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berzNIK - YEAR II - NUMBER 10 - 18th FEBRUARY 2008 - (SUPPLEMENT OF TENDERNIK)

AT THE MOMENT
QUALITY ON THE MARKET
BIO DIESEL FUEL- THE MOST
Date 18.02.2008 number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
3

Familiarization period
Write, his is the 10th edition of the weekly review exchanged their experiences, knowledge, pro-
evaluate,
depict,
T berzNIK. And when you are working on
something and when you get to a two-figure
number, you get a feeling that the thing went in
posals and suggestions at the Workshop.

According to the media coverage, the news


comment… the right course, that you are a proper represen- about the promotion of the new bio-diesel on the
the pages of tative of your work. And when media are con- market was among the most topical news.
cerned, the acknowledgments are shown thro- Andreja Josifovski, chairman of the board of
berzNIK are ugh numbers… Or, as the people would say, you directors of Makpetrol gave a thorough explana-
open… should go a long way to make a media product, tion for its advantages and quality performanc-
and even a longer way to properly present it es…
before the target group for which it is meant…
The topics, including the charts for the situa-
To put the modesty aside, our editorial staff, tion on the capital market, are represented in the
which is a part of the editor's office of newsNIK, media almost every day. According to these
is working for two and a half months now, issued analyses, the two block transactions of Ma-
10 editions of weekly review and prepared the kosped Insurance actuated the Stock Exchange
templates with the selected business information last week. A Bulgarian brand in the field of the
for the electronic distribution on a daily basis. insurance, which bought more than 83.25% of
A period, for some short, for others long, but the shares of the company, entered in this com-
for us, these 80 days are really important, we pany. The value of one share from the block
organized and created a magazine, which, I transaction was MKD 215,000, and 1,516 shares
believe, with your assistance, expertise, experi- in the first and 586 shares in the second block
ence and knowledge in the field of stock transaction were traded. Unlike the first day, the
exchange trading, financial management, operat- shares of the Macedonian Stock Exchange were
ing and placement on the market, we will improve the ones which made the biggest turnover in the
and develop by a well-known model for the read- amount of MKD 26.78 million. 148 shares in a
ers… price of MKD 181,000 per share were traded.
Because of the increasing interest of the citizens,
A period in which we tried to familiarize you the legal entities and the media for information
with our daily electronic distributive service, as related to the working on the stock exchange and
well as with the weekly review, berzNIK, and now for more efficient and simpler access to it, the
with the first monthly edition - berzNIK. Meaning, Macedonian Stock Exchange put its redesigned
we distributed selected information from the daily website in use this week. Speaking of the only
print media through the daily service. With the Macedonian institution through which the capital
weekly edition, we are trying to remind you not of the Macedonian companies is traded, it
only to news which were topical during these five announced its 9th annual conference, which will
past days, but we also thoroughly explained the take place in Hotel Metropol in Ohrid from 10th to
text which attract the attention of the public the 12th of April this year.
most, topics which caused the biggest interest - Stock Exchange 2008 vs. Stock Exchange
and which made space for debates, remarks, and 2007: who will win?...The good corporative man-
comments. Now, as we announced at the very agement in Southeastern Europe - does the
beginning of the weekly review berzNIK, the fashion grows into a necessity? The media and
monthly edition of berzNIK was promoted. I think the stock market… are just a part of the contents
that we covered an information period this way, in announced at the panels,…Topics which are
this case, the first month of this year, with a com- more or less interesting for all participants on the
plete analysis of everything which was topical in market, and which we, as an information service,
the newspapers during January and which was evaluated as significant enough to put on our
archived in the database of our electronic serv- pages…
ice. But, I do not have an intention describe the
contents of our monthly debut; I am hoping that Meanwhile, write, evaluate, depict, com-
your curiosity will lead you to it. ment… the pages of berzNIK are open…

NLB Tutunska broker is promoted in this


weekly edition of berzNIK. Last week, the WiMAX
Workshop - new solution for a broadband wire- Until the next Monday
less access in Skopje, was in the focus of the
media. Experts from various regulatory bodies for Makedonka Baldazarska
electronic communications, operators and other BerzNIK editor-in-chief
interested subjects from several SEE countries e-mail: berzNIK@interNIK.com.mk
Date 18.02.2008 number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
11.02.2008 MONDAY
C O N T E N T S
1. SHORT REVIEW OF EVENTS
One usual week on Macedonian Stock Exchan- ago, in the period when this factory was undertaken
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 ge has passed - is the assessment of the brokerage by the group Danube Foods. According to him, the
house Altavista in the weekly analysis released in strategic investor is satisfied from the conditions in
WEEKLY REVIEW… . . . . . . . . . . . . . . . . . . . 4 Biznis, if the period of the beginning of this week is the dairies, because they overtook established part-
observed. According to it the daily turnover was ner relations with stockbreeders and consumers`
berzNIK, TUESDAY, WEDNESDAY, ones again on the level of the average 50 million trust. Dnevik informs you also that Cosmofon will
THURSDAY… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7 denars and 85 per cent was realized on the Official receive today the grant to use radiofrequencies to
market… provide public mobile and communication network of
According to the stock-exchange analysis in Ve- third generation - 3G.
BERZA VESTI .....BERZA VESTI.............8 cer during last week is recorded modest capital mar- According to the Electronic Communications
ket`s movement. Macedonian Stock Exchange, the Agency Cosmofon was selected for most suitable
NLB TUTUNSKA BROKER. . . . . . . . . . . . . . . . 9 week that passed recorded turnover of 3, 9 million tender bidder and paid the amount of 10.05 million
euros. Last week not one block transaction was euros to use the radiofrequency. The director of the
WIMAX TECHNOLOGY WORKSHOP. 10-11 realized. The capital market`s monotony was still Agency, Liljana Denkovska, will solemnly deliver the
interrupted by the growth of the share of construc- approval to Borislav Zahariev, Cosmofon`s financial
ANDREJA JOSIFOVSKI, PRESIDENT OF tion company Mavrovo. One security of this compa- director.
BOARD OF DIRECTORS OF ny increased for more than 15 percent, and reached In order to determine the price of the oil EURO
MAKPETROL. . . . . . . . . . . . . . . . . . . . . . . . . 12-13 the highest amount of 2.122 denars. 31.415 shares 5, for which the Government enabled free customs
of the construction company were traded with and import, new minister of economy must be designat-
berzNIK, , THURSDAY, FRIDAY, were paid 68.426.714 denars or around 1.1 million ed, announced the governmental spokesperson
SATURDAY . . . . . . . . . . . . . . . . . . . . . . .14-16 euros. These events on the capital market only con- Ivica Bocevski. The Government can`t tell when this
firm that in the shares of Mavrovo are still in the procedure will be over. Russian Lukoil requested the
WEEKLY focus of the interest of the foreign capital. price of the fuel euro 5 that is with the highest qual-
MAGAZINES...…..........................17 Governors of the Central Banks recorded that ity standards to be determined as soon as possible.
the consequences of the economies of the countries As the director of the company Andrej Kuku said,
from South -East Europe so far are indirect and con- Lukoil is prepared to import the gasoline per compe-
WEEKLY REVIEW OF THE MACEDONIAN strained taking into consideration the existing turbu- tition prices.
STOCK EXCHANGE. . . . . . . . . . . . . . . . . 17-19 lences of the international financial markets. They Utrinski informs that the Eurokomposit, Tobacco
also recognized the increased incertitude about the Complex and other companies of Prilep which have
I M P R E S S U M possibilities of South- East countries as a result of major financial problems will be exempt from the use
the possibility for further growth rates` decrease of of the new Law on Payment Operations. This was
the world production and trade in case the turbulen- stated by the vice Premier Zivko Jankulovski in Pri-
ces continue. lep, on the celebration of the second anniversary
Dnevnik informs that the milk price in since the establishment and the work of municipal
Publishing: INTERNACIONAL NIK AD - Skopje Macedonia will stabilize soon because it is already branch of NSDP. According to him, these days a de-
Media library and digital archive happening on world market. This estimates the cision must be made for the consultant house and
Editors office: berzNIK director of the dairy in Bitola, Predrag Cvetkovic. He then will be invite international sale tender of sever-
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, is head of the milk industry of Bitola from few months al companies, among which Eurokompozit.
R.Makedonija
Phone. 02/25.32.800 faks: 02/25.32.839 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
web: www.interNIK.com.mk;
e-mail: info@interNIK.com.mk 1. BREAD AT 20 DENARS, MILK AND FLOUR 10% CHEAPER (****)
2. MAVROVO IN THE FOCUS OF PROSECUTORS AND INVESTORS (**)
Executive Director: Zdravko Josifovski DNEVNIK p.8 MAVROVO IN THE FOCUS OF PROS
Account Menager: Divna Pesic
Public relations: Natasa Dimovska p.5 FUEL EUR 5 WAITS UPON A MINIS ECUTORS AND INVESTORS
Marketing manager: Ivona Josifovska TER OF ECONOMY VREME
Assistent: Stojne Danilova p.9 COSMOFON TO BE GIVEN CONSENT p.1 PEOPLE FROM GRADSKO DON`T
E-business manager: Ratko Projkovski FOR 3G - TECHNOLOGY WANT TO SMELTER TOO
Logistics manager: Ana Petrova p.9 MILK PRICE TO STABILIZE SOON p.2 WE REACHED FAIR AGREEMENT
Finance manager: Gordana Stojanovska BIZNIS WITH THE GOVERNMENT
STOCK EXCHANGE REVIEW OF EVENTS IN THE p.1 IN SPITE THE MARKET CORREC p.3 PEOPLE FROM GRADSKO DON`T
PRINT MEDIA berzNIK TION- INVESTORS RESERVED WANT TO SMELTER TOO
p.3 STARTING FROM TODAY THE MILK p.5 GOSHEV THROUGH MP`S COLAN
berzNIK is founded in year 2007. AND THE BREAD ARE CHEAPER DER
p.5 WE WANT TO INCREASE THE p.6 BANKS COMPETE OVER MONEY
STOCK EXCHANGE REVIEW OF EVENTS IN THE INVESTMENT IN MACEDONIA UNDER PILLOW
PRINT MEDIA berzNIK
Number: 10 p.5 THE MAJOR DEFICITS CAN REDUCE p.7 MACEDONIA WILL HAVE NO LACK OF
Date: 18.02.2008 THE POSSIBILITIES FOR DEVELOP ELECTRICITY EVEN FOR A SECOND
MENT AND INVESTOR`S TRUST. p.7 BREAD, FLOUR AND MILK CHEAPER
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.11 EUROPEAN ECONOMY SHOWS VEST
SIGNS OF RESISTANCE p.7 KONJANOVSKI: FEARS THAT REK
FRONT PAGE PHOTO: p.12 MBI-10 RECORDS A 1.78 PERCENT BITOLA WOULD REMAIN WITHOUT
Andreja Josifovski, president of Board of DECLINE COAL - UNREASONABLE
Directors of Makpetrol p.12 TURNOVER VALUE OF 37,793,987.62 NOVA MAKEDONIJA
Photo: DENARS p.1 BREAD AT 20 DENARS, MILK AND
Robert Spasovski p.12 REVIEW OF 08.02.2008 FLOUR 10% CHEAPER
p.13 IN SPITE THE MARKET CORREC p.5 BREAD AT 20 DENARS, MILK AND
Editorial staff of berzNIK TION-INVESTORS RESERVED FLOUR 10% CHEAPER
Internet distributive system: www.interNIK.com.mk p.13 CHART AND GRAPHIC REVIEW OF p.5 IS THERE AN IMAGE CAMPAIGN WITH
Editor: Makedonka Baldazarska MBI THE STOCK OF ADG MAVROVO?
DTP: Tatijana Trpkovska,
Editorial staff: p.13 DAILY TURNOVER AT THE STOCK p.5 TELECOM APPROVES INVESTMENTS
News Evaluator: Anita Bashoska, R. Tasovska EXCHANGE-MKD 50 MILLION IN IN THE ADSL NETWORK
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, AVERAGE p.5 COSMOFON TO RECEIVE APPROVAL
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski UTRINSKI VESNIK FOR 3G TECHNOLOGY
[translators]: translator's manager Senka Mihajlovska, Angelina p.8 OLD LAW ON PAYMENT OPERATIONS SPIC
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta p.1 STARTING TODAY - CHEAPER BREAD
Menoska, Filip Koviloski, Darko Ivanovski
FOR THE COMPANIES WITH PROB
Fotoreporter: Robert Spasovski LEMS AND MILK
p.8 ITALIAN CHEESE WITH MACEDONIAN p.6 CHEAPER PRODUCTS WITH A LABEL
Marketing, distribucija i proda`ba: MILK p.6 STARTING TODAY - CHEAPER BREAD
INTERNACIONAL NIK AD - Skopje VECER AND MILK
6 berzNIK number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 18.02.2008

12.02.2008 TUESDAY
1. SHORT REVIEW OF EVENTS
MSE yesterday released new web site to use 3G technology: speech, fast transfer of achieving of the concept of OOP. In Macedonia
enriched with new subjects and records, daily pictures and data via cell phones, video calls, the program is conducted across German insti-
papers convey. internet etc., is the news conveyed by all daily tution Invent, and Il-Tis, Basme KT and Balkan
-There are new subjects that refer to historic papers. This was announced by Borislav Net from Skopje, which is operative coordinator
and statistical records from trading with securi- Zafirov, first financial director of Cosmofon, who for countries in the region, as implementer. After
ties, listed joined sock companies and their received the license for using 3G technology the efficient application of 75 domestic compa-
financial indices and systematic review of infor- radio-frequencies from the Agency for Electronic nies, there were 15 selected, which will conduct
mation published by the companies, sources in Communications (AEC). The operator paid activities for achieving of the concept of OOK.
MSE announced. 10.05 million euros for obtaining of the license. The concept of nomination of successful com-
According to them, the new internet site From yesterday to Friday (15th of Februa- panies consists two categories - small and me-
offers new technologies for faster and simplified ry), AEC will be the host and organizer of the dium enterprises and big companies.
display and access to required information. First Meeting of International Telecommuni- The first PR-conference in Macedonia will
Today edition of daily papers you will read cations Union Executive Committee. In the fra- be held in Skopje on 27th and 28th February.
that Bulgarian insurance company Euroins is mes of this meeting will be held the second pha- Initiator is Apriori komunikacii, and co-organizer
going to take over majority in Makosped osigu- se of ITU Project for educational center, and on is Association for Production, Marketing and
ruvanje - Skopje, and paid 7.35 million euros 13th of February starts the WiMAX workshop - Media - ProMarkMedia part of Economic Cham-
(451.9 million denars). In two block transactions new solution for broadband wireless access, ber of Macedonia. Director of Apriori komu-
on unofficial market on MSE this company bou- which is organized by the Bureau for Develop- nikacii and President of the Organization Board,
ght 83.25% of company`s capital. For each of ment of Telecommunications, part of ITU, in Konstantin Ikonomov, stressed that the program
2,102 traded stocks were paid 214,970 denars. cooperation with INA Academy from Greece and will be presented by six domestic and three for-
This makes Makosped osiguruvanje subsidiary Agency for Electronic Communications of the eign experts, from several famous PR compa-
in Macedonia of the new owner, Bulgarian insur- Republic of Macedonia. nies form Macedonia, Slovenia, Croatia and
ance company. Biznis conveys the program that envisages Serbia.
From the beginning of September, users of identification and reward most successful com-
Cosmofon`s services will have the opportunity panies that perform activities in direction of

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS


1. THE BULGARIANS HAVE BOUGHT 83% OF MAKOSPED (*****)
2. BREAD AND MILK COMMENCE CHEAPENING TREND (****)

DNEVNIK p.8 MACEDONIAN STOCK EXCHANGE WITH NEW WEBSITE


p.7 AGREEMENT FOR LARGER BUSINESS-COOPERATION p.8 REVIEW OF 11.02.2008
p.7 THE BREAD CHEAPER FOR 5 DENARS, THE MILK FOR 10% p.9 SOCIETE GENERALE SELLING SHARES TO COVER THE
p.9 ÌBI 11.02.2008 LOSS
p.9 MEMORANDUM AGAINST THE COUNTERFEIT
p.9 NEW WEB-SITE OF THE MACEDONIAN STOCK EXCHANGE VECER
p.9 COSMOFON RECEIVED THE APPROVAL FOR THE 3G TECH- p.6 BULGARIAN EUROINS BUYS MAKOSPED OSIGURUVANJE
NOLOGY FOR EUR 7.35 MILLION
p.9 THE BULGARIANS HAVE BOUGHT 83% OF MAKOSPED
VREME
BIZNIS p.1 SILMAK DISMISSES 500 PEOPLE
p.1 SOLD 80 PERCENT OF THE CAPITAL OF MAKOSPED OSIG- p.6 TWO-FIVE DENARS CHEAPER BREAD
URUVANJE p.6 COSMOFON RECEIVED THE PERMIT FOR 3G-TECHNOLO-
p.1 SELECTED THE BEST 15 COMPANIES GY
p.3 SELECTED THE BEST 15 COMPANIES p.6 FOREIGNERS TO BUY, MACEDONIANS TO GET RICH
p.4 KOSMOFON WITH LICENSE FOR 3-G MOBILE OPERATOR p.6 ITALIAN CHEESE FROM BITOLA
p.4 SKOPJE HOST OF THE FIRST NATIONAL PR-CONFERENCE p.7 EMPLOYEES TO BE LEFT ON THE STREET
p.5 LIVE AT THEIR PARENT`S HOUSES, DRIVE CARS OF THEIR
SPOUSES VEST
p.6 FIVE-MINUTE TALK FOR ONE DENAR p.3 COSMOFON OBTAINS THE APPROVAL FOR 3G TECHNOLO-
p.6 INTERNATIONAL WORK SHOP ON TECHNOLOGY VAJMAKS GY
p.11 TURNOVER DROP 42.74% p.6 FORMER POLICE OFFICERS CAN JOIN THE PRIVATE PEN-
p.11 THE MACEDONIAN STOCK EXCHANGE WITH A REDESIG- SION FUND
NED WEBPAGE p.7 BULGARIAN INSURANCE COMPANY BUYS MAKOSPED
p.12 MBI-10 DOWN FOR 185, 13 INDEX POINTS OSIGURUVANJE
p.12 80% OF MAKOSPED OSIGURUVANJE CAPITAL SOLD
p.12 REPORT 11.02.2008 NOVA MAKEDONIJA
p.13 LOSS OF OVER 9.2 BILLION POUNDS p.4 THE MACEDONIAN STOCK EXCHANGE WITH A REDESIG-
p.13 UNDER FBI INVESTIGATION - 14 COMPANIES NED WEB SITE
p.5 BANKS FORCED TO WRITE DOWN NON-PERFORMING
UTRINSKI VESNIK LOANS
p.5 AFTER BREAD ABND MILK, ANNOUNCEMENTS FOR OTHER p.5 MAKOSPED OSIGURUVANJE SOLD TO BULGARIAN INSUR-
PRICE DECREASES ANCE COMPANY
p.8 BULGARIAN COMPANY PURCHASED MAKOSPED OSIGURU- p.5 CITIZENS SAVE ELECTRICITY
VANJE SPIC
p.8 COSMOFON TO OFFER VIDEO CALLS STARTING FROM p.8 BREAD AND MILK COMMENCE CHEAPENING TREND
SEPTEMBER p.8 SILMAK STARTS TO DISMISS WORKERS
p.8 FIVE MINUTE FOR ONE DENAR IN VIP`S NETWORK
Date 18.02.2008 number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
7
13.02.2008 WEDNESDAY
1. SHORT REVIEW OF EVENTS

After the series of price appreciation affect- ses 40 percent of the total number of trade com- ideas for resolving the poor condition of the
ing a large portion of the foodstuffs, the officials in panies. blocked gyro accounts in one year, the period
the Trade Association announced price deprecia- The Assembly yesterday adopted the amen- stated in the amendments to the provision.
tion of dairy products. According to Dnevnik, follo- dments to the Law on payment operations in Euroins Insurance Group was granted a li-
wing yesterday`s meeting of the Trade Associati- short notice proposed by the Member of Parlia- cense by the Ministry of Finance for acquisition of
on the proprietors expect both the producers and ment, Stojan Andov, which provide the compani- Makosped insurance, announced yesterday the
the distributors to give up part of the profits in or- es another year to operate through blocked acco- Bulgarian company, a daughter-company of the
der to contrubute to bigger price depreciation. unts. This was prohibited in accordance with the Insurance Group Eurohold. The Bulgarian two
Such decision, according to the news in other existing Law on payment operations starting from days ago purchased 83,25 percent of Makos-
newspapers, is related mainly to dairy products, January 1 this year. During the hundred session ped`s capital for EUR 7,3 million on the stock
such as sour cream, fruit yoghurts, soft cheese, of the Assembly the MP Stojan Andov proposed exchange.
yellow cheese, cheese, part of spreadable cre- the amendments to the Law on payment opera- The beginning of the trade operations this
ams and other confectioneries. The Prices Com- tions expressing thereby a hope that the adoption week brought new fall of the regional indexes.
mission also reviews the possibility for abolish- of his proposal will prevent the increase of the BELEX15 recorded a 1.04 percent fall on the
ment of customs duties for refined oil. In order to number of redundant workers. The Minister of Fi- Belgrade Stock Exchange, while BELEXline re-
sustain the price depreciation the Government nance, Trajko Slavevski, explained that the mat- corded a little greater fall by 1.12 percent. The
will intervene by releasing 2,000 tons of crude oil. ter is about 15,800 companies whose gyro acco- value of Croatian CROBEX and CROEMI is also
The owners of small businesses whose an- unts are blocked. The reason for Andov`s initiati- declining. On the 29th trade day on the Macedo-
nual profit does not exceed EUR 50,000 will pay on of this proposal was the badly conducted tran- nian Stock Exchange (12.02.2008) the trade vol-
the tax more easily from now on. Namely, instead sition that disabled the game rules to be enforced ume included 43 stocks, a foreign currency depo-
of the previous more complex way of calculation in our country, just like in the western countries, sit bond and denationalization bonds (third, forth
and payment of profit tax, they will pay only the due to the indications showing that we are not re- and fifth emission). The trade included 13,465
overall profit tax in the end of the year at an annu- ady yet for greater financial discipline. The amen- stocks through 186 transactions and bonds hav-
al rate of 1.5 percent. This news is being intro- dments are proposed for the reason to meet the ing a nominal value of EUR 28,878 through 17
duced by the Public Revenue Office in accor- needs of several companies with state capital transactions. The overall number of transactions
dance with the latest amendments to the Law on whose managers, appointed by the state, have was 203 realizing a total turnover of
profit tax. The small businesses category compri- been requested to prepare a plan including the 32,533,873.26 denars.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS


1. ANDOV AGAINST THE LAW: COMPANIES TO WORK WITH BLOCKED ACCOUNTS (***)
2. SMALL BUSINESSES TO PAY TAXES EASIER (***)

DNEVNIK VECER
p.1 BUYING SITE - POSSIBILITY FOR DIRTY MONEY LAUNDER- p.6 FOOD PRODUCTS TO BECOME CHEAPER IN MINI MARKETS
ING p.6 ANDOV AGAINST THE LAW: COMPANIES TO WORK WITH
p.6 DAIRY PRODUCTS TO BECOME 10 PERCENT CHEAPER BLOCKED ACCOUNTS
p.7 BUYING SITE - POSSIBILITY FOR DIRTY MONEY LAUNDER-
ING VREME
p.7 EUROINS OBTAINS LICENSE FOR ENTRY INTO MAKOSPED p.6 NATO IS NOT GOING TO LOWER THE INTEREST RATES
p.7 INCOME TAX FOR SMALL BUSINESS p.7 SERIES OF PRICE REDUCE STARTING FROM NEXT WEEK
BIZNIS p.7 GOVERNMENT MAKES INSPECTION
p.1 THE COMPANIES WILL WORK WITH BLOCKED ACCOUNTS p.7 DECLINE OF ZITO LUKS SHARES
UNTIL 1 JANUARY p.7 THE TREASURY IS HIDDEN ON GREAT DEPTH
p.1 SMALL MARKETS SHOULD CLOSE IF GIVE UP BREAD AND p.7 CONSUMABLES CHEAPER FOR A FEW DENARS
MILK
p.3 SMALL MARKETS SHOULD CLOSE IF GIVE UP BREAD AND VEST
MILK p.7 BUTTER AND CHEESES TO BECOME CHEAPER
p.3 THE COMPANIES WILL WORK WITH BLOCKED ACCOUNTS p.8 ONE-YEAR PERIOD FOR SAVING THE COMPANIES WITH
UNTIL 1 JANUARY BLOCKED ACCOUNTS
p.11 NEW DECLINES OF THE INDICES
p.11 THE VALUE OF CROBEX AND CROEMI DECLINES NOVA MAKEDONIJA
p.12 MBI-10 DROPS FOR 0.34 PERCENTS p.1 PROLONGING OF FINANCIAL DISCIPLINE
p.12 SHARES OF KOMERCIJALNA BANKA - THE MOST TRADED p.3 PROLONGING OF FINANCIAL DISCIPLINE
SHARES p.5 IT IS NOT EXPECTED THE APARTMENTS TO RECORD A
p.12 MBI REPORT FOR 12.02.2008 DRASTIC PRICE APPRECIATION
p.5 DULL AND BELOW-AVERAGE TRADING DAY
UTRINSKI VESNIK p.5 SOCIETE GENERALE SELLS SHARES
p.5 BLOCKED COMPANIES GOT ONE YEAR TO RECOVER p.5 THE UKRAINIAN GOVERNMENT TO RETURN THE DEBT TO
p.8 EURONIS GETS PERMISSION TO ENTER MAKOSPED OSIG- GAZPROM IF THE RUSSIANS DIRECTLY SUPPLY THE GAS
URUVANJE
p.8 FOOD TO BECOME CHEAPER IN MINI MARKETS SPIC
p.8 EMPLOYERS AGAINST LAW ON LOWEST SALARY p.9 LOCAL TRADERS ARE REVOLTED THAT THE GOVERNMENT
p.9 ÌBI 12.02.2008 ADVERTISES ONLY THE LARGER MARKETS WITH LABELS
p.9 GREEK BUSINESSMEN GIVE UP INDUSTRIAL ZONE ZABANI- FOR PRICE REDUCTION OF PRODUCTS
BITOLA p.10 THEY CUT DOWN THE STATE BUDGET FOR FAKE PROMO-
p.9 DISMISSALS IN SILMAK TIONAL BROCHURES
p.9 SMALL BUSINESSES TO PAY TAXES EASIER
p.9 YAHOO REJECTS THE OFFER FROM MICROSOFT
8 berzNIK number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 18.02.2008

BERZA VESTI .....BERZA VESTI...


BLOCK TRANSACTIONS
REDESIGNED THE WEBPAGE
TRADED 83.25% OF MAKOSPED OF MACEDONIAN STOCK
INSURANCE EXCHANGE
February 1 Makosped insurance AD Skopje sold 1,516 ordinary shares through one transac-
tion on the Regular market-Free market. The nominal value was 511.29 EUR per share and was
traded by price of 214,970,00 denars per share. Transaction's total value is 325,894,520,00 in WWW.MSE.COM.MK
denar currency, which is 60.04% from the capital.

NON-TRADE TRANSFERS OF LISTED Today, February 11, 2008, at 12.30pm, the


new redesigned webpage of Macedonian Stock
COMPANIES SHARES Exchange AD Skopje has been put in use. Taking
into consideration the bigger interest of the citi-
Pursuant to the data received from the Central securities depositor, we inform You that the fol- zens, legal entities and the media on information
lowing non-trade transfers of shares of listed companies (on grounds of compensation, present or related to the stock exchange working everyday,
heritage) have been made: (about 8.000 people visit our webpage daily), we
have improved the opportunities for our users for
08.02.2008- Granit AD Skopje- 277 ordinary shares, more efficient and simpler access to the informa-
- VV Tikves AD Skopje- 37 ordinary shares, tion wanted. For this purpose the Stock Exchange
- Komercijalna banka AD Skopje- 11 priority shares. has conducted own research, analyzed all com-
11.02.2008- ADG Mavrovo Skopje- 96 ordinary shares, ments and suggestions our users have given us
- Makstil AD Skopje- 454 ordinary shares' and led by their needs defined the look of the new
- Vitaminka AD Prilep- 64 ordinary shares, webpage.
- RZ Inter-Transped AD Skopje- 20 ordinary shares.
13.02.2008- ADG Mavrovo Skopje- 73 ordinary shares, Introduced have been more new contents
- EMO Ad Skopje- 53 ordinary shares. which mostly refer to the historic and statistical da-
ta of trading with securities, data on listed joint-
stock companies and their financial indicators, as
well as systematic review of information published
RZ INTER-TRANSPED AD
by the companies themselves and publications
given from the Stock Exchanges on these compa-
DEAN BRKOVSKI- NEW MEMBER OF nies.
BOARD OF DIRECTORS Used have been modern tools that offer the
new technologies for faster and simpler display
DECISION and access to the information required, such as
On election of Executive member of Board of Directors RSS types which are channels for reception of cer-
tain types of news via electronic messages (e-
1. Executive member of Board of Directors of RZ Inter-Transped AD Skopje, SHELL BE mail) to the final users.
ELECTED Dean Brkovski, with unlimited authorizations for signing contracts and documents to
the value of 5.000,000 EUR. We hope that with this redesigned webpage
we will be able to meet most of our users' inter-
Limited authorizations for signing contracts and documents to the value over 5.000,00 EUR ests. For this purpose the Macedonian Stock
to 15.000,00 EUR, whereas the signing shell be conducted with joint signature with the President Exchange will continue observing the needs of its
of Board of Directors. users and within its capabilities implement the
same by applying new technologies.
For signing contracts and documents to the value of over 15.000,00 EUR Decision by the
Board of Directors shell be required. Macedonian Stock Exchange AD Skopje

2. This Decision shell come into force the day of its adoption.

This Decision was preceded by the Decision on Dismissal of Executive member of Board of
Directors
1. SHELL BE DISMISSED Zivko Georgievski from Executive member of Board of
Directors of RZ Inter-Transped AD Skopje.

2. Dismissed Executive member of Board of Directors from item 1 shell remain non-exec-
utive member of Board of Directors until the end of the mandate for which chosen by Shareholders
Meeting.

KIB AD KUMANOVO In accordance with the Rules on Listing, 231.773.440,00 denars. Reduce was made to
through price-sensitive information on Macedo- cover the losses from 2005 and 2006.
nian Stock Exchange, KIB ad Kumanovo in-
REDUCING THE forms: The reduce of the major part was made by
reducing the nominal value of the share from

BANK'S MAJOR In accordance with Decision of Share-


holders Meeting of KIB ad Kumanovo held
05.02.2008 reduce of the major part of the Bank
2,741,56 to 1,720,00 denars.
The number of issued shares, which is
128,655 ordinary and 6,097 priority shares,
PART was conducted from 369.430.693,00 denars to remains unchanged.
Date 18.02.2008 number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
9

NLB Tutunska broker is one of the oldest and most


active members of the Macedonian Stock Exchange of
long-dated securities and is actively involved in the cap-
ital market's development in the Republic of Macedonia.
On the capital market it works since March 1996 and is
one of the founders of Macedonian Stock Exchange
(September 1995). NLB Tutunska broker is joint-stock
company which is 100% ownership of NLB Tutunska
banka and part of NLB group. Taking into consideration
the nominal capital, apart from the possibility of trading
with securities for clients, the brokerage house owns a
license for providing all services in accordance with the
Securities Law. NLB Tutunska broker owns 12,5% of the
market share, actually it takes the second place out of
total 22 brokerage houses that operate on the capital
market in the Republic of Macedonia.

The company works with high quality and flexible


team. This team is composed of eight employees two of
which own license for investment consultants and five
broker license. As proof for the NLB Tutunska broker
personnel's professionalism and training points also the
fact that two of the employees are candidates for third,
actually first level of CFE (Chartered Financial Analyst)
program. Adopted Ethics Codex and Professional
Behavior Standards of CFE Institute are the base of the
values of NLB Tutunska broker AD Skopje and impor-
tant for the organization's efforts in establishing and su-
pporting the highest standards of education, integrity
and professionalism of its employees. High ethic stan-
dards are of key significance for keeping the public's trust in financial markets and investments. Em-
ployees of NLB Tutunska broker have the obligation of loyalty toward their clients and they have to
act with reasonable concern and pass prudent decisions. At the same time they have an obligation
of taking activities in behalf of their clients and to always put their clients' interest before the interest
of their employer or their own interests. In the relations with their clients, employees of NLB Tutunska
broker have to establish fiduciary duty and
respect this obligation and act in the interest
of whom they are committed.
NLB Tutunska broker is continually
working on improving and increasing its ran-
ge of services in order to simplify and stimu-
late the clients' investing as well as to deve-
lop the capital market in the Republic of Ma-
cedonia. As of October the brokerage house
has provided its clients with giving orders on
making stock exchange transactions over
the phone in order to simplify their trading
and realization. The high quality of services
and competitive provisions NLB Tutunska
broker complements by offering technical
and fundamental analysis.

Ul. Dame Gruev br.1, blok 53, 1000 Skopje, R.Makedonija, faks: 3133 305; tel.: 3133 464, 3290 932;
ziro s-ka: 210-0522320202.69, deponent na: NLB Tutunska banka AD Skopje, osnovna glavnina 30.864.000,00 den.

e-mail: tutbrok@mt.net.mk
10 berzNIK number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 18.02.2008

WIMAX TECHNOLOGY WORKSHOP

IN MACEDONIA, WIMAX IS
A TECHNOLOGY OF THE FUTURE
The WiMAX, as a standard, was first globally created for rural areas, where there was poor coverage of Internet connections.
However, this philosophy now changes. Like any other new technology the WiMAX starts amongst those users which bring
higher profit and a faster returning of the investment. This includes the business users, followed by the residential users.
These are not just expectations, but a normal strategy both in our country and the world

n the organization of the Telecommunication Allow me to express my honor and great the authorizations, Nexcom and Cosmotelco

I Development Bureau of the International


Telecommunication Union (ITU) with the INA
Academy from Greece, the Agency for
pleasure for being a host country for the Work-
shop on WiMAX - a new Broadband Wireless
Access Solution, organized jointly by the Tele-
have already started with the commercial servi-
ces on 23rd of January, 2008. The other com-
panies have an obligation to start with the com-
Electronic Communication (AEC) last week communication Development Bureau of the ITU mercial services in March. I believe you will
(from 13 - 15th) held a WiMAX Workshop - New in collaboration with the INA Academy from gather more information regarding this issue
Broadband Wireless Access Solution. The Greece and the Agency for Electronic Commu- from the Presenters of Cosmotelco and Nex-
Workshop took place in the premises of AEC, nication of the Republic of Macedonia and wish com these days.
and was organized as part of the Program for you warm welcome to Skopje. In the future we expect the companies-ope-
Introduction of Technology in the frames of the rators in a fair competition environment to meet
Center for Establishing Projects for Europe. It The next three days we will have the possi- the obligations regarding commencing and tim-
was organized in order to enable the regulatory bility in exchanging mutual technical and pro- ing of construction of the networks providing
bodies for electronic communication, the opera- fessional experiences, strengthening the rela- services with high quality, to increase the offer-
tors and other interested subjects in Southeas- tionship and developing closer cooperation in ing of the services and competition in the tele-
tern Europe to exchange experiences, and to the field of electronic communications, more communication market in the Republic of Mace-
present propositions and suggestions in the precisely in WiMAH technology. donia as well as to increase the Internet pene-
area of WiMAX technology. The Workshop was Wishing you a successful and pleasant tration.
conducted in two sessions, the "regulators" pre- work, I would like to present in short that from This is in the line with the targets of the Go-
sented themselves in the first one, and the ope- 01.07.2005 the Agency for Electronic Commu- vernment of the Republic of Macedonia accord-
rators were presented in the second. nication is established as an independent regu- ing to the National strategy for development of
latory authority in the field of electronic commu- electronic communications and information
The Workshop was attended by experts, nications, independent and non-profitable legal technologies leaving space other telecommuni-
managers, and regularity commissions` mem- entity with public authorities determined by the cation services to be offered too.
bers from the telecommunication sector of Ser- Law on Electronic Communications. Dear guests,
bia, Montenegro, Albania, Poland, Turkey, Convinced in your fruitful work, I wish you a
France, Latvia and Macedonia. The Law provides, inter alia, conditions to nice and pleasant stay in Skopje.
Liljana Denkovska, president of AEC of the meet the needs for communication services,
Republic of Macedonia greeted the guests and protection of interests, accelerations of the pro- Marjan Globan MD, Croatia - Microwave
declared the Workshop opened. cess for creating competitive market in the field and Satellite Networks Planner, Croatian
of electronic communications, conditions for Telecommunication Agency
Mrs. Liljana Denkovska, Acting Director ensuring universal service at affordable prices
Agency for Electronic Communications and quality as well as management, monitoring EIGHT CONCESSION-
and enforcement the radio frequency spectrum.
Distinguished Guests, Ladies and Gentle- AIRES, SERVICES FROM
men, In regard of the WiMAH technology in the THREE OPERATORS
Republic of Macedonia, I would like to mention
that last year the Agency for Electronic Commu- AND SMALL NUMBER OF
EXCHANGE OF nication has granted 2 Authorization for radio USERS
TECHNICAL AND frequencies utilization for fixed wireless access
PROFESSIONAL known as WiMAX for operation on the territory The story of the WiMAX started somewhere
of the Republic of Macedonia with 10 years va- in 2005 and now there are eight WiMAX con-
SERVICES lidity period to the Americom and Nexcom for cessionaries. The biggest problem in the
nation coverage, and 18 for moment is that the services are not commer-
regional coverage to the fol- cially available on the entire territory of Croatia.
lowing service providers: Ne- The number of users is relatively small. This
otel - 6 regional authorizati- year we are expecting improvements, although
ons (actually for nation cover- I might say that the WiMAX is progressing slow-
age), Istel - 6 regional authori- ly, with small steps, considering the fact that
zations (actually for national only a small number of concessionaries actual-
coverage as well), Cosmofon ly offer services. Certain concessionaries have
- 4 regional authorizations, competitive prices, i.e. they are offering slightly
Matel - 1 regional authorizati- lower prices. Maybe the biggest problem is that
on and, RZ uslugi - 1 regional many investments are needed and therefore
authorization. the price of the terminal service is still relatively
Talking into account the high, so the price of the services is not that
obligations concerning the co- competitive to attract a larger number of users.
mmencing with services with- However, I think we are headed in that direc-
in 6 month of the obtaining tion. As the price of the terminal services drops,
Date 18.02.2008 number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
11
are great. But, we need to wait and see what FOR THE FIRST TIME IN
the future would bring. MONTENEGRO, A
The spreading of the WiMAX technology is CHOICE BETWEEN THE
not linked only to Macedonia as a country, but it TELECOM AND
is linked to the global trends of this technology,
i.e. with the spreading of the global users` data-
ANOTHER OPERATOR
base. As the number of users across the world
increases, the price of the terminal equipment In Montenegro we granted four WiMAX
would decline, so it would be available to the licenses and all of them for national coverage.
users in our country as well. That means that M-Tel started working and already has around
expectations are linked to the development of 2,000 users. It started working in Podgorica,
the WiMAX in global frames. Already five Cetinje and Niksik and now installed another
licenses were granted in Macedonia for each three base stations in the northern part of the
region, so we have a good base to see concrete country. We are also expecting the other three
results this year. And what are the results going operators to become operational by the end of
to show it is all up to the very operators, the April this year.
service packages they are going to offer, and
the manner in which they are going to act on The process of penetration is around 2.5%,
the market. So, the process is not going to be so we believe that this would be the technology
revolutionary, but evolutionary in the year to of the future for Montenegro. After M-Tel began
come. operating in Montenegro, they have over 2,000
users, and have at least 1,000 users on a wait-
As for any technology, like with the WiMAX, ing list. This is the first time for the users to be
the prices of the services are being lowered, there are operators who give up, and others able to choose whether to use the phones of
because in order to attract new users, they who come. It is a normal process in conditions the Telecom or another operator. In the servic-
have to be competitive in some manner. I
believe that the WiMAX technology has a god
future, although our three-year experience has
shown that producers of the equipment and the
very equipment need to develop further more
and I am hoping that it would become better
and higher quality in future. Whatever the case,
I consider that they should mainly turn their
attention to the rural areas, which have no
access to the Internet. The future is there. It is
only a matter of time. Although at the moment
there are eight concessionaries, only three
operators are offering services. Some opera-
tors have even given up. They were granted
concessions, but they renounced it, because
they thought there would be no use of it. They
have made an evaluation, from a business
aspect that further investments would not bring
them what they expected at the beginning.

There is access in Zagreb, but it is not as


wide spread as it should be and I think that
compared to the size of the city and the popula-
tion, the number of users is very small. Actually, of a whole range of technologies which are es they are also offering landline telephony,
I think that there are around a thousand users competitive. All of them compete for the same Internet and cheaper international calls.
in all Croatia. user base, and who becomes most successful Depending on the contract, in M-Tel the sub-
depends on the access and offer. That means scription fee for the WiMAX is two to three
Professor Toni Janevski - Macedonia that not everything is in the access of the tech- euros.
University "Ss. Cyril and Metodious, nology, but also in the offer they make thought
Skopje and electrical engineer the certain technology.

LICENSES WERE The WiMAX, as a standard, was first glob-


ally created for rural areas, where there was
GRANTED, poor coverage of Internet connections. Ho-
EVOLUTIONARY PERIOD wever, this philosophy now changes. Like any
new technology the WiMAX starts amongst
FOLLOWS those users which bring higher profit and a
faster returning of the investment. This includes
Regarding Macedonia, the WiMAX technol- the business users, followed by the residential
ogy is a technology of the future. It appears in a users. These are not just expectations, but a
time when the markets in the western countries normal strategy both in our country and the
are saturated, where the Internet is widely world.
spread. However in countries where the
spreading of the Internet is still increasing, like Pavle Mijushovik MD - Montenegro
in Macedonia, there is enough room for a tech- Agency for Telecommunication and
nology like the WiMAX, because it provide a Postal Services
broadband access to internet services. The-
refore, my expectations regarding the WiMAX
12 berzNIK number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 18.02.2008

ANDREJA JOSIFOVSKI, PRESIDENT OF BOARD OF DIRECTORS OF MAKPETROL

BIO DIESEL FUEL- THE MOST


QUALITY ON THE MARKET AT
THE MOMENT
Soon, the company plans
to introduce the diesel
fuel with 10 milligrams
sulfur in one liter. For this
year are provided 12.000
tons, but this fuel will not
be placed on the market
as pure but will be mixed
with bio-diesel, also in
form of B6. Today in
Europe fuel with this
quality only sells in
Germany and Norway

- As of February 9 Makpetrol started sell- retail facilities. dance with the European directive, this way is
ing the new bio-diesel fuel. On the introducing Josifovski explains that for the time being applied in all European countries. We had cer-
of this new fuel on Macedonian market, they are satisfied by users' interest, although tain correspondence with the Ministry of
Andreja Josifovski, president of Makpetrol's the price is one denar higher than the price of Finance, we gave them specific proposal, the
Board of Directors says: Makpetrol decided to euro 4 and euro 3 fuel and is being sold at the Austrian Law, evaluation as to how it should
make this step because often enough it is moment for 60.50 denars per liter. About 20 be done, to actually increase the fossil fuel's
appealed in public that there are non-quality tons go on daily bases on 20 gas stations and excise for one denar and at the expense of
fuels in Macedonia, which do not correspond the consumption is going up. this the bio diesel fuel in the mix to be excise
to European standards. With this step free. However their position is that in Mace-
Makpetrol has shown that not only that it What is the base for determining the donia there is very low excise on the diesel
keeps up with European trends, but I can say price? fuel and there is no room the same to be ex-
most responsibly that, when it comes to diesel cise free with the mix, but only as pure bio
fuel, we released the most quality Eco 4 diesel As base Makpetrol uses the Regulatory diesel fuel.
possible on the market in Macedonia mixed commission's decision, which is being passed
with six percent bio-fuel. We soon plan to every 15 days. We take base for the fossil What's the excise's share in the price?
introduce diesel with concentration of 10 mil- diesel price, multiply it by 94% plus 6% of the
ligrams sulfur in one litter. We are in negotia- bio diesel price that contains all expenses for - The excise comes with 50% and togeth-
tions with few foreign refineries on this mater supply of row materials and production and er with the VAT (Value Added Tax) the expens-
and we have provided 12.000 tons for this certain Makpetrol's net in order to form retail es are about 65%. And what's surprising the
year. However, we will go a step further. We price. At the same time, the country is paid all most is that we released the most quality
will not release this fuel pure but mixed with taxes in full amount, excise and bigger diesel fuel on the market that can be found in
bio-diesel also in form of B6. This way we will amount of value added tax, since the base the Macedonia at the moment, and they calculat-
be selling fuel which by its quality today in tax is being calculated by is bigger too, while ed in our price an ecological tax of 0.030
Europe it is only selling in Germany and Makpetrol bases its earning on the legal mar- denars per liter.
Norway. gin which with bio diesel fuel is one denar
smaller than the regulator's price decision. What's happening with the construction of
At this moment the bio-diesel fuel can be the bio-refinery?
found in 20 retail facilities of the company, Meaning that the mix Makpetrol sells is
with intention this number to increase for not subjected to the Regulatory commission. - We have already signed a contract and
another ten. The selling will increase depend- We asked the Government the mix, the 6% received the advance. We sold our "know
ing on the demand on the market, and bio diesel fuel contained in the fossil fuel actu- how", which the bio-refinery was made by, to
Makpetrol will strive toward placing it on all its ally, to be excise free. Practically, in accor- the Roads Enterprise of Serbia. The bio-refin-
Date 18.02.2008 number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
ery is being built in the area of oil and grease
factory, Fam Krusevac, by our technology and
our "know how" because Makpetrol has the
license for the Balkans, including Slovenia
QUALITY AND PRICE OF
and our business partners we built the refinery
in Skopje with.
BIO-DIESEL FUEL
Complete strategy on bio-fuels develop-
ment should be organized in Macedonia, for Bio-diesel fuel has several advantages over the fossil fuel. This fuel does not
the time being there is only a Rule Book that even contain live sulfur and it provides better engine lubrication, better combustion
projects consumption percent but no strategy. and very importantly, reduces the concentration of carbon dioxide and sulfur in the
exhaust fumes for about 35%. Regulatory commission's obligation last year was to
Besides the promotion of bio-diesel B6, determine the price for bio-diesel fuel. - Both the Government and we shared the
Josifovski answered other current issues rela-
ted to the events on oil market in Macedonia. same opinion, says Josifovski, more specifically the two competent ministries,
Ministry of Economy and the one of Finance. Nevertheless, the Regulatory commis-
Did the Government consult you on the sion had its own position and I don't know why it was allowed not to form the price.
gasification it should be built with the The Rule Book on liquid fuels quality in RM last year projected the bio-diesel fuel, the
money from the clearing debt? bio fuels actually to be mixed with the fossil fuels up to 2.5%. When the percent of
- Government of RM has an obligation to mixing is not bigger than 5%, the fossil fuel keeps the name and in that case the bio
close its debt with the Russian Federation. fuel names as euro-diesel or eco diesel, depending on whether mixed with fossil fuel
Nevertheless, as you are witnesses your sel- that contains 350 or 50 milligrams sulfur.
ves, we heard all kinds of statements in the This year we used the right of forming the price in accordance with The Law on
public- about building some kinds of construc- Energetics where the bio fuels are not regulated area and it is projected with the Rule
tion rings, gasification toward Tetovo and
Gostivar, that Strumnica will be gasified etc… Book on liquid fuels quality they contain 5.75% bio fuels in the fossil fuels. Like I said,
The debt Russian Federation has with RM on if the bio fuels are used pure or contain concentration of 5% bio-fuel then they carry
the grounds of this clearing debt from the suc- the name of bio fuel and here we have free price forming.
cession of former Yugoslav republics is really
small to realize all that has been said to be
gasified in Macedonia. You were in Moscow where you surely dis- on the Government's agreement with
cussed on this topic, about the gas pipe- OKTA in the part of fuels quality?
line in Macedonia?
- That's a deal made in package to cool
- I went to Moscow things down. To reduce the damage the Go-
on the invitation of vernment had to pay, but as result to this OK-
president of Russian TA got prolongation of investments for anoth-
company Gasprom at er 18 months. However, when it comes to fu-
the occasion of 15- els quality in RM, some things have to be dis-
year-anniversiry of the tinguished.
forming of this joint-
stock company. When talked about non-quality fuels, it
The celebration can only be meant on engine fuels, but not on
was organized in the the concentration of sulfur in them, since the
Russian palace Kremlj petrol OKTA produces are far beyond the Eu-
where about 6.000 gu- ropean standards. Namely, OKTA's petrol
ests attended the con- contains five to six milligrams sulfur, but is bad
cert and the reception from the aspect of the petrol's concentration
only 500, among which and aromas. European petrol quality is one
myself as representa- percent and OKTA's is five, the aromas are
tive of Makpetrol. Ope- 35% and OKTA's aromas are 42%. They can-
ning speech at this re- not reach these standards with the current
ception had the Presi- catalyser and technology. This is why the
dent of Russian Fede- refinery was allowed the period of 18 months
ration Vladimir Putin, to start investment activities, produce quality
who talked about the petrol eco 4 or eco 5, for what it has to replace
successes and deve- its catalyser. So, one must not make confu-
lopment of Gasprom, sion about the sulfur. I'm not defending OKTA,
especially stating the but it's fair to know where the problem lies in
company's planned in- Macedonia, and to only speculate about it. As
vestments the upco- to the heating oil however, everywhere in
ming period, where he Europe people have the right of using heating
underlined the invest- oil up to one percent or 3.5% sulfur. Here, the
ments in Western Eu- Rule Book projected one percent but OKTA
rope, Asia and most of was allowed placing two percents heating oil
all North America. The on the market, which is not that bad, because
fact that only Makpet- when it comes to the heating oil, it is very
rol was invited to the important how much the consumers them-
celebration, speaks a selves have taken measures to protect the
lot as to who is partner environment.
of Gasprom in RM.

What's your comment Makedonka Baldazarska


14 berzNIK number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 18.02.2008

14.02.2008 THURSDAY
1. SHORT REVIEW OF EVENTS
Dnevnik conveys that with the formation of den of the debts. offered the state owned company macedonian
the credit bureau the banks will know who pays The entry of the VIP operator on the Mace- Power plants (ELEM) a technological solution
the bills. The article explains that the banks donian market has caused reducing in the prepaid which would permanently solve the problem with
through the bureau will have insight whether the prices for 50%, and 30% in the postpaid mobile the ash from TPP Oslomej.
citizens pay their loans regularly and whether they telephony, announced the general manager of the This week the turnover on the Macedonian
pay the electric bills, the bills for water, phone and mobile operator, Nikola Ljushev on the presenta- Stock Exchange is dropping and with turbulences.
heating on time. They will receive these data from tion in Barcelona. On Monday, the total turnover amounted
the private credit bureau, whose work will be ar- - The data in the last three months of 2007 503,629,993 denars and that, however, is a result
ranged by law, which is now in passing procedure. show that the total number of talks is increased for of the two block transactions from the sale of
The draft-law as Dnevnik writes, projects that 46 percents compared to the same period in Makosped osiguruvanje Skopje. A Bulgarian
the data regarding the indebtedness of the physi- 2006. brand of insurance has entered into this company,
cal entities and the companies should be sent to VIP director expects many opportunities to be and bought more than 50 percents of this insur-
the credit bureau without the citizen`s approval. opened for the third operator and new price move- ance company.
However, the data can be used only with writ- ment with the introduction of asymmetric intercon- The value of one share in the block transac-
ten approval by the citizens or the legal entities. nection. He believes that this year the use of the tion amounted 215,000 denars, and a total of
- In that way, the banks will approve credits mobile telephony will increase at the expense of 1,516 shares were traded in the first and 586 in
with clear image of the client, and this should also the landline telephony. the second block transaction.
lead to reducing the interest rates because of the Euro commissioner for Information Society Yesterday, a capital of 914.458 shares was
lowered risk - say the members of the working and Media requested from the directors of the Eu- traded on the Stock Exchange. The highest turn-
group which prepares the text for the law. ropean mobile operators of the world GSM con- over had the shares of Makpetrol, and the compa-
In Dnevnik you will also read about the bank- gress held in Barcelona to reduce the prices in ro- ny ended up with a capital trading of 217.999. The
ing placements which have reached two billion aming for SSM-messages and transfer of data un- value of the share had a mild decrease of 0, 88%
euros with both the citizens and the companies to- til 1 July this year. Heads of Vodafone, Mobilcom, and was selling for 104.742 denars.
wards the end of the last year. It is an annual in- T-mobile, Telefonica reacted on this "attempt to Amongst the most liquid was the share of
crease of 500 million euros for one year. Accor- regulate the market". They accused Reding of tak- Mavrovo, selling shares for 187.322 euros. One
ding to the last report of the National Bank of the ing away part of the incomes used for innovation share from Mavrovo was selling for 2.122 denars.
Republic of Macedonia, the indebtedness of the and mobile industry development by populistic Also wanted were the shares of Alkaloid, Ko-
citizens has reached 788 million euros in Decem- methods. mercijalna Banka and Granit.
ber last year. Vecer has an interesting topic, the Skopje ce- The value of the share from Komercijalna
If this number is admeasured with the number ment factory Usje offers a solution regarding the Banka increased for 1, 7%, and from Granit for 0,
of those who have some kind of incomes (550.000 ecological problem with the ash in Kichevo. 85%.
employed and 220.000 pensioners), it comes out According to the company the ash that is created Greatest decrease had the share of Tehno-
that each of them, on average owes 1.023 euros. as waste in the process of electricity production of metal for 8, 88%.
The bankers and the experts say that there is no TPP Oslomej could be used for the production of Yesterday, the Stock Exchange trading has
danger of too much indebtedness of the popula- cement. increased the MBI-10 index for 0, 84%.
tion, and the citizens are already feeling the bur- Usje as a socially responsible company

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS


1. MINIMAL BASIS-65 PER CENT OF THE AVERAGE (***)
2. THE BANKS WILL KNOW WHO PAYS THE BILLS REGULARLY (**)

DNEVNIK
p.1 THE BANKS WILL KNOW WHO PAYS THE BILLS REGULARLY VECER
p.5 THE BANKS WILL KNOW WHO PAYS THE BILLS REGULARLY p.6 PROPOSITION TO ELEM: USJE WANTS TO MAKE CEMENT
p.5 MBI 13.02.2008 FROM THE ASH
p.6 ELECTRICITY DEMAND INCREASES, PRODUCTION FAILS p.7 CHINA AND INDIA MOVING FORCES ON THE MOBILE PHONE
p.6 PRESSURE TO MAKE SMS-MESSAGES CHEAPER MARKET
p.6 VIP ACTUATES MACEDONIAN MARKET
p.7 MKD 1,600 PER MONTH FOR A PENSION OF MKD 4,100 VREME
p.7 EACH EMPLOYEE OWES 1400 EUROS IN BANK p.6 MINIMAL SALARY BY LAW
p.6 ADDITIONAL ELECTRICITY IMPORT POSSIBLE
BIZNIS p.6 MAKPETROL MAKES BIGGEST TURNOVER
p.1 MAKOSPED BLOCKS IMPROVE THE AVERAGE
p.2 METSO TO AUDIT THE ELECTRIC POWER PLAN VEST
p.11 STRENGTHENING OF CROBEXA p.6 FARMERS TO PAY ONLY 1,600 DENARS FOR PENSION CON-
p.11 THE FOREIGN INVESTORS STILL WITH THE SAME TRADING TRIBUTIONS
TEMPO
p.12 MBI 13.02.2008 NOVA MAKEDONIJA
p.12 TRADING VALUE - 56,239.171.66 DENARS p.1 MINIMAL BASIS-65 PER CENT OF THE AVERAGE
p.12 MBI-10 WITH AN INCREASE- MBID WITH FALL p.4 USJE OFFERS SOLUTION FOR THE ENVIRONMENTAL
p.13 MAKOSPED BLOCKS IMPROVE THE AVERAGE PROBLEM
p.9 MINIMAL BASIS-65 PER CENT OF THE AVERAGE
UTRINSKI VESNIK p.9 FREE ECONOMIC ZONES OFFERED FOR INVESTING
p.8 ELECTRICITY STOPPAGE FROM SERBIA WOULD BE CATA- p.9 MBI10 RECORDS INCREASE OF 0.84 PER CENT
STROPHIC FOR MACEDONIA
p.8 MEPSO ANNOUNCES NEW TENDER ON ELECTRICITY SPIC
IMPORT p.9 ZAEV FAMILY COMPANY BUYS PLANT OF KIRO KJUCUK
p.8 ZAEV`S FAMILY COMPANY BUYS A FACTORY OF KIRO
KJUCHUK
p.8 MBI 13.02.2008
Date 18.02.2008 number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
15.02.2008 g. PETOK
1. SHORT REVIEW OF EVENTS
Bio-fuel will be pumped in Macedonia. As the Mayor of Veles. They informed him they had pointed out Georg Waldner, Head of the Mana-
today's edition of the daily newspapers Vest 60% of the factory in their possession and pro- gement Board of EVN Macedonia.Also, it can
and Utrinski vesnik inform, as of this weekend, mised EUR 30 million of investments for the be read in today's edition of the daily newspa-
biodiesel B6 fuel, which will cost MKD 60.5 per protection of the environment of Veles. The da- per Utrinski vesnik that T-Mobile was working
liter, will be sold on 20 Makpetrol petrol stations ily newspaper Utrinski vesnik complements the better than the Telecom last year. According to
across Macedonia. The company yesterday news about the Smelter by presenting of the financial report of Magyar Telecom, their fixed
officially promoted this fuel, which with the sa- opinions of the experts, who warn that, despite operator in Macedonia in 2007 registered lower
me qualities can be found in Germany and Nor- of the fact that the capacity is closed for five ye- incomes in 6.7% and profit decline before the
way only. According to the words of Makpetrol ars, the pollution in Veles is still alarming, as the taxation of 4.5%, i.e. MT in 2006 had EUR 169
General Director, Andreja Josifovski, Makpetrol cadmium remains to be the main problem. million income and EUR 157 million last year.
has decided to start producing this quality fuel, Today's edition of the daily newspapers The profit before taxation two years ago
which will contribute to supplant the low quality Biznis and Utrinski vesnik inform about the Ag- amounted EUR 77.6 million and EUR 74.1 mil-
fuels. According to him, based on the Law on reement for fast and successful revitalization of lion in 2007.
Energy, the company itself set the price of the the small hydro power plants, which was signed The news about the five-hour stoppage of
fuel. Josifovski says that representatives of the by the domestic electro-distributive company the internet services of the Macedonian Tele-
Energy Regulatory Commission claimed that EVN Macedonia and the Czech company Hyd- com is also from the field of the telecommunica-
the commission does not have the jurisdiction ropol. The agreement projects acquittal of all tions. The users of the dial-up Internet and the
to adopt rulebook for mixture in which the parti- the previous misunderstandings regarding the ADSL services of Makedonski Telekomunikacii
cipation of bio-fuel is more than 5%. implementation of the ROT agreement for re- have remained five hours without the possibility
The new owners of the Smelter are not wel- construction of the seven small hydro power the surf the net, this morning. The stoppage ha-
come in Veles, the daily newspaper Vest publi- plants, which was signed with Hydropol and the ppened because of renewal, or more correctly,
shed, relaying the public message which was former PE ESM. The new time management superstructure of the internet network. This is
directed by the Veles Mayor Ace Kocevski to plan for fast rehabilitation of the seven small only the first phase of the planned activities for
the Swiss who gained most part of the factory hydro power plants of EVN is especially neces- reconstruction of the internet-network, and for
by redemption of claims. Representatives of the sary in time when major investments are need- the next period have been projected new inter-
Swiss company Mineco had short meeting with ed in the production of electricity in Macedonia, ventions.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS


1. BIODIESEL FUEL ON SALE (****)
2. EVN AND HYDROPOL WILL REVITALIZE THE SMALL HYDRO POWER PLANTS (***)

DNEVNIK TELECOM
p.1 THE FOOD IS THE MOST EXPENSIVE IN MACEDONIA p.9 MAKPETROL KICKS START WITH BIODIESEL FUELS
p.1 NEW TAX STRIKE FOR THE SMALL COMPANIES p.8 LAST YEAR T-MOBILE HAD BETTER RESULTS THAN
p.7 THE FOOD IS THE MOST EXPENSIVE IN MACEDONIA TELEKOM
p.7 HELLENIC INVESTS, BUT NOT IN OUR COUNTRY
p.7 TRIGLAV SATISFIED WITH THE ENTRY IN VARDAR OSIGU- VECER
RUVANJE p.6 AMERICAN COMPANY BUYS TURKISH MIGROS
p.9 THE SALE OF MOLIKA FAILED p.6 NEW AGREEMENT FOR CONSTRUCTION OF THE SMALL
HYDRO POWER PLANTS
BIZNIS p.7 ARREST OF THE FIRST MAN OF DEUTCHE POST
p.1 BIODIESEL FUEL ON SALE
p.1 OFFICIAL MARKET WITH 71, 88% PARTICIPATION VREME
p.3 BIODIESEL FUEL ON SALE p.6 PROFIT OF MAKTEL DECREASES, AND OF T-
p.3 EVN MACEDONIA AND HYDROPOL HAVE SIGNED AN MOBILE INCREASES
AGREEMENT p.6 VELES DOES NOT WANT YOU!
p.4 VIZBA WITH SELECTED QUALITY VINES p.6 DEPRECIATION OF ALMOST ALL SHARES
p.4 LOZAR PELISTERKA TO INCREASE ITS VINEYARDS p.7 EXPERTS FEAR DEVALUATION OF THE DENAR
p.4 SKOVIN EXPECTS CERTIFICATE FOR FIRST ORGANIC WINE p.7 INFLATION TO BE REASSESSED
IN THE COUNTRY
p.4 INFLATION TO BE PROJECTED ACCORDING TO NEW VEST
MODEL p.2 NEW OWNERS OF SMELTERY ARE NO WELCOME IN VELES
p.11 OFFICIAL MARKET WITH 71, 88% PARTICIPATION p.3 BIODIESEL TO BE PUMPED IN MACEDONIA
p.11 MBI-10 MARKS APPRECIATION FOR 40, 72 INDEX POINTS
p.11 MBI 14.02.2008 NOVA MAKEDONIJA
p.11 TRADING IN MKD 46.085.592, 27 p.1 ONLY COMPETITION CAN DECREASE PRICES
p.11 ARCELOR MITTAL MAKES OVER $10 BN p.6 ONLY COMPETITION CAN DECREASE PRICES
p.6 GAS SYSTEM TO BE INSTALLED IN STRUMICA
UTRINSKI VESNIK p.6 GENERAL MOTORS REPORTS RECORD LOSS
p.6 SMELTERY SHUT DOWN FIVE YEARS, VELES CITIZENS p.6 SLOVENIAN AGROKOR DID NOT SUCCEED BUYING THE
STILL BREATHING TOXINS TURKISH MIGROS
p.11 MBI 14.02.2008 p.7 FAST REVITALIZATION OF THE SMALL HYDRO POWER
p.8 THE INTERNET FROM TELECOM DISRUPTED FOR FIVE PLANTS
HOURS p.7 NEW TRANSFORMER STATION IN SKOPJE
p.8 EVN AND HYDROPOL WILL REVITALIZE THE SMALL HYDRO p.7 SHARES OF MAVROVO MAKE 38 PERCENT OF TURNOVER
POWER PLANTS ON OFFICIAL MARKET
p.8 OKTA AMONG THE TOP TEN TAX PAYERS p.7 OIL BECOMES CHEAPER
p.8 WARRANT FOR ARREST OF THE FIRST MAN OF DEUTCHE
16 berzNIK number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 18.02.2008

16.02.2008 SATURDAY
1. SHORT REVIEW OF EVENTS
WiMAX technology for broadband wireless of electricity instead of developing a strategy for but hardly grant credits. Banks offer, but hardly
access prompted interest among companies in unavoidable price increase to go gradually and grant credits.
Macedonia, Saturday editions of daily papers in reasonable term. Transparency Macedonia Citizens are revolted by some domestic
convey. Participants on the workshop, organ- asks the Government to adopt social program banks. They offer their credits on spectacular
ized by the Agency for Electronic Teleco- and investments in order to motivate the saving way, and later, when citizens submit application
mmunications, were introduced with the experi- of electricity and using of other type of energy. for granting credit and collect pile of documents
ence and problems in implementation of this Officials in Macedonian Power Plants (ELEM) required by the banks, receive negative
technology in other countries. The road to intro- claim that forecasted cold wave and low tem- response. Citizens are angry because to apply
duction of WiMAX technology, which represents peratures are not going to cause lack of elec- for credit you need pile of documents and waste
broadband internet access, is different. But, tricity in the country. ELEM informs that they time, and costs are paid by the applicant.
basically, existing telecommunications opera- pay watchful attention and follows daily Citizens are also angry because of the reasons
tors, which are monopolies, make certain demands of electricity in Macedonia. According for receiving negative response…
obstructions to WiMAX operators. This is one of to them, REK Bitola and REK Oslomej are tech- On the other hand, Dnevnik informs that
problems that companies that offer WiMAX nically prepared to transmit required amounts of interest rates for savings deposits will increase
technology are facing. Some participants on the electricity, and duty teams are in mobile condi- this year as well. This is confirmed by domestic
workshop from several countries in the region tion. bankers. The trend of increase of interest rates
stressed that strong fixed and mobile operators, According to Vecer, the biggest consump- of deposits started last year and it is present in
which already have introduced systems from tion was registered by Feni Industry, followed all countries in the region. Bankers decided to
the second or the third generation, are trying by by Silmak from Jegunovce, factory registered increase the interests, to stimulate the citizens
offering low prices for their services that recom- as user of electricity, but probably will not use to deposit their money on longer term. This way
mend WiMAX technology to disable normal required amounts because the factory in this banks provide secure and cheaper sources for
operation of WiMAX operators. Beside that, moment is closed. crediting of citizens and companies.
operators face problems with documentation for In order of satisfying demands of electricity Friday EuroCity Consulting d.o.o. is new
installing of the infrastructure. in Macedonia, beside 60% of domestic produc- shareholder of MSE. On yesterday trade this
Top issue in today`s editions is the lack of tion, additional 40% will be provided from company bought 148 shares of MSE, which is
electricity, again. Forecasts fro low tempera- abroad. 5.3% of the capital. Friday shares of Stopanska
tures moved all involved in this issue. Non-gov- According to information released by Banka Bitola record highest turnover with total
ernmental organization Transparency Interna- Vreme, Greece is going to save Macedonia of 113,150 euros, and shares of Mavrovo
tional hurried on with accusation sent to from lack of electricity again, because state record greatest drop.
Government`s address that the cabinet spent power plants are unable to meet requirements.
18 months for political maintaining of low price Utrinski vesnik conveys that banks offer,

2.TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS


1. POPULISM DOES NOT MAINTAIN LOW PRICE OF ELECTRICITY (***)
2. WiMAX PROMPTS COMPANIES` INTEREST (***)
DNEVNIK p.8 FENI LARGEST ELECTRICITY CONSUMER IN OUR COUN-
p.7 MBI 15.02.2008 TRY
p.7 BANKS` INTEREST RATES RISE p.9 MODERN TRADE CENTER, INSTEAD OF STAIRS
p.7 POPULISM DOES NOT MAINTAIN LOW PRICE OF ELECTRIC-
ITY VREME
p.9 WiMAX PROMPTS COMPANIES` INTEREST p.7 GREEK ELECTRICITY FOR SALVATION
p.15 TRADE CENTER TO BE BUILD OPPOSITE BISER p.7 SHARES OF MAVROVO WITH GREATEST DROP

UTRINSKI VESNIK VEST


p.7 MBI 15.02.2008 p.7 EUROITY CONSULTING BOUGHT 5.3% OF MSE
p.7 BANKS` INTEREST RATES RISE
p.7 POPULISM DOES NOT MAINTAIN LOW PRICE OF ELECTRIC- NOVA MAKEDONIJA
ITY p.7 INCREASE OF THE EXPORT TO GERMANY AND THE
p.9 WiMAX PROMPTS COMPANIES` INTEREST REGION
p.15 TRADE CENTER TO BE BUILD OPPOSITE BISER p.7 THE BUSINESS PLAN IS BILLION EUROS FROM THE INSUR-
ANCE PREMIUMS
VECER
p.6 ELEM IN STATE OF MOBILITY SPIC
p.8 PRICE OF ELECTRICITY GOES UP IN MARCH p.5 FACTORIES VICTIMS OF INDEPENDENT KOSOVO
p.8 NUMBER OF TOURISTS INCREASE FOR 7.4%
p.8 IN ALBANIA AND KOSOVO ACROSS MACEDONIA
Date 18.02.2008 number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
17
11.02.-16.02.2008 MONDAY-SATURDAY
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS because of the frequent defects in the recent period in the "Suvodol" mine,
Lead and zinc Smelter before a restart? from where the biggest reserves of coal for electricity production are extract-
THREE BAD SOLUTIONS FOR VELES ed. The recent defect, which happened because of the landslide in the
All options regarding the Smelter near Vardar are against the eco- southern part of the "Suvodol" mine, was repaired, but there was a stoppage
logical standards or against the economic logics in duration of 40 hours.
The spirits of discord and anxiety have awakened in Veles once more. What was the damage inflicted to this country?
On one side are the united ecologists, who are asking the City to say stop KONJANOVSKI: It is true that there was a 40-hour stoppage. But, it is
to the heavy industry because of the high toll that the citizens are still pay- a reality in the "Suvodol" mine today.
ing through the high death rate and the chronic diseases. Although they are Nikolajco Nikolov, Deputy General Manager in the copper mine "Bucim"
not actually here, like some awaken spirits, the city is full of supporters of in Radovish
the old profiteers with lead and zinc, who are preparing the field for a restart We are achieving maximal production with the team of experts in "the
of the facility, most likely with a smaller investment, within the frames of the copper walk on wire"
existing technological performances of the Smelter. Mayor Ace Kocevski Our policy was and stayed that there should not be politics in the indus-
and some other promoters of our potentials are trying - as a certain third trial complex, but that everyone must do his job honestly, professionally and
option - to find investors that would pay for the dislocation of the lead and with discipline.
zinc concentrate production away from the city, by which the citizens of NIKOLOV: Generally speaking, we are satisfied with the quality of the
Veles and Macedonia would receive a strong economic input that would work force and the human resources. It also was one of the facts which con-
completely change the atmosphere of economic hopelessness. tributed for "Bucim" to be renovated within a short period and a maximal
usage of the installed capacities to be achieved. We have a great deal of
KAPITAL qualified experts from all fields and we are sorry that the number of job
MACEDONIAN CONTRACTORS MAKE NEW DEALS WORTH 100 vacancies is limited. There is potential of labor which should be used.
MILLION EUROS
In 2007 Macedonian construction companies performed construction FORUM
works abroad worth 4,976,219 thousand denars or 81 million euro, which Discussion with Andrej Mihajlovic Kuku
comparing to the year before is an increase of 112.2%, show the date from LUKOIL IS (NOT) LEAVING
the State Statistical Office. The big increase comes due to the increased (Continues from Page 26)
work volume of Macedonian contractors in Ukraine, which covers 48,9% of Forum: Lukoil made a big entrance in Macedonia, with promotions, rib-
the overall construction work done last year abroad. bon cutting ceremonies, top politicians, priests. What happened? Is not a
period of three years, as much as Lukoil is stuck in Macedonia, too long in
SELECTED 15 SOCIALLY RESPONSIBLE COMPANIES order to explain the stoppage of the realization of the agreement between
Out of the 75 Macedonian companies which applied for certificate that Lukoil and the Republic of Macedonia with administrative reasons?
they are socially responsible companies, the Government of Federal Mihalovic Kuku: It is true that the third year from the signing of the
Republic of Germany that had announced the competition for promoting the Memorandum for cooperation between the Government and the Republic of
CSR concept (Companies' Social Responsibility) in the region of Southeast Macedonia and Lukoil will be completed on 14th of June 2008.
Europe, selected 15 companies from our country that have the chance of Is it really (un)thinkable for Lukoil to leave the Republic of Macedonia,
receiving recognition of being socially responsible enterprises: Tinex MT at least as a strategic world class firm, and did something similar happened
DOEL Skopje, Makpetrol AD Skopje, Rade Koncar Servis, Birkart Logiaik with some other Lukoil firm around the world?
DOEL Stip, Farmohem DOO Skopje, Makstil AD Skopje, Cementarnica Usje Only the management of our company decides whether to open or
AD Skopje, Tutunski Kombinat AD Skopje, Net AD Skopje, Duna Computers close a daughter firm of Lukoil in whichever country. In accordance with the
DOO Skopje, Teteks AD Tetovo, Public Traffic Enterprise Skopje, Renovo company's strategy, Lukoil Macedonia will continue developing and we are
DOO Skopje, Mont DOOEL and Ading AD Skopje. convinced that we will also be supported by the Government of Republic of
Macedonia.
TIKVES THE MOST FAVORITE REGIONAL BRAND
Macedonian brand Tikves (the biggest winery in Southeast Europe) THE STOCK EXCHANGE IN A "BAD" POSITION
received the award of "The most favorite regional brand" on the Brand Fair The value of the market capitalization of all companies listed on the
International that took place on Official market of the Macedonian Stock Exchange lost over EUR 700 mil-
07- 09.02.2008 in Belgrade. About 20,000 visitors voted for Tikves, in lion in the period since the beginning of September last year until the end of
competition of 70 other brands. This fair is the only one in the region and January this year. It is an amount higher than the amount of the foreign
one of the most popular specialized fairs for branding in the world. investments in Macedonia in the last three years. Despite of the fact that this
is a theoretical loss, many people who kept their…
Trend on the Macedonian capital market
BLOOMS THE BUSINESS WITH BROKERAGE HOUSES Last week
Last year the turnover on the Macedonian Stock Exchange was about AGAIN DOMINATION OF THE SHARES OF "MAVROVO"
680 million euros, 494 million euros of which realized in the classical trad- With 19.76%, "Tutunski kombinat"-Prilep registers the biggest increase
ing and the rest block transactions. That was record-breaking year for of the price on Friday in comparison with Moday
Macedonian capital market, time when the euphoria was coming in waves One more modest trading week, judging by the realized turnover of
and the people were buying shares as if it was the last thing they are doing MKD 245.2 million of which, 85% were realized on the Official market,
in their life. Of course all those transaction went through the hands of where a total turnover in the amount of approximately MKD 210 million was
Macedonian brokers, their primary brokerage house actually. realized. There is a positive weekly change of 33.04% in this segment of the
classic trading, but the total turnover realized last week registers a fall of
MAKEDONSKO SONCE 1.32% in comparison with the week before. Only…
Interview ZORAN KONJANOVSKI, REK "BITOLA" GENERAL MAN-
AGER Jadranka Mrshic, KB First Pension Company General Manager
(1) REK "BITOLA" OVERWORKED WAITING FOR THE STATE WE EXPECT TO HAVE 100,000 MEMBERS UNTIL THE END OF THIS
REK "Bitola" supplies 75% of the population of the Republic of YEAR
Macedonia with electricity, and regretfully, there is not a substitute for it. The At the end of January this year, we had 87,022 members, which pres-
state did not manage that kind of policy, with which, it would build several ents 52.7% of the members in the two-pole pension system in Macedonia.
more energy capacities in order REK "Bitola" to make a break in the future. We expect new members to join the Fund and that the number of members
If we have a problem and have to shut down one of the blocks, there are not will exceed 100,000 until the end of this year
any other capacities to replace us. If the producer of the equipment of REK Forum: Recently, you decreased the commission for your members in
"Bitola" predicted 6,000 working hours per year, we have worked even 7,000 0.6%. Why did you do this?
hours in the past 20 years, so it would be normal if the equipment would Mrshic: Our objective is to provide security and profit for a high pension
break down faster than predicted; General Manager Zoran Konjanovski for the members of the Fund. Even in the third year of managing with the
explains the reason for the frequent defects in REK "Bitola". money of the Fund's members, KB First Pension Company is trying to
Mr. Konjanovski, REK "Bitola" is constantly attacked by the public achieve the members' interest…
18 berzNIK number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 18.02.2008

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 11.02. - 15.02.2008
Date 18.02.2008 number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19
20 berzNIK number 10
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 18.02.2008

ALKALOID AD SKOPJE KOMERCIJALNA BANKA AD SKOPJE

ZK PELALAGONIJA AD BITOLA GRANIT AD SKOPJE

ADG MAVROVO BETON AD SKOPJE

MAKPETROL AD SKOPJE MAKSTIL AD SKOPJE

STOPANSKA BANKA AD BITOLA MAKEDONIJA TURIST AD SKOPJE