Utrinski vesnik in-
forms. The value of these construction activities
which have to end in about eight months is four
million euros. According to the project, Granit will
be building the entire underground infrastructure
including all water, electrical, gas and thermo-
technical installations, and then the y will transfer
to the above-ground infrastructure asphalting all
streets and pedestrian zones and bicycle tracks
within the facility. The entire Era City facility will al-
so have two big shopping centers, three multi-sto-
rey parking lots and one energy facility. The total
investment of this facility will be about 155 million
euros.
In the newspaper Guardian, the British Prime
Minister Gordon Brown warned that the world fa-
ces oil shock and it seams that there is no easy
response to the price increase without coordinat-
ed global action, our print media inform. While the
world’s countries consider about abolishing of ex-
cise and value added tax of oil and oil’s derivates,
experts in our country say that Macedonia cannot
consider for taking such measures, because we
have different tax structure from the European co-
untries, i.e. budged in our country depends from
the taxes of spending, and in the country from the
European Union depends from revenue tax and
berzNIK
13
29.05.2008 THURSDAY
capital.
Vest published that Swisslion will sue beca-
use of the blockade of Agroplod’s shares, becau-
se, according to the statement of Swisslion’s own-
er, Serbian businessman Rodoljub Drashkovic, -
the Agroplod case is a political pressure that will
end up in court with a claim for damages of 25 mil-
lion euros. The Securities and Exchange Commi-
ssion last week forbade Swisslion DOO Skopje to
manage the shares of Agroplod Resen at a requ-
est of the Public Attorney Office, which demands
annulations of the contract from June 2006 with
which Swisslion purchased state package of
5,339 shares of Agroplod AD Resen.
The newspapers also published the announ-
cement of the state transmission system operator
MEPSO that it is again selling the nocturnal elec-
tricity surpluses by the means of auction in the pe-
riod from 1st to 8th of June this year. The compa-
ny, which is a licensed supplier, offers 2,800 me-
gawatt hours of electricity that could be used after
midnight until 7 am. The upset price of the elec-
tricity at this auction that has been determined by
the Energy Regulatory Commission amounts to
32.70 euros per megawatt-hour. The results from
the auction will be announced on 3th of May.
The quality of the Macedonian milk is far from
the European standards. This is the assessment
by the Macedonian experts in the eve of 1st of
June - World Milk Day, which this year is in the
token of the quality of this product. In spite of the
expansion of the dairy business in Macedonia,
there is still no state laboratory that would test and
control the milk quality. Way out of this situation is
the milk production to become a family business.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE FRENCH MONTUPET NEXT FOREIGN INVESTMENT IN BUNARDZIK (*****)
2. CREDIT INTEREST GOES UP IN KOMERCIJALNA BANKA (****)
DNEVNIK BUNARDZIK
p.1 WE WILL PRODUCE FOR FORD p.10 KOMERCIJALNA INCREASES THE INTERESTS AT SOME OF
p.1 CREDIT INTEREST GOES UP IN KOMERCIJALNA BANKA THE LOANS
p.7 SIGNED MEMORANDUM WITH FRENCH MONTIPE p.10 DRASHKOVIK CLAIMS THAT THE PURCHASE OF AGRO-
BIZNIS PLOD WAS LEGAL
p.1 INVESTMENT WORTH 60 MILLION EUROS IN AN AUTOMO- VECER
TIVE FACTORY p.1 GRUEVSKI SIGNS AN AGREEMENT WITH THE FRENCH
p.1 CREDITS OPEN NEW WORKING POSTS COMPANY MONTUPET
p.1 STARTS CONSTRUCTION OF ERA CITY p.7 FRENCH MONTUPET TO BUILD FACTORY IN MACEDONIA
p.1 MINIMAL AND SELECTIVE INTEREST RATE INCREASE p.7 INCREASE OF THE RATES OF INTEREST
p.3 I DON`T ALLOW ANYONE IN MACEDONIA HUST-LING ME p.7 NIGHT SURPLUS – 2,800 MEGAWATT-HOURS
FOR AGROPLOD p.8 GRANIT TO BUILD INFRASTRUCTURE
p.11 NLB TUTUNSKA BANKA - OPEN CALL FOR BONDS PURCHA- VREME
SE p.1 BUDGET FULL, CITIZENS OVERWHELMED
p.11 RZ INSTITUT SEPARATES 16, 5 MILLION DENARS FOR IN- p.3 SHOCKING PRICES OF OIL DERIVATES
VESTMENTS p.4 I DON`T LET TO BE HUSTLED
p.11 SHARE BUY-BACKS p.4 GRANIT BEST BIDDER FOR ERA CITY
p.11 NON-TRADE TRANSFERS OF LISTED COMPANIES` SHARES p.4 FRENCH MONTUPET TO BUILD FACTORY
p.13 MBI-10 FALLS DOWN BY 10.34 INDEX POINTS p.4 VEGETABLES IN VELES FULL OF LEAD AND AR¬SE-NIC
p.13 OFFICIAL MARKET MAKES TURNOVER OF MKD 14.4 MIL- VEST
LION p.1 CARD INTEREST ROSE
p.14 RACE FOR 10 SHARES OF LOZAR PELISTERKA p.3 PROMPT FIFTH AUCTION OF NIGHT SURPLUSES FROM
p.14 COMPANIES OF THE BUSINESS WITH GOLD, SILVER AND MEPSO
OIL DROP OF VALUE p.5 MONTUPET TO BUILD AN AUTOMOTIVE FACTORY
p.15 INGRA AND MAVROVO ARE PREPARING THEIR FIRST JOINT p.7 DRASKOVIC: WE WILL CLAIM DAMAGES OF 25 MI¬LLI¬ON
BID EUROS
p.16 OIL PRICE CONTINUES DROPPING NOVA MAKEDONIJA
UTRINSKI VESNIK p.1 HALF FOR THE STATE, HALF FOR THE REFINERIES
p.1 HIGH PETROL PRICES LINE BUDGET p.8 CROATIAN FUND GOES OUT OF PRILEP BREWERY WITH
p.1 DOMESTIC MILK FAR FROM EUROPEAN STANDARDS €500,000
p.2 GLOBAL ACTION AGAINST EXPENSIVE OIL p.8 FRENCH COMPANY MONTUPET WITH PROTOTYPE PROD-
p.4 GRANIT STARTS THE CONSTRUCTION OF ERA CITY FACILI- UCTS IN BUNARDZIK
TY p.8 KOMERCIJALNA BANKA FROM 1ST JUNE INCREASES
p.10 THE FRENCH MONTUPET NEXT FOREIGN INVESTMENT IN INTEREST RATES
14 berzNIK number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 02.06.2008

30.05.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

AFTER NBRM, BANKS TAKE OFFENSIVE?
Banks` patience loosened. After the monetary
power, which made three times increase of inter-
est rates on treasury bills in several months in
order to curb the inflation (which die not fall bellow
10% in March and April), banks announced
increase of interests, stands in analysis published
in Dnevnik.
-The good thing is the increase of interests of
consumption credits and negative balances of
credit cards. These measures enable the people
to avoid negative balances, and banks will be
more rigorous in giving such credits. This can be
favorable for the economy and halt inflation move-
ments. It would be bad if there was increase of
interests of the economy and housing credits
because that would hinder economic growth, says
Professor Nenovski.
According to records of NBRM, population
credits last year increased most intensively, with
annual rate of 56.2%. The biggest growth mark
credits from credit cards (121.5%) and outstand-
ing current accounts (76.6). -This growth had its
influence on inflation rate because it motivated the
spending because those funds are mostly spent in
cash. This is pressure from the consumption, of
the money in circulation and offer and prices,
Nenovski says.
Almost without exceptions, all papers convey
the records of the World Bank, according to
which, Macedonia is more indebted then Africa.
Yet, on the list of debtors according to the World
Bank, compared to countries in the region, the sit-
uation is not that dark. More indebted countries
than Macedonia are Croatia, Serbia and Bosnia-
Herzegovina. But, beside Montenegro, Macedo-
nia is better ranked than some African countries
such as Uganda, Ethiopia, Ghana, Kenya, and
Egypt.
In the preparation of the recent list, World
Bank did not considered only the amount of the
external debt, but also the number of population
and country`s level of development. If we analyze
the indebtedness of the population globally, the
amount reaches 8,000 dollars. Every Macedonian
owes 1,350 dollars.
Today editions also convey the information
that AMBO will be built when Putin says so. “The
response to the question why AMBO fails to start
its construction will be asked from Russian Prime
Minister, Vladimir Putin. He controls the entire
export of oil from Central Asia. For now, there is
no permission for shipment of sufficient amounts
of oil from AMBO and this is the reason why
AMBO is still not constructed. Yet, I consider that
USA and Europe put considerable pressure to
alienate AMBO from Russian sphere of influence
and their aggressive attempts to control all oil and
gas pipelines in the region”, Minister of Foreign
Investments Gligor Taskovic on yesterday press-
conference following the workshop “Oil pipelines
– threats vs. acquisitions”. He pointed out that,
though he is two years out of the project, there is
still hope the project to be realized because there
are finances from many foreign companies.
According to him, additional confirmation is the
strong political lobbying by the European coun-
tries.
Utrinski Vesnik informs that MSE also waits
on results from the elections. Elections are not
problem, but the fact that nobody knows what fol-
lows after the elections. This is stock exchange
analysts` opinion on the current condition of
depression on MSE, which exists one and a half
month, or practically since the country failed to
receive NATO membership invitation in
Bucharest, and immediately after the ruling par-
ties decided to announce early parliamentary
elections. Foreign investors almost withdrew from
trading, and domestic investors also restrain from
buying and selling of shares. Nobody buys and
sells securities. The situation practically stag-
nates, caused by the uncertainty among stock
exchange participants which way the new cabinet
will pick.
According to the stock exchange research of
Ilirika Fund Management, having on mind the
movement of prices in the period of elections in
Macedonia, since the end of the 90s, across
analysis for price movement of shares of certain
more solvent companies from that time up until
today, it is obvious that there is positive price influ-
ence expressed in the first month after the elec-
tions. These days MSE shows exceptionally weak
price dynamics.
- We are going to restore the shine of
Mavrovo, is the title of the interview with Marjan
Kostrancic – member of the Supervisory Board of
Ingra and leader of the transitional team of
Mavrovo.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. MACEDONIA BIGGER DEBTOR THAN AFRICA (****)
2. TASKOVIK: PUTIN IS OBSTRUCTING AMBO CONSTRUCTION (****)
DNEVNIK p.19 DONCEV: THERE IS NO FLAT TAX IN MACEDONIA
p.7 THE BANKS RUSHED WITH THE INCREASED RATES OF INTER- p.19 DOMESTIC BANKS WITH TOTAL PROFIT OF 60 MILLION EUROS
ESTS FOR THE LOANS LAST YEAR
p.7 LARGE COW FARMS BRING LARGE PROFIT p.19 INSTEAD 500 EMPLOYED, ONLY 400 DEPART FROM TELECOM
p.7 SECOND EXPORT FOR VITALIA IN ENGLAND AS YET
p.7 МBI 30.05.2008 p.19 MACEDONIA MORE INDEBTED THAN AFRICA?
p.17 TRAMWAY TO HEAD FOR SKOPJE AS OF DECEMBER VECER
BIZNIS p.4 TASKOVIK: PUTIN IS OBSTRUCTING AMBO CONSTRUCTION
p.1 POST-ELECTIONS STOCK EXCHANGE EUPHORIA IN DOUBT p.7 WE WILL RETURN THE FORMER GLORY OF MAVROVO
p.1 EACH MACEDONIAN IN DEBT OF 1.350 DOLLARS p.10 INHABITANTS FROM SKOPJE GET CLOSER TO THE TRAMWAY
p.3 LITTLE MONEY BUT STRONG POSITION VREME
p.3 FOR NINE KILOMETERS TRACK- 50 MILLION EURO p.1 PUTIN VETOES AMBO
p.3 CREDIT CARDS LOAD THE BANKING ASSETS p.7 AGROKOR STARTS BUILDING INFRASTRUCTURE
p.5 AFTER DEADLINE EXPIRY, HIGHER PRICES p.7 MACEDONIANS MORE IN DEBTS THAN AFRICANS
p.9 OIL PRICE WILL CONTINUE RISING p.7 THE BANKS ARE AFRAID TO INCREASE INTEREST RATES
p.11 MBI-10 UP, MBID DOWN p.10 NO MONEY FOR THE STREETCAR NAMED DESIRE
p.11 МBI 29-05-2008 VEST
p.11 MKD 22.7 MILLION IN TRADING VALUE p.3 NLB TUTUNSKA BANKA WILL NOT INCREASE INTEREST RATES
p.14 INVESTORS INDECISIVE BEFORE ELECTIONS FROM 1ST OF JUNE
p.15 POST-ELECTIONS STOCK EXCHANGE EUPHORIA IN DOUBT p.3 THE ONLY PLANE OF MAT LANDED IN DUSSELDORF
p.15 KIB KUMANOVO ALLOCATES MKD 7.3 MILLION FOR SHARE p.6 CROATIAN COMPANY AGROKOR WILL START CONSTRUCTI-
BUY-BACK ONS IN STRUMICA IN JUNE
p.15 SHARE BUY-BACKS p.16 THE TRAM CONSTRUCTION TO START DECEMBER
p.15 NON-TRADE TRANSFERS OF LISTED COMPANIES` SHARES NOVA MAKEDONIJA
p.16 HIGH SUMMER CRUDE OIL p.8 THE PILLS ARE THE ONLY WITH TURNOVER OF OVER MILLION
UTRINSKI VESNIK DENARS
p.1 TRAMWAY IN SKOPJE WITH EUROPEAN FUNDS p.8 EUROCONTROLS LANDS MAT AIRPLANE
p.10 DANISH JYSK CONQUERS THE MACEDONIAN MARKET p.8 TASHKOVIC: PUTIN WILL DECIDE WHEN AMBO WOULD BE
THROUGH TETOVO BUILD
p.17 CONSTRUCTION OF THE TRAMWAY TRACK FROM NOVO p.8 MACEDONIA BIGGER DEBTOR THAN AFRICA
LISICE TO CENTAR TO START THIS YEAR SPIC
p.18 AMBO WILL BE CONSTRUCTED WHEN PUTIN SAYS SO p.6 BANKS FLIRT WITH THE COSTLIER LOANS
p.18 STOCK EXCHANGE ALSO IN EXPECTATION WHAT AFTER THE p.6 VELES CITIZENS ALONE IN THE BATTLE AGAINST THE
ELECTIONS SMELTER
 Date 02.06.2008 number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
31.05.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

We are maintaining pace with the transition already selling on the big markets and restaurants der documentation worth 2 000 euros. Five days
but we are far away from the EU, is the conclusion in the country. The management of Tikvesh afterwards to deposit million euros as a guarantee
of the financial experts, which have been debating announced that they have founded new mixed on the account of MKH Zletovo in bankruptcy. The
on the international conference on the subject: company with the German company Rici, under offers will be opened on the 17th of June in the
The competitiveness of the countries of the name Tikvesh vina international. The compa- Basic court in Veles. Mineko, the company who is
Southeastern Europe and the challenges on the ny with a siege in Munich will be specialized for the biggest trustee in the Smeltery, has
way towards EU, being organized by the National distribution, trade and for logistics, with which big- announced that it will participate on the tender.
Bank of Macedonia. The conclusions from this ger placement of the Macedonian wines should -The Turkish company, TAV airport holding
conference were conveyed by every Saturday be provided on the German and on the EU mar- TAVHL.IS demands details for the preconditions
newspaper edition. – Macedonia in the last few ket. for the tender in construction – operating – trans-
years, according to the economic growth in accel- Vreme comes out with interesting title – The fer for the airports in Skopje and Ohrid in
erating in the approximation towards the more expensive oil to open the way towards EU. Macedonia, announced the company yesterday.
advanced transitional economies, bit it is still far Macedonia can use the expensiveness of the oil In the announcement to the Stock Exchange in
away from the average of the countries in the euro for conquer the market in the European countries, Istanbul TAV also states that they demand details
zone. The governor of National Bank Petar think the foreign experts. The oil which is planned for the preconditions for construction of the trans-
Goshev, pointed out that in the last decade we to reach a price of 200 dollars per barrel will redi- port airport in Shtip, Macedonia. The tenders are
have relatively small rate of economy growth of rect the countries from globalization towards made public by the Macedonian ministry of trans-
2.7 percent in average, and with that we have low regionalization. Macedonia should use the port.
level of approximation towards EU. The gross moment for signing agreements with the member In the interview for Vecer, Predrag Cvetkovik,
domestic product per citizen amounts 25.7 per- – states of the European Union for placement of the director of the Bitola dairy says that the milk
cents from the average of the euro zone. In 1996, its products, thinks Michele Osmanli, executive will be cheaper. The biggest milk manufacturer
it amounted 23.6 percents. –Still, several years in director of the American Chamber of Commerce. capacity in the country, after the change of the
a row we are realizing positive and stabile On the countries in Europe it will be much cheap- owner structure, has changed the style of work
increase rates. In 2007 we have realized the high- er to buy from Macedonia, than from China. The too. From the company they announce new
est rate of increase of the GDP from 5.1 percents. oil will be that much expensive, that the products investment program with which one plans to
Such process has been supported by the realized from the countries such as China will become less increase the cooperation with the associates – the
foreign investments. competitive on the European market. This is a big farmers, in order to expand the capacity of the
Top news in today’s newspapers is the opportunity for development of the clothing indus- diary, to brand the production and to expand the
announcement for more aggressive approach of try in Macedonia, which can easily be placed on distributive network in the region. The diary is now
Tikvesh on the European markets. The TIkvesh this market – says Osmanli. a part of the group Danube foods, under whose
viner will place new unique type of wines from the In Utrinski vesnik you will read that a tender hat are several diaries from the region among
brand Aleksandrija on the market, including white, for the sale of the Smeltery in Veles has been which Imlek from Belgrade, Subotica diary, Banja
rose and red with the name Alexandria Cuvee. made public, which this time will be selling without Luka diary, Bosanska Dubica, Imlek Boka and
These wines that have been presented on the start price. The interested domestic and foreign Zelenika…
London international wine and spirits fair are companies will have seven days to raise the ten-
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. GOSEV WARNS ABOUT HIGH CURRENT ACCOUNT DEFICIT (****)
2. TIKVESH WITH MORE AGGRESSIVE APPROACH ON EUROPEAN MARKETS (***)
DNEVNIK p.1 THE EXPENSIVE OIL TO OPEN EU`S MARKET
p.7 МBI 31.05.2008 p.6 IT NEEDS A LOBBY AT OIL COMPANIES FOR AMBO
p.7 WE KEEP THE PACE WITH TRANSITION, BUT WE ARE STILL p.6 THE VALUE OF THE DOLLAR AND THE OIL CONTINUES TO
FAR FROM EU DROP
p.7 NEW MANAGEMENT ENTERS EUROKOMPOZIT p.6 CHANGE FROM FIRST TO FIFTH SPEED
p.7 TIKVESH TO PURCHASE 27 MILLION KILOGRAMS OF p.6 HIGHER PRODUCTIVITY FOR LOWER INFLATION
GRAPE p.7 TESTING OF JVC PRODUCTS
p.7 10 NEWLY EMPLOYED IN REK BITOLA p.7 THE EXPENSIVE OIL WILL OPEN THE EU`S MARKET
UTRINSKI VESNIK p.7 POPULATION CLAIMS MORE CREDITS
p.7 GOSEV WARNS ABOUT HIGH CURRENT ACCOUNT DEFICIT VEST
с.7 VELES SMELTRY ON SALE EIGHT TIMES IN A ROW p.14 THE PRICE OF THE OIL INCREASED THE EU`S INFLATION
p.7 TURKISH TAV ASKS FOR DETAILS ABOUT OUR AIRPORTS BY 3.6 PERCENT
p.7 A DECADE OF COOPERATION BETWEEN VISION AND JVC NOVA MAKEDONIJA
PROFESSIONAL p.8 MACEDONIA PENDING THE NEW INFLATION VORTEX
p.9 TIKVESH WITH MORE AGGRESSIVE APPROACH ON EURO- p.8 NLB TUTUNSKA BANKA NOT TO INCREASE THE INTEREST
PEAN MARKETS RATES IN JUNE
p.9 OIL LOOSES A BIT AND DROPPED ON 126 DOLLARS PER p.8 МBI 30.05.2008
BARREL p.8 TRADING WITH DIFFERENT SHARES GROWING, THE MAR-
VECER KET GOING OUT OF THE MONOTONY?-
p.6 EXPENSIVE OIL INCREASE THE INFLATION p.8 SKOPJE FAIR THROWS TOBACCO DEGUSTATION
p.6 ALEXANDRIA WITH NEW SERIES OF WINES p.9 73 MILLION EURO INCREASE OF CREDITS IN MARCH
p.7 THE MILK TO BECOME CHEAPER SPIC
p.7 MAGYAR TELEKOM WILL SUE ELEK STRAUB p.1 UKRAINIAN SALAD OIL POISONS THE MARKET?
VREME p.6 UKRAINIAN SALAD OIL POISONS THE HOME MARKET?
16 berzNIK number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
p.28 THE DREDGER OF MACEDONIAN DARKNESS
On May 2 this year in the morning hours, a mass of 400 cubic meters
slag tumbled down over the dredger – giant CPC – 2000/1 and damaged it
so badly that it will be out of operation for at least ten months. We have pub-
lished something about this event two issues ago and mentioned that with-
out this machine the coal supply for the thermal power plant would soon
become problematic. The experts we contacted say the breakdown would
mean that in very important times when Macedonia will lack power REK
Bitola would not have sufficient coal and one of the three blocks in the Plant
will be disconnected. The damage, which is mainly indirect and connected to
the lost production, can be measured with a number over 50 million euros.
p.35 POLITICS “LOPS” PENSIONS
RESULTS
Last year, Macedonian funds had higher yields than Croatian. According
to MAPAS, last year KB First Open Pension Fund and New Pension Fund
made average annual yield by 7.23 percents. It is higher by 0.44 percents
than the Croatian to which refer the supporters of the idea for dismantlement
of the second pension pillar, claiming that our funds do not provide sufficient
funds increase for the insured in the second pension pillar.
KAPITAL
p.10 SLOVENIAN ISKRA TO BUILD FACTORY IN BUNARDZIK
Slovenian Iskra, the leading brand in electro and electronic industry, is
going to build a factory in Macedonia. As of January next year, on 15,000
square meters in the free economic zone of Bunardzik starts the construction
of the new factory, and the first production is expected to begin September
next year.
p.10 SKOPSKO SILVER MOON – THE NEW BRAND-BEER BY
PIVARA SKOPJE
Pivara Skopje promoted new brand-beer Skopsko Silver Moon which will
be selling only in restaurants, bars and catering facilities. The new beer is the
“new generation” of Skopsko - the biggest beer brand in Macedonia.
p.10 CHINESE TO EAT MACEDONIAN HONEY
Around 300 tons of honey will be placed on Chinese market by the end
of the month, the Minister of Agriculture Mr. Aco Spasenoski informed.
p.11 MACEDONIA GETS INSTITUTE FOR IT RESEARCHES
Duna computers and Makpromet in Stip opened the first Institute for IT
researches Tri I, which will promote research in the field of information tech-
nology.
p.19 GOVERNMENT ESTABLISHES COMPANY FOR AGRICULTUR-
AL PRODUCTS TRADE
Last week, the Government established a joint-stock company for
wholesale trade of agricultural products. The Government will have dominant
ownership of 51% in this company, and the second shareholder-partner with
49% is the company Soni land, which the Israeli company Soli Group formed
last week for this purpose exactly.
p.28 ON THE MACEDONIAN ROAD OF WINE
The most appreciated tourist destination for a viticulturist, wine produc-
er or a regular tourist or a passerby in a country famous for the production of
a quality wine is so-called the Road of Wine.
p.40 CREDIT RATING IS IMPORTANT INSTRUMENT FOR INVEST-
MENT RISK ANALYSIS
In the last ten years, the need of professional analyses of credit rating is
increasing with an explosive tempo, alongside with the growth and globaliza-
tion of capital markets. In order to respond to this need, Moodys Corporation,
the oldest and largest world company for credit ratings and other services in
that field, is constantly expanding its network of offices throughout the whole
world.
p.42 MAKPETROL SHAREHOLDERS TO GET 1,000 DENARS PER
Date 02.06.2008
26.05.-31.05.2008 MONDAY-SATURDAY
SHARE EACH
According to decision by the Shareholder’s Assembly, most of the profit
made by the biggest oil distributor Makpetrol last year, which is around 2.67
million euros (164 million denars), will be paid as a dividend to shareholders.
p.43 NO DIVIDEND FOR BETON SHAREHOLDERS
p.44 GRANIT SHARE MOVES STOCK EXCHANGE (19.05-23.05)
Last week was definitely marked by the Granit share trade, which within
the five days of trading was sold in amount of 27,821 shares, for a total of
45.2 million denars.
p.46 BUSINESS COOPERATION BETWEEN UKRAINE AND MACE-
DONIA HAS A GREAT POTENTIAL
Nova Ljubljanska Banka, whose business activities are well familiar to
the public in Macedonia through NLB Tutunska, NLB Leasing and NLB New
Pension Fund, is present in almost twenty countries in Europe with its 61
member companies.
p.48 HYPO GROUP ALPE ADRIA OFFERS LEASING WITH NO
DOWN PAYMENT
Hypo Group Alpe Adria is offering new package of services for
Macedonian citizens – leasing for cars with 0% down payment, leasing for
ships and motorcycles. The company has also announced construction of
new business premises on an area of 13,000 square meters, which is to be
an investment worth 17 million euros.
p.48 INVESTBANKA OPENS NEW BRANCH IN SKOPJE
Investbanka has opened new branch in the City Shopping Center. This
expanded the branch network for another office and now it counts 22 branch-
es.
FORUM
p.26 SOON - 120 DENARS FOR LITER OF PETROL
New week, new petrol price. If few days ago you needed 70.50 denars
for 10 kilometers with your vehicle (using the most popular petrol Euro-Super
95), now you will need three denars more for the same distance in kilome-
ters.
p.28 WE ARE INVESTING TWO MILLIONS
Forum: DHL Express Macedonia has celebrated 15 years of operation in
Macedonia. What is that you are especially proud of and how much of your
expectations you have managed to fulfill?
Mr. Nanovik: We are especially proud of our first fifteen years in
Macedonia. The period is an example of a successful story. After several
years of presence through representatives (agents) we have established the
company as one of the first Macedonian firms with 100 percents foreign cap-
ital. We have began on the so-called virgin market, where (with few excep-
tions) existed neither information nor, however, habit of using the courier
express transport.
p.31 GRANIT DOMINATES ON THE MARKET
Last week passed in a complete domination by the Granit share.
Through more than 85 transactions were traded 27,821 shares or 1 percent
of the company’s capital. The share of this construction company made a
turnover of 45.2 million denars, which is 50 percents of the turnover made on
the Official Market and 55 percents participation in the turnover structure
made by the shares of the Macedonian Stock Exchange Index.
FOKUS
p.31 WHY GREEKS WANT TPP NEGOTINO?
Among the many imported goods and services most alarming influence
over the huge trade deficit of the Republic of Macedonia has the constant
growth of electricity import. As of 2002 until 2004 were spent approximately
33 million euros foreign currency funds on annual basis in average for elec-
tricity import and the total import was on a relatively stabile and economical-
ly bearable level. Moreover, we could say that until that moment Macedonia
was relatively independent country concerning electricity.
 Date 02.06.2008 number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
17
EVENTS THAT MARKED THE WEEK...
HIPO ALPE ADRIA LEASING
LEADERS IN MACEDONIAN LEASING progress of the state.
According to Oliver Cintal, member of the
MARKET Managing Board, the leasing company Hipo
Alpe Adria believes in Macedonia and this is the
For the first time on the domestic market, leasing for ships and motor bikes, while you can reason they`ve started to open branch offices in
buy car with zero percent deposit instead of the recent ten percent other cities in the country. One and a half month
before a branch office was opened in Tetovo
ipo Alpe Adria Leasing launches new by their entrance on Macedonian market, the and the next will be followed in Bitola, Strumica

H package of services on Macedonian

market- leasing offer for all types of vehi-
cles with zero percent deposit and for the first
time on Macedonian market the company offers
leasing for ships and motor bikes. With the rev-
olutionary service, the current minimal deposit
of 10 percent will be abolished from the sale
price. The leasing of ships is a unique and top
financial service for which the company informs
that it is in accordance with the researches and
market`s supply which is a base for the tourism
development in Ohrid. In accordance with the
demands and clients` needs is the offer on
leasing of motor bikes.
The management of Hipo Adria informs that
service leasing has increased for 68 percent,
having 46 percent from the total market (being
only 15 months in the country), which makes
them leaders in this business.
-The leasing in Macedonia especially
develops with our entrance on the market. This
fact being confirmed by the numbers too, accor-
ding to which Hipo Alpe Adria Leasing in Skopje
has realized 1.500 contracts from the beginning
of its work in February, last year, contracts with
a value over 30 million euros – said Gorge
Voinovic, member of company`s Managing
Board. He added also that this is only one part
of what they intend to do with to develop the
company in Macedonia and the economic
and Ohrid and will cover the entire territory in
Macedonia by 2010.
- We believe in Macedonian market, hence
we`ll invest in construction of own facilities situ-
ated in the centre MI-Da, a total investment of
17 million euros for which construction we`ll
engage Macedonian construction companies,
explained representatives of the management.
They stated that are ready to start a busi-
ness with housing leasing, but they await cer-
tain amendments in the domestic legislation.
Hipo Alpe Adria Groupwas recently purchased
by one of the biggest state banks in Germany
and considers entering the banking sector in
Macedonia.

STOCK EXCHANGE NEWS... STOCK EXCHANGE NEWS...

TEHNOMETAL-VARDAR EXPORT-IMPORT AD SKOPJE WINERY TIKVESH AD SKOPJE

LAST YEAR UNDISTRIBUTED INCOME TRANSFERS IN THE NEXT YEAR DIVIDEND ONLY FOR PIOM
Tehnometal-Vardar, on the session held on 26.05.2008, passed a decision for employment Joined stock company for production and
of the achieved net income according to the annual balance sheet in 2007. processing of wine – winery Tikvesh export –
Net income in amount of 377,404.00 denars achieved by the annual balance sheet of import Skopje, on session held on
Tehnometal-Vardar export-import AD Skopje, in 2007, will be distributed according to: 27.05.2008 passed a decision for distribution
-15% of the net income in amount of 56,611.00 denars for obligatory legal reserve – gener- of the achieved profit in total amount of
al reserve fund. 106,935,070.00 denars – 15% or 7,160,025
-The rest of the income in amount of 320,793.00 denars to be transferred in the next year as denars will be allocated for legal reserves
undistributed income. and 85% or 90,894,810 denars to be distrib-
uted. On the basis of priority shares in
amount of 2% or 213,870 will be allocated for
dividend for PIOM. The rest of the profit
RZ INSTITUT
The amount of 89,956,039 denars is
85% OF THE PROFIT TO BE REINVESTED intended for reinvestments and it should be
employed in 2008 for new investments.
RZ Institute AD for research, service and production, held its Shareholders` Assembly on
27.05.2008. The Assembly was attended by shareholders who control 76.62% of the total num- Shareholders passed a decision and the
ber of shares – 86,884 regular shares out of total of 113,394. The Assembly, beside passing of annual balance sheet on results of Winery
decisions for annual reports on company`s operations and auditor`s evaluation, passed a deci- Tikvesh AD Skopje in 2007. Financial indica-
sion for distribution of net profit: 15% or 2,914,781 denars to be allocated for company`s legal tors on results of company`s last year opera-
reserves, and the rest of 85%, i.e. 16,517,095 denars for investments. . tions come down to these sums:

1. Achieved incomes
1,327,940,954.00 denars
VITAMINKA PRILEP
2. Achieved expenditure
SHAREHOLDERS TO RECEIVE 168 DENARS PER SHARE 1,198,956,808.00 denars

Managing Board of Vitaminka Prilep AD, on the annual assembly held on 28.05.2008, 3. Achieved gross income
passed a decision for distribution of the income of the annual balance sheet in 2007. According 128,984,146.00 denars
to records of this annual balance sheet, the company calculated profit in amount of 32,349,000
denars from regular operations after the taxation. From the income, 5,639,307 denars will be allo- 4. Income tax 22,049,076.00 denars
cated as legal reserves, and 15,150,000 for payment of shareholders.
10% or 1,515.00 will be allocated for personal tax on paid dividend. For reserves for share 5. Achieved net income
buy-back will be allocated 9,253,618 denars, and the rest of 2,306,075 denars remains undistrib- 106,935,070.00 denars
uted sum.
Shareholders of Vitaminka will receive 168 denars net per share, or 187 gross price.
18 berzNIK number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 02.06.2008

W E E K LY R E V I E W O F M A C E D O N I A N S T O C K E X C H A N G E
period 26.05. - 30.05.2008
Date 02.06.2008 number 25
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
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