MAK-NEWS 04/05/95 (M.I.L.S.)

From: "Demetrios E. Paneras" <dep@bu.edu>

CONTENTS

  • [01] TEGOVSKI-CUTILLIERO TALKS

  • [02] SULEIMANI AND FEIZIU SENTENCED

  • [03] STATISTICS

  • [04] GOCE DELCEV TRIBUTE TO BE AWARDED TODAY

  • [05] INTERNATIONAL ARTS BIENNIAL

  • [06] CELEBRATIONS OF VICTORY OVER FASCISM JUBILEE

  • [07] HUMANITARIAN BRIEFS

  • [08] MILS SPECIAL SUPPLEMENT: FACTS AND FIGURES ON PRIVATIZATION IN MACEDONIA - PART I

  • [09] SALE OF SHARES OF THE JOINT-STOCK COMPANY "OTEKS" OF OHRID

    •

    M I L S N E W S

    Skopje, 4 May 1995

    [01] TEGOVSKI-CUTILLIERO TALKS

    Macedonian ambassador to Belgium Jovan Tegovski met yesterday with Jose Cutilliero, Secretary General of the West European Union. They discussed Macedonia's international position and relations with neighbors, particularly perspectives for resolving the dispute with Greece. Tegovski spoke of efforts by Macedonia to become integrated into all European institutions.

    [02] SULEIMANI AND FEIZIU SENTENCED

    The District Court in Tetovo yesterday sentenced Fadil Suleimani (on grounds of inciting to resistance) to 2,5 years of imprisonment, and Milaim Feiziu (on grounds of participation in crowds) to 6 months in jail. The judge confirmed the indictment with the relevant decisions of the Government of the Republic of Macedonia and the Law on Specialized Education. In a final speech, the Public Prosecutor said the events caused polarization among the population on a national basis, as the acts of inciting to resistance by Suleimani have obstructed Government's conclusions regarding the university in Tetovo. The defense, on the other hand, insisted that it is decisions, and not conclusions by the Government, which can be protected by law. The court extended the custody of Fadil Suleimani until the verdict comes into effect, releasing Feiziu from custody. Suleimani's defense offered a bail of 50,000 German marks, but this is to be decided upon by the Criminal Council of the Court.

    [03] STATISTICS

    The January 1995 average wage in the Republic of Macedonia amounted to 8,444 Denars, while the basic living expenses were calculated at 10,142 Denars. In February, average wages fell down to 8,351 Denars, but the basic expenses also decreased to 9,774 Denars. 18.5 per cent (387,677) of the employed have still not received their February salaries. The number of unemployed in January (against the 185,906 unemployed in 1994) went up by 6.5 per cent, amounting to 197,968. The industrial production in February, as compared to the average production throughout 1994, fell by 17 per cent. Six industrial branches (mostly electricity and food-producing companies) have increased their production. The inflation rate in February went up by 0.2 per cent, and the living expenses increased by 0.1 per cent.

    [04] GOCE DELCEV TRIBUTE TO BE AWARDED TODAY

    Winners of the Goce Delcev 1995 Award will be promoted at the ceremonial hall of the Macedonian Parliament today. The following are to be awarded this tribute for achievements in the field of science: professor Dr. Ljiljana Minova Gjurkova, professor Dr. Vera Petrova, professor Dr. Ljiljana Ilievska, professor Dr. Trajan Gocevski, professor Dr. Delco Jovanovski and Dr. Novica Veljanovski.

    [05] INTERNATIONAL ARTS BIENNIAL

    The second Student International Arts Biennial is to be held in Skopje, on 6-9 May. The manifestation will be open and awards will be presented in the evening on May 6. 128 authors of 35 universities in 19 countries are expected to attend the biennial. An international seminar on the topic of "The National and International in the Contemporary Art" will be organized as part of the manifestation.

    [06] CELEBRATIONS OF VICTORY OVER FASCISM JUBILEE

    Skopje's city committee for celebration of the 50th anniversary of victory over fascism held a meeting yesterday, to determine a celebration program. The central celebration will take place under the Stone Bridge in Skopje, on May 5, with a show called "Hail to Freedom". Flowers will be laid at tombs of fallen fighters on May 9 and city mayor Goran Nikolovski will give a cocktail party for foreign diplomats in the evening. Several sports manifestations are to take part 9 to 13 May. On the same occasion, the Macedonian-Russian Friendship Association, along with the Russian embassy in Skopje, will organize a public debate on "The Liberation War in Macedonia and Russia", at 11 a.m. in the Army Center in Skopje.

    [07] HUMANITARIAN BRIEFS

    After a longer period of being held up at the Greek- Macedonian border (on grounds of the documents being made out to the Republic of Macedonia), a humanitarian convoy from France arrived at the rehabilitation center in Demir Kapija yesterday. The aid consists of an ambulance, food, clothing, medicine and linen.

    [08] MILS SPECIAL SUPPLEMENT:

    FACTS AND FIGURES ON PRIVATIZATION IN MACEDONIA - PART I Announcement publicized on 15 March 1995

    The Privatization Agency of the Republic of Macedonia announced the sale of ten companies. Six of them are to be transformed through sale of their indivisible (ideal) part, whereas the remaining four decided to implement the management buy-out model. I. Companies transformed by sale of indivisible parts Joint-stock company "TETEKS" of Tetovo Activity..............Production of textile yarn, fabric and ready-made

    textile products Number of employees...............................................5,286 Total revenues (1993) - in millions of Denars...................1.329,6 Gross profit (1993) - in millions of Denars.........................2.2 Initial price of social capital on sale (in DM)............ ....167,495 Total number of shares...........................................53,990 Number of shares on sale......................................... ...92 Portion comprised by shares on sale out of total number of shares (in percentage).........................................0.17% Price per share (in DM)...........................................1,815 Join-stock company "SHARPROMET" - Tetovo Activity..............................................Retail trade with

    foodstuff Number of employees...............................................5,286 Total revenues (in 1993) - in millions of Denars.....................17 Gross profit (in 1993) - in millions of Denars........................0 Initial price of social capital on sale- (in DM)................112,220 Total number of shares..............................................821 Number of shares on sale............................................175 Portion comprised by shares on sale out of total number of shares (in percentage)........................................21.55% Price per share (in DM).............................................640 Public enterprise "SKOPSKI LOZAR" - Skopje Activity.............................................Production of soft

    drinks Number of employees..................................................56 Total revenues (in 1993) - in millions of Denars...................21.1 Gross profit (in 1993) - in millions of Denars........................0 Portion of total capital comprised by indivisible part (in percentage)...................................................85.0% Initial price of social capital on sale (in DM).................609,458 Public enterprise "BILKA-PROMET" - Skopje Activity..........Retail and wholesale trade with foods and other goods Number of employees..................................................61 Total revenues (in 1993) - in millions of Denars...................13.5 Gross profit (in 1993) - in millions of Denars.....................0.01 Portion of total capital comprised by indivisible part (in percentage)...................................................85.0% Initial price of social capital on sale (in DM).................335,879 "ZHITO MAKEDONIJA Ltd." - Skopje Activity...................Wholesale trade with grain and mill products Number of employees..................................................40 Total revenues (in 1993) - in millions of Denars..................212.9 Gross profit (in 1993) - in millions of Denars.....................0.70 Portion of total capital comprised by indivisible part (in percentage)...................................................2.19% Initial price of social capital on sale (in DM)..................42,549 "INTEKS Ltd." - Skopje Activity...............................Foreign trade with non-foodstuff Number of employees..................................................68 Total revenues (in 1993) - in millions of Denars....................1.6 Gross profit (in 1993) - in millions of Denars......................1.6 Portion of total capital comprised by indivisible part (in percentage)...................................................2.76% Initial price of social capital on sale (in DM).................264,508 II. Sale of enterprises by a management buy-out method Joint-stock company "FERSHPED" - Skopje Activity....................Inland and international freight forwarding Number of employees.................................................406 Total revenues (1993) - in millions of Denars...................1.647,6 Gross profit (1993) - in millions of Denars........................31.1 Initial price of social capital on sale (in DM) ..............8.114,100 Total number of shares...........................................18,113 Number of shares on sale..........................................6,771 Portion comprised by shares on sale out of total number of shares (in percentage)...........................................37.38% Price per share (in DM)...........................................1,200 Joint-stock brewery "Skopje" - Skopje Activity.............................................Production of beer Number of employees.................................................453 Total revenues (1993) - in millions of Denars.....................930.7 Gross profit (1993) - in millions of Denars.......................133.2 Initial price of social capital on sale (in DM)..............10.288,560 Total number of shares..........................................138,438 Number of shares on sale.........................................36,408 Portion comprised by shares on sale out of total number of shares (in percentage)...........................................26.30% Price per share (in DM).............................................283 "ANGROTEKS Ltd." - Shtip Activity...................................Wholesale trade with textile

    and ready-made clothing Number of employees..................................................53 Total revenues (1993) - in millions of Denars......................79.8 Gross profit (1993) - in millions of Denars.........................2.1 Initial price of social capital on sale (in DM) ................803,941 Portion comprised by shares on sale out of total number of shares (in percentage)...........................................50.25% Joint-stock company "MAKEDONIJA TURIST" - Skopje Activity...................................Catering business and hotels Number of employees.................................................432 Total revenues (1993) - in millions of Denars.....................236.4 Gross profit (1993) - in millions of Denars........................39.9 Initial price of social capital on sale (in DM) ..............7.154,551 Total number of shares..........................................207,471 Number of shares on sale.........................................65,638 Portion comprised by shares on sale out of total number of shares (in percentage)...........................................31.64% Price per share (in DM).............................................109

    [09] SALE OF SHARES OF THE JOINT-STOCK COMPANY "OTEKS" OF OHRID

    The joint-stock company "Oteks" of Ohrid, having begun its transformation under the old laws, entered the process of ownership transformation with capital structured in such a way that 82.02 per cent of it is comprised by share capital, while the remaining 17.92 per cent is social capital. The board of directors of "Oteks", acting in accordance with the 1994 decision on transformation, decided to complete the privatization process by handing over the remaining shares to the Privatization Agency. In compliance with the law, the Agency is obliged to put up the shares for sale within 90 days. Article 95 of the Law on Transformation of Companies With Social Capital states that, until a proper securities market has been organized in the Republic of Macedonia, it is the Privatization Agency which will determine the way and procedure of the sale of shares, in accordance with specially brought regulations. Acting in accordance with its legal obligations and following the adoption of Sale Regulations, the Agency began with preparations for organizing a primary securities market. The joint-stock company "Oteks" was the first enterprise the shares of which were put up for sale. The Agency authorized the following ten companies to act as agents at the market: Komercijalna Banka - Skopje, Tutunska Banka - Skopje, Makedonska Banka - Skopje, Teteks Banka - Tetovo, Almako Banka - Skopje, Invest Banka - Skopje, Eksport-Import Banka - Skopje, and the brokers SMART and REKSKO of Skopje. Citizens and legal entities are to submit offers to the authorized agents and the latter will perform the buying on their behalf. The Agency also published a presentation prospectus of "Oteks", including the most significant financial figures and situation in the company. The prospectus has been delivered to all interested and potential buyers through the authorized agents. The first public sale of shares of "Oteks" was held on 28 March 1995. 17 shares were bought at a price of 60 DM per share, out of the total number of 81,175 shares offered at an initial price of 75 DM per share. All 17 shares were bought by Almako Banka of Skopje. The shares of "Oteks" put up for sale by the Agency are ordinary, made out to individuals, transferable with full endorsement, provide a right to a voice in the managing board (each share equals to a right to one voice), bring an annual dividend depending on the sales revenues and, in case of liquidation or bankruptcy, secure a right to a equal share in dividing the remaining part of the assets. The primary securities market is open every Tuesday from 10 a.m., at the Agency's premises.

    (to be continued)

    (end)

    mils-news 4 May '95

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