berzNIK - YEAR II - NUMBER 22 -12th MAY 2008 - (SUPPLEMENT OF TENDERNIK)

IS A REAL PLACE FOR BUSINESS

BY ACTIVE RECEPTION, YOUR SITE
Date 12.05.2008 number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
3

Inflation
halted?
- Inflation is halted and there is no price increase, Large importance for achieving of goals of National Bank
Minister of Finance Trajko Slavevski said. is the contribution that can be given by other market partici-
There is not increase of the inflation and current 10% are pants.
equal to March. The margin between March and April is only
0.4%, which is relatively low level, Slaveski
assures and expects halt of the inflation to There in optimism on the securities market too. Although this week, simi-
continue. It is expected to start dropping as lar to a long period previously, the stock market dynamics equals with zero, the
rate measured month by month and reach good news compared to the good continuous stagnation is the show up of the
the expected level of 5%, which is agreed new participant on the market, one with foreign background. The brokerage
with IMF company from Sarajevo Eurohouse has opened a company – daughter, bro-
In favor of Minister`s thesis that the kerage house in Macedonia. Eurohouse has 14 branches in the region and
inflation for now is on a standstill, go recent according to the information there have been 47 thousands of clients and they
statistical records, according to which, con- have made a turnover of 165 millions of euros in the last year. The executive
sumption basket of one four-member fami- director of Eurohouse in Macedonia Sasho Drakulovski, says that although
ly in April 2008, calculated on the base of there are numerous brokerage companies in Macedonia, realistically there is
retail prices is 12,404 and compared to the a potential of development of this market, because the value of the companies
last month it is 0.6% higher. is still being underestimated.
Beside statements that the inflation is -Currently there is stagnation on the market, therefore we can say that the
halted, NBRM increased treasury bills prices are 50% lower than five to six months ago, which is an interesting
interest rates from 6% to 7%. Such deci- moment for the new investors, which Eurohouse will bring from Austria,
sion, according to NBRM announcement, is Germany and other European countries. Now, in Macedonia there are many
a result of macroeconomic movements funds from the neighboring countries, Croatia, Slovenia, and Serbia. Our pur-
which indicate on short and middle term pose is to bring new and fresh brands which are relatively big for our market.
risks which might have negative effect on The big foreign banking brands have still not entered.
fulfilling the goals of the macroeconomic Eurohouse starts to operate on our market in a relatively bad moment,
policy. However, according to the last when the market is in stagnation, the turnover is small, and some of the cur-
records, annual inflation rate shows signs rently 28 brokerage companies have announcements that they will end their
of stabilization, but monthly rate, although work, while others are on sale, Drakulovski is categorical: - This has happened
slowly, grows with simultaneous growth of on more developed markets than the Macedonian too. Because the market on
the average inflation. This shows that there the HV is interesting on the beginning, and there is big euphoria, where every-
is still risk of inflation and aggravating of one thinks they
economy`s external position. Monthly in can have a broker-
inflation rate in April amounted 0.4%, which age company. The
Eurohouse
is 0.4% halt compared to past two months, experience shows
and average inflation increased 9.7%. that the strongest – new player on the
Annual inflation rate is almost unchanged survive. And it
and amounts 10.1% which is positive sig- would be normal
nal. On the whole, the level of inflation is for some of them
market
high and expectations are still possible. to be closed, some to merge together. Meaning that in the future there would
Major motivator of the inflation, which ex- be merging of brokerage houses, and I expect for strong foreign brands to
plains 79% of the annual change of the come, which are still not present in our country in big numbers.
inflation, in April, is changes on price of the The future and the purpose of this market as well as of the others in
food. Positive signal represents the fact the Region, because of the low solvency, Drakulovski sees it in merging of all
that April basic inflation without food and of these markets in one stock market. – for instance, when a world fund would
energy declined on 2.6% from 20.7% in come to us, wanting to invest 30 to 40 millions of euros, it can not happen on
March. the Macedonian market. When all of the markets in the Region, from former
In the external sector, which is excep- Yugoslavia would merge together they would be a good target for the foreign
tionally important for macroeconomic per- funds. A principal agreement for that and the environment from these countries
formances and maintaining of the macro- are present – I hope that it will soon happen. Because the only future for our
economic stability, deepening of the trade markets having been of the small capacity, lies when they would merge into
deficit in the first quartile of the year contin- one. On the other side, according to Drakulovski, besides the banking sector,
ued, which is almost 80% higher on annual there is a potential for investing in other areas. – Currently, world trends are
base, in case of significantly slower growth the companies in the area of metallurgy and construction, as well as the agri-
of the export (9.5%) compared to import of cultural companies, because above all, Macedonia is agricultural country.
goods (30.8%). Approximately, half of this Because we can not develop from the computer technology, we should
change shows extended deficit in exchan- advance in what we have, and I think that in the near future the food industry
ge of energy. Yet, having on mind the will be a barometer for the foreign companies and will attract high interest. One
growth of wide consumption goods (which only expects favorable moment. On the other side, the company from Sarajevo
is only a part of the price effect from the Eurohouse has a holding company, brokerage house and a company for fund
growth of import price of food), can be con- management.
cluded that the rapid growth of consump- Of course, the positive financial reports of the quoted companies, which
tion credits, as well as the increase of the are slightly or even more than that better than the last year, represent opti-
salaries, contribute towards creation of mism for the investment community.
external disparity. We hope that a dosage of optimism in their perception will bring the
In the exceptionally high growth of announcement of new emission of securities of “I develop”, a British company
credits` participation in 2007 GDP, enor- that works mainly on development and sales of software solutions. The action
mous financial intensification continued in of I develop was practically unified refreshment on the market, with a turnover
the first months of 2008. Credits` annual of 0.3 millions of denars, realized with the trade of 4 000 shares by unique
growth rate in March reached 42.2%, in price of 80 denars per a share.
conditions of almost 60% of population
credit growth. In conditions when large part Until the next Monday
of crediting of the population goes to the growth of consump- Makedonka Baldazarska
tion credits, such financing of the personal consumption ad-
ditionally stimulated inflation pressures, and contributes for BerzNIK editor-in-chief
aggravating of the current payment balance account. e-mail: berzNIK@interNIK.com.mk
 4 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
PROCREDIT BANK AND EUROIMPEX WITH JOINT OFFER
SUITABLE LOANS FOR PEUGEOT
A suitable offer for your business is the joint
offer of ProCredit Bank and Euroimpex – gener-
al importer of Peugeot for Macedonia crediting.
Specially created credit line is intended for
Peugeot vehicles with suitable business credit.
In the frames of the operation, which is
going to last until 9 June, each businessman
will have the chance to apply for credit for
Peugeot commercial or other vehicle supply,
only with 10% participation and payment dead-
line of 7 years. It is a simple and quick proce-
TRIBUNE: AGRICULTURALIST FINANCING- PERSPECTIVES AND CHALLENGES
The opportunities for financing the agricul-
ture, through the Agricultural credit discount
fund(ACDF) ,from the aspect of Ministry of
finance, the financial institutions and agricultur-
alists ,as end consumers, was the topic of the
last week’s tribune, Agriculturalist financing-
perspectives and challenges
- Only in the first four months of the year
are realized 5570 agricultural credits, in total
amount of 5,8 millions of euros. This year, the
agriculturalists had opportunity to use credits
with favorable interest rates from 4% to 6, 5%,
provided through the Agricultural credit discount
fund. For primary agriculture the heights of
credits is up to 100.000 euros and for manufac-
turers up to 200.00 euros, said at the tribune
the minister of finance, Trajko Slavevski. The
general goals of ACDF are to provide continu-
ous inclusion in sector of finance in Republic of
Macedonia in crediting the agro-complex by
creating a model for credits refinancing, to inte-
grate the Macedonian agriculturalists in the
financing sector, to develop credit products
acceptable for the agriculture and rural house-
holds and to reduce the risk of the institutional
capacity of finance institutions, explains
Slavevski. According to him, the agriculturalists
have showed interest for these credits, but the
real needs of the market are much greater than
THE MACEDONIAN PRODUCTS PROTECTED BY THE STATE
THE GEOGRAPHIC NAME PROVIDED THE
BRAND OF THE MACEDONIAN AJVAR
The Faculty of technology and metallurgy
and the Faculty of agriculture in cooperation
with the Association of producers, made an
elaborate for procedure for manufacture and
recipe of the Macedonian ajvar. In the elabo-
rate, besides the recipe of this product, will be
contained conditions for its manufacture which
must be respected by the producers.
- Everyone who will apply ad receive an
approval to produce ajvar will have the possi-
bility to put the name Macedonian ajvar on the
label. That way will be guaranteed the quality
of the product, stated the minister of agricul-
ture Aco Spasenoski.
In order to realize the goal, a separate
number 22
dure and credit payment, and special advanta-
geous offer are the loans of 10.000 euros as
insurance if necessary.
This joint operation envisages as a compo-
nent the presentations of Peugeot composed
by well-known Boxer and Partner, as well as
Expert (declared for best van of the year in
Europe for 2008) and the smallest member of
the freight vehicles`s program Beeper- present-
ed in Macedonia for the first time.
Besides in Skopje, credit advisors of
IN FOUR MONTHS
- 570 AGRICULTURAL CREDITS
the disposable funds. Also, the credits ate
placed through seven banks and two saving
banks.
- During 2207, the Government took
measures for providing additional funds,
through new credit lines with considerable
lower interest rates. In June last year, the
Government reached decision for increase of
favorable credits offer for agro-complex,
through providing additional funds for crediting
through the Fund in amount of 21 millions
euros. So, the total available fund has
increased to 28millions euros, underlined
Minister Slavesvki.
In the Ministry of agriculture are expecting
the crediting, in few years, to increase the pro-
ductivity and export of our agricultural products.
- We are considering that the amount
of 400.000 euros for primary production and
800.00 euros for processing industry, which will
enable raising new capacities- stated vice-min-
ister for agriculture, Pero Dimshovski.
The agriculturalists are interested in favor-
able credits, but they have remarks for the
grace period, providing of mortgages and for
commission has been formed, composed of
professors from the Faculty of technology,
where control will be performed in order to see
whether those producers meet the criteria for
production of ajvar, in accordance with the pro-
cedures and the quality in the elaborate.
The commission will control the producers
of Macedonian ajvar every five years, to see if
they work in accordance with this elaborate,
and only they will have the possibility to use
this name on the Macedonian market, as well
as abroad. Those who have no permissions
will be punished appropriately, i.e. will be
closed and their products confiscated, stated
the minister Spasenoski. The name can be
Date 12.05.2008
ProCredit Bank`s branch offices, will be at dis-
posal together with the sale consultants of
Peugeot`s distributive network in Bitola, Veles,
Gositvar, Kicevo, Ohrid, Prilep, Tetovo and Stip,
where those who want to invest in their busi-
ness will have the chance to file up a form for
credit.
This cooperation, second of this type, is ini-
tiated due to increased sale in the segment of
commercial vehicles in the past few years as
well as to facilitate the purchase of the commer-
cial vehicle for clients in this segment.
the deadline of payment.
- We believe that the grace period is
very small, it should be over three years, and so
the deadline for payment should be longer. We
are aware that the agriculture is risky for credit-
ing, therefore we are demanding the measure
for insurance to be connected with the credit-
ing, because major part of the banks require the
agriculturalists to insure the production-
explained Marija Gosheva Kovachevik from
the Macedonian federation of agriculturalists.
The banks say that the terms will be
defined by the ministry of finance and the
Ministry of agriculture.
The Fund, as separate unit in the Ministry
of finance is formed in 2002, as part of the proj-
ect for financial services in the agriculture,
financed by the International fund for agricul-
ture development, IFAD. Through this fund,
3300 credits are realized, so far, and they can
praise that even 96% of them are paid on time,
and only 4% are in phase of delaying. 993 con-
trol inspections are made in the purpose use of
credits and misuse in only 9 cases is conclud-
ed.
used on the Macedonian and on the markets
abroad. Initially, it will be regulated by bilateral
agreements with the countries that are inter-
ested for importing the product, but the regula-
tion of the European Union will be applied as
well, because a country that is not a member
can ask for protection.
Beside the ajvar, the cheese from Galich-
nik, the wine Vranec, the onion from Buchim,
the beans from Tetovo, the rice from Kochani,
the sheep`s - milk cheese from Berovo, the
Mountain tea, the honey from Ovche Pole, and
as the minister said the yellow brandy form Ka-
vadarci, right by that name because it is a
brand on its own, will soon be branded. The
prices of the home production that will be bran-
ded and protected, will be higher on the home
and foreign markets.
 Date 12.05.2008 number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
C O N T E N T S 1. SHORT REVIEW OF EVENTS
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . 3 Last trade week realized 97.5 million denars from
block transactions, was explained in Alta Vista stock
STOCK EXCHANGE NEWS. . . . . . . . . . . . . . . . . . 4 market analysis, conveyed by Biznis. According to the
analysis, although weekly turnover seems to be large,
berzNIK, MONDAY, TUESDAY, WEDNESDAY..... 5-7 yet, major part goes to block transactions of shares of
Alkaloid. There was trade of 11,613 shares at price of
MACEDONIAN INDUSTRY BY EUROPEAN 8,400 denars per share. However, last week regular
STANDARDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9 trade realized turnover of 23.4 million denars, share of
Komercijalna Banka was by far the most traded. After
TTK BANK WITH NEW CREDIT LINE FROM announced quartile report on period January-March,
EBRD FOR SMALL AND MIDDLE-SIZED beside rising investors` interest, the share also marks
COMPANIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8-9 weekly increase of 1.75%.
It also reads that major part of Macedonian com-
RAY POWER, MANAGER OF IDEVELOP...10-12 panies that announced their results from the first quarti-
le in 2008, showed inhibition of the rate of economic
ACCORDING TO THE POLL OF THE activity measured across the dynamics of their record-
MACEDONIAN GERMAN ASSOCIATION....11 ed incomes and financial results of operative activity.
Long term growth is here, but hindrance on middle and
berzNIK, THURSDAY, FRIDAY, SATURDAY....13-15 short term can be felt.
Nova Makedonija conveys that European stock
WEEKLY MAGAZINES.............................16 market indices record strong boost on the last day of
previous trade week and reached highest values from
EVENTS THAT MARKED THE WEEK............17 the end of February. Main reason is the increase of
shares of some banks, as well as increase of shares of
SECURITIES EXCHANGE COMMISSION..........17 some Spanish companies. (Croatian Agency HINA).
European shares in April increased in average 6%, but
WEEKLY REVIEW OF THE MACEDONIAN they are still 17% below highest value recorded last Ju-
STOCK EXCHANGE............................18-19 ly.
The news for serious breakdown of the main exca-
vator in REK Bitola dominates all newspapers. Some
I M P R E S S U M hundred tons heavy rockslide Friday damaged main
excavator in the open-cast mine Suvodol (the defect of
mechanization worth 50 million euros), out of which
energy pillar REK Bitola excavates coal for production
of electricity, which meets 70% of state`s requirements.
Publishing: INTERNACIONAL NIK AD - Skopje Deutsche Telekom returns its monopoly position in
Media library and digital archive Macedonia, Vest conveys and pays attention to expect-
Editors office: berzNIK ed merging of Greek OTE and German Deutsche Tele-
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, kom, which should occur this week. The Commission
R.Makedonija for Protection of Competition will not allow creating of
Phone. 02/25.32.800 faks: 02/25.32.839 new monopoly in the field of domestic telephony, which
web: www.interNIK.com.mk; might happen this week after the negotiations between
e-mail: info@interNIK.com.mk Deutsche Telekom and Greek OTE, Commission`s
President Cedomir Kralevski, said. Up until Wednes-
Executive Director: Zdravko Josifovski
Account Menager: Divna Pesic
day, 7th of May, Deutsche Telekom and Greek Govern-
Public relations:
ICT Manager:
Natasa Dimovska
Kiro Velkovski 2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
Marketing manager: Ivona Josifovska 1. NEW DEFECT IN REK FOR A NEW PARTY ARGUMENT (****)
Assistent: Stojne Danilova
Logistics manager: Ana Petrova 2. EMIGRANTS INTERESTED TO INVEST IN MACEDONIA (***)
Finance manager: Gordana Stojanovska DNEVNIK
p.5 SEVERE ACCIDENT PRODUCED POLITICAL
STOCK EXCHANGE REVIEW OF EVENTS IN THE TENDENCY
PRINT MEDIA berzNIK
p.7 THE UNEMPLOYMENT DROPPED BY 1.4 PER-
berzNIK is founded in year 2007. CENT
p.7 FEBRUARY WAGE HIGHER THAN 9.1 PERCENT
STOCK EXCHANGE REVIEW OF EVENTS IN THE p.7 CONTRACTUAL PURCHASE FROM 800 PRO-
PRINT MEDIA berzNIK DUCERS
Number: 22 p.7 THE STATE OFFERS INFERTILE FIELD
Date: 12.05.2008 BIZNIS
p.1 ECONOMIC GROWTH WITH SLOWED RATE
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.12 CHART AND GRAPHIC REVIEW OF MBI-10
FROM 28.4 - 2.5.2008
FRONT PAGE PHOTO: p.12 REFLECTION IN POLITICAL INFLUENCES IN
SEMI-ANNUAL REPORTS
Photo: p.12 97.5 MILLION DENARS FROM BLOCK TRANS-
Robert Spasovski ACTION
p.13 MBI-10 INCREASED BY 42.03 INDEX POINTS
Editorial staff of berzNIK p.13 OFFICIAL MARKET WITH TURNOVER OF 15.17
Internet distributive system: www.interNIK.com.mk MILLION DENARS
Editor: Makedonka Baldazarska p.15 ECONOMIC GROWTH WITH SLOWED RATE
Journalist: Vaska Mickoska, Kiro Simonovski UTRINSKI VESNIK
DTP: Tatijana Trpkovska p.7 THE COMPANIES ARE NOT FIGHTING ABOUT
Editorial staff: THE NIGHT ELECTRICITY
News Evaluator: Anita Bashoska, R. Tasovska p.7 USJE MADE A PROFIT OF 28 MILLION EUROS
[operators]:Mare Lazarevska, Arslan Skoro, Zoran Stamatovski, LAST YEAR
Martin Arsovski, Gorge Redzik, Toni Arsovski i Darko Tripunovski p.7 EMIGRANTS INTERESTED TO INVEST IN MACE-
[translators]: translator's manager Senka Mihajlovska, Angelina
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta
DONIA
Menoska, Filip Koviloski, Darko Ivanovski p.8 THE DEAL BETWEEN DEUTSCHE TELECOM
Fotoreporter: Robert Spasovski AND OTE TO BE CONCLUDED
VECER
Marketing, distribucija i prodazba: p.6 460 MILLION EUROS FOR THE AGRICULTUR-
INTERNACIONAL NIK AD - Skopje ISTS!
p.6 THE MACEDONIAN FIRMS ARE AFRAID FROM
berzNIK
5
05.05.2008 MONDAY
ment should announce if there is reached agreement
for enter of German operator in OTE, which is the own-
er of Macedonian Cosmofon. This applies that Deuts-
che Telekom will take over the control over Macedonian
Telekom and mobile operators T-Mobile Macedonia
and Cosmofon, which holds the only license for 3G te-
lephony in the country, as well as the license for ireless
telephony. T-Mobile and Cosmofon hold more than
90% of mobile phone market.
Utrinski Vesnik conveys that domestic companies
are not interested to buy night surpluses of electricity
offered by MEPSO in period between 1st and 11th May.
Cement factory Usje is the only to purchase from this
electricity. This was the only company to take part on
the second bidding and purchased 770 megawatt-ho-
urs electricity, or 10 megawatt per hour, at price of 29
euros for megawatt-hour and pay MEPSO 22,000
euros. At the first bidding at the beginning of April, there
was no interest for purchasing of offered 1,617 mega-
watt-hours electricity at average price of 31 euros per
mWh. The third bidding is scheduled at mid this month,
but, according to some experts, there are not many
chances that any purchaser will appear.
It seems that Greek companies make profitable
businesses in Macedonia. It is proved by financial re-
sults of Macedonian cement factory in the last two ye-
ars, which is almost in entire ownership of Greek com-
pany Titan Cement. According to the balance of suc-
cess of this company, in 2007 it achieved profit of al-
most 28 million euros. Last year cement factory`s net-
profit amounts 1,708 billion denars or around 27.78 mil-
lion euros. Such solvent financial result, even better,
was recorded in 2006 in amount of 27.83 million euros.
In Nova Makedonija and Vreme can be red that
Macedonian in Australia want to invest in Prilep. They
want to invest in plant for production flexible pipes, as
well as selling alimentary products and shoes on Aust-
ralian market. Vitaminka Prilep already agreed ship-
ment of four contingents of products on Australian mar-
ket in amount of 50,000 dollars.
Vreme also conveys that the Government will
change its mind regarding the idea for import of wheat
in the eve of the crop. They explain that this goes in not
endangering the purchase of wheat of domestic far-
mers.
THE NEW CHALLENGES!?
VREME
p.6 IN THREE DAYS THREE MILLIONS OF EUROS
OF TURNOVER ON THE STOCK MARKET
p.6 THE GOVERNMENT IS CHANGING ITS MIND
ABOUT THE WHEAT
p.7 EXCAVATOR UNDERMINED THE ENERGETIC
STABILITY
p.7 TOYOTA RETRIEVES VEHICLES
p.7 ZHIVKO FROM AUSTRALIA CAME FOR FOOD IN
MACEDONIA
VEST
p.3 EC BANK: THERE IS NOT A PROBLEM WITH
THE MONEY TRANSFER FROM GREECE TO
MACEDONIA
p.6 DEUTSCHE TELECOM RETURNS ITS MONOPO-
LY IN MACEDONIA
NOVA MAKEDONIJA
p.8 MBI-10 INDEX INCREASED BY 1.86% LAST
WEEK
p.8 NEW DEFECT IN REK FOR A NEW PARTY ARGU-
MENT
p.8 STRONG INCREASE OF THE EUROPEAN
STOCK MARKETS
p.9 POSSIBLE DISASSEMBLY OF THE DOUBLE -
PILLAR PENSION SYSTEM
p.9 THE MACEDONIANS FROM AUSTRALIA ARE IN-
TERESTED TO INVEST IN PRILEP
p.9 THE FARMERS ARE CHASING SUBVENTIONS,
BUT THEY ARE RUNNING AWAY FROM EMPLO-
YMENT
SPIC
p.1 GREECE WANTS ELECTRICITY FROM TEC
NEGOTINO
 6 berzNIK number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 12.05.2008

06.05.2008 TUESDAY
1. SHORT REVIEW OF EVENTS
The news that the most famous Macedoni- and drinks for a four-member family being and Italy and Macedonia. The competent institu-
an specialty, the ajvar, has finally been branded 12,404 denars in April. The National Bank inter- tions in this country do not give official informati-
is present in all today`s newspapers. The home vened twice increasing the treasury bills inte- on whether they will accommodate Greeks, but
made ajvar with the brand name - Macedonian rests – measures that have partially slowed only say that the Negotino thermal power plant
ajvar could be sold on domestic and foreign down the inflation growth dynamics. is important for the energy stability of this count-
markets only by those who will produce the aj- Environment license or work ban is the title ry.
var in accordance with the recipe envisaged in of the article in Biznis, which explains that all in- The ban that has been imposed by the
the study made by the Faculty of Technology dustrial capacities that want to continue working Greek aviation authorities on the MAT with
and Metallurgy and Faculty of Agriculture in co- in future are obliged to submit application for re- which they do not allow the planes of the Mace-
operation with the Association of producers. In ceiving integrated environment license. Those donian air company to perform flights over the
order to produce Macedonian ajvar, companies institutions that will not fulfill the obligations will territory of Greece is not in accordance with the
must have certificate for geographic name for be forced to close the companies. So far, a total agreements of the European Union with the co-
the product, i.e. the origin of the product should of 72 applications are submitted to Environment untries from Western Balkan, the newspapers
be the region of Strumica, Radovis, Tikves or Directorate and FENI is the first industrial capa- convey the statements of the EC representati-
Prilep. According to the Minister Aco Spaseno- city who received “A” integrated environment li- ves from Brussels, which announced that they
ski, the entire procedure is in accordance with cense. REK Bitola, Makstil and FZC Kumanovo will put some efforts for finding a solution for the
the European regulation on geographic origin are in procedure of application approval. problem between MAT and the Greek aviation
protection and mark of the origin of agricultural Printed media also convey the announce- authorities.
products. ment by EVN that the electricity price will raise Vecer informs that the companies Matel –
The citizens of Macedonia are facing two-fi- in accordance with the world tendency of oil pri- MK and RZ Uslugi will, probably, lose the work-
gure inflation for a second month in a row. The ce growth. According to Gunter Offner, executi- ing licenses because, so far, they haven`t start-
statistical data, according to which, the living ve manager of the company, in order to satisfy ed offering the services that provide WiMax
costs in April this year are 10.1% higher than the the demand, 10 billion euros for construction of technology. AEK Inspectorate made supervision
same period last year, while the inflation in new capacities for electricity production should on all companies that had obtained national or
March was a bit higher than the inflation in April be invested in the Balkans in the following 15 to regional WiMax license and concluded that,
and recorded 10.2%. The April inflation denies 20 years. The lack of electricity is already felt in apart from Matel and RZ Uslugi, all the other
the prognoses that after March, when allegedly Greece, which will buy electricity from TPP Ne- companies had met the terms and kept deadli-
the inflation achieved its zenith, it would start di- gotino this summer. In the article of the Greek nes for setting base stations and they are, alre-
sappearing in April. The high inflation is primari- newspaper Katimerini is said that in order to co- ady raying - says Violeta Cvetkovska, spokes-
ly a result of the price increase of food and ver the lack, Greece will have to import electrici- person of AEK.
drinks, and the consumer goods basket for food ty from Macedonia, Bulgaria, Albania, Turkey
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
1. MACEDONIAN AYVAR PROTECTED WITH CERTIFICATE (*****)
2. EVN: THE ELECTRICITY PRICE WILL RISE (****)
DNEVNIK p.9 THE NEW ISSUE OF YELLOW PAGES IS OUT FOR 2008/2009
p.7 THE MACEDONIAN AJVAR BECAME A BRAND p.9 ONLY “FENI INDUSTRY” HAS INTEGRATED ENVIRONMENT
p.7 THE INFLATION CAN NOT FALL UNDER 10 PER CENT LICENSE SO FAR
p.7 MACEDONIA- HIDDEN TREASURE FOR THE AUSTRALIANS p.9 THE PAYMENT OF THE BONUSES FOR THE ASSOCIATES OF
p.7 FEWER EMPLOYEES IN INDUSTRY “ALLIANCE 1” STARTS
p.9 МBI 06.05.2008 p.9 AGROFILA FROM SHTIP IS BUYING 2 000 TONS OF SUN-
p.9 THE GREEKS CLAIM ELECTRICITY FORM TEC NECOTINO FLOWER
p.9 EVN: THE ELECTRICITY PRICE WILL RISE VECER
p.9 EU IS CONCERNED OF THE GREEK PROHIBITION FOR MAT p.6 RZ USLUGI I MATEL WITHOUT LICENSES
p.9 THE PETROL IN BOSNIA AND HERZEGOVINA MOST EXPENSIVE p.6 OFNER: HIGH PRICES OF ELECTRICITY
BIZNIS p.6 THE WATER LEVE IN THE ACCUMULATIONS RISES FOR 87 PER-
p.1 FERSPED WITH PROFIT OF 54 MILLION DENARS CENTS
p.1 FOR STATISTICAL BASKET – 200 EUROS p.6 AJVAR RECEIVED BRAND NAME- MACEDONIAN AJVAR
p.1 IN VENEZUELA FOR ONE EURO WHOLE RESERVOIR p.6 SOCIAL CONTRIBUTIONS ARE DECREASING FOR 10%
p.1 MACEDONIAN AYVAR PROTECTED WITH CERTIFICATE p.7 ECO – LICENSE FOR THE POLLUTERS OR CLOSURE
p.3 ENVIRONMENT LICENSE OR WORK BAN p.7 THE BAN IS AGAINST THE AGREEMENT WITH WEST¬ERN
p.4 IMB WITH WORKSHOPS FOR THE FACTORIES BALKAN
p.5 FOR STATISTICAL BASKET – 200 EUROS p.7 COSTS OF LIVING HIGHER BY 10.1 %
p.9 THIRD WORLD CORPORATIONS CONQUEST THE WEST VREME
p.9 THE CHINESE ECONOMY STRONGER THAN THE AMERICAN p.1 MACEDONIA PROTECTS AJVAR
p.12 MAKSTIL WITH A NET PROFIT OF 68.9 MILLION DENARS p.6 LIFE IS MORE EXPENSIVE BY 10% THAN LAST YEAR
p.12 PROFITS OF AROUND 8.5 MILLIONS OF DENARS p.6 THE STATE GETS HALF OF THE MONEY FOR PETROL
p.12 PROFIT OF 23.4 MILLION DENARS IN THE FIRST QUARTER p.6 NEW INVESTMENTS, MORE EXPENSIVE ELEC¬TRI-CI¬TY
p.12 NON-TRADE TRANSFERS OF LISTED COMPANIES` SHARES p.6 THE BANKS SHOULD HELP THE FIRMS
p.13 INCREASE OF MBI-10, DROP OF MBID p.6 THE TECHNICAL GOVERNMENT CAN INVITE TENDERS
p.13 TURNOVER OF 10.7 MILLION DENARS THROUGH 77 TRANSAC- VEST
TIONS p.3 WITH THE BAN ON MAT, GREECE VIOLATES EUROPEAN
UTRINSKI VESNIK AGREEMENTS
p.1 THE INFLATION DOES NOT STOP – 10.1% IN APRIL p.3 INFLATION OF 10.1 % IN APRIL
p.7 REK BITOLA UNDER MICROSCOPE OF THE PROSECUTOR’S NOVA MAKEDONIJA
OFFICE p.8 THE BONDS ARE DOMINATING
p.7 THE GREENS FROM VELES HAVE BEEN OFFERED MONEY TO p.8 EC- GREECE VIOLATE THE AGREEMENTS WITH EU FOR MAT’S
BE SILENT ABOUT THE SMELTERY? PROHIBITION
p.8 MACEDONIA TRADEMARKED THE AJVAR p.9 LIFE IN APRIL APPRECIATES AGAIN
p.8 MACEDONIA – FAVORITE DESTINATION OF AUSTRALIANS p.9 MEPSO: WATER LEVEL INCREASED BY 87%
p.8 TRADE DEFICIT GOES 655 MILLION DOLLARS YET IN FIRST p.9 BALKAN NEEDS 10 MILLION EUROS OF INVESTMENTS IN THE
QUARTER ENERGY SECTOR
p.8 IS THE PRICE OF ELECTRICITY GOING UP IN MACEDONIA? p.9 MACEDONIAN AJVAR CERTIFIED
p.9 TRANSLATIONS HAVE RETURNED TO THE CABLE OPERATORS SPIC
p.9 GREECE WILL DEMAND ELECTRICITY FROM TEC NEGOTINO p.1 THE AJVAR GOT UNIFORM AND MORE SALT
p.9 WE HAVE ENOUGH WATER FOR PRODUCTION OF OVER 200 p.7 THE INFLATION RATE 10.1 PERCENTS
000 MEGAWATT HOURS OF ELECTRICITY
 Date 12.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
The Government presents the factory for
ferronickel from Kavadarci, Feni Industry, with
golden card due to its regular settlement of lia-
bilities towards the state. This is today`s news
that hit the headlines of all print media, inform-
ing that a total of 30 companies in our country
will be presented with such recognitions. Feni`s
recognition was presented by Deputy Prime Mi-
nister Zoran Stavreski, who highlighted that the
factory was the most successful capacity in the
country, with three times larger production over
the past two years. Regarding the metal price
fluctuations on the world markets, Feni has tre-
mendous potential for growth and chances to
become a pillar of the Macedonian economy; is
the forecast of the Deputy Prime Minister. Ac-
cording to the factory`s director, Konstantinos
Daskalakis, the card is a proof for transparent
working of the company.
For its exceptionally successful working,
Komercijalna Banka receives world recognition.
Namely, the New York magazine Global Finance
has given recognition for the best bank in Mace-
donia for the fifth time in the competition for best
banks on the merging markets in 21 countries
from Central and East Europe. As criteria ac-
cording to which the recognitions are granted
are the growth of assets, profitability, strategic
relations, services, competitive conditions and
innovative products.
number 22
All of today`s editions also carry the results
from the survey conducted by the Macedonian-
German Economic association and the Union of
German Chambers for Industry and Trade. The
general conclusion is that the economic situa-
tion and the bad conditions for start are the main
reasons for the small number of German invest-
ments in Macedonia. Talking in figures, 63% of
the surveyed have regarded this country`s eco-
nomic condition as satisfactory, 30% as bad,
and only 7% regarded as good. The German
enterprises gave weak marks for legal security,
red tape efficiency, war on crime and corruption,
transparency in the public announcements and
economic-political predictability.
- In terms of the attractiveness for investing,
Macedonia is able to compete with Bulgaria and
Estonia, being also very close to Hungary, said
Markos Zeneti, Director of the Union of Ger-
man Chamber in Skopje
MEPSO to throw third auction for the sur-
plus of night electricity for the period May 12-18,
2008, inform the newspapers. For this period,
MEPSO offers for sale of 3.430 megawatt hours
of electricity from domestic production, given the
fact that the first auction was a failure, and Ce-
mentarnica Usje was the only bidder on the se-
cond.
Biznis carries the results of the external tra-
de in this year`s opening quarter. Namely, the
berzNIK
7
07.05.2008 WEDNESDAY
volume of the goods exchange in the republic of
Macedonia in the period January-March this
year is up for 39,7% in relation with last year. Ac-
cording to the data from the State statistical
Office, the overall value of the goods export is
$919.170.000, while the import has value of
$1.574.599.000. The trade deficit in the opening
three months of 2008 is $655.429.000. Most of
the export is realized through the ferronickel, oil
refining, iron and steel products-rolled products,
as well as clothes, while the import is dominat-
ed by the crude oil, electricity and motor vehi-
cles for passenger transportation.
From the world, the steeping oil prices
regain popularity and reach over $120 a barrel.
According to the estimations of the investment
bank Goldman Sachs there is a real possibility
for the following 6 to 24 months a barrel of oil to
vary between 150 and 200 dollars.
From the neighborhood, the newspapers
marked the strike of the employees in the
largest Greek telephone company, OTE, against
the plans for sale of shares to the German com-
pany Deutsche Telekom, which also owns the
Macedonian Telecom and T-Mobile. The Trade
Unions and the opposition resist the deal,
announcing that the Greek Government should
not allow foreign control over OTE.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. FENI INDUSTRY AND CABLE FACTORY “NEGOTINO” RECEIVED GOLDEN CARDS FOR VAT RETURN (*****)
2. MACEDONIA IS NOT MUCH ATTRACTIVE BUSINESS DESTINATION FOR THE GERMANS (****)
DNEVNIK EXPORT
p.1 INFLATION EATS AWAY FOOD ALLOWANCE p.6 FAVOURABLE AUTOMOBILE CREDIT
p.7 INFLATION EATS AWAY FOOD ALLOWANCE p.7 THE EC SOFTLY REPRIMANDED GREECE ABOUT THE MAT IS-
p.7 МBI 07.05.2008 SUE
p.7 GOLDEN CARD FOR FENI p.7 KOMERCIJALNA – THE BEST BANK IN MACEDONIA
p.7 KOMERCIJALNA- BANK OF THE YEAR p.7 WE ARE SATISFIED FROM THE BUSINESS CLIMATE!
p.7 A SMALL NUMBER OF GERMAN INVESTMENTS IN MACEDONIA p.7 GOLDEN CARDS FOR REGULAR VAT PAYERS
p.7 NEW OFFER FROM STOPANSKA p.7 EMPLOYEES OPPOSE THE SALE
p.13 THE OIL BARREL WILL RISE TO 200 DOLLARS VREME
BIZNIS p.1 THE MONOPOLY IN THE MOBILE TELEPHONY IS BACK?
p.1 IN THREE MONTHS – 655.4 MILLION DOLLARS DEFICIT p.6 TRADE DEFICIT HIGHER FOR ONE-THIRD THAN THE LAST
p.1 18,301,795 EUROS FROM 4,324 TRANSACTIONS YEAR’S
p.3 IN THREE MONTHS – 655.4 MILLION DOLLARS DEFICIT p.6 ERGO TUS WILL BUILD SUPERMARKET IN GEVGELIJA
p.3 ECONOMY AND BUSINESS ENVIRONMENT RECORD IMPROVE- p.6 EVERY THIRD COMPANY DISSATISFIED FROM BUSINESS CLI-
MENT MATE
p.3 THIRD AUCTION OF NIGHT ELECTRICITY SURPLUSES p.6 MORE THAN 8,000 FOREIGNERS WILL BE EMPLOYED IN CROA-
p.3 GOLD CARDS FOR VAT RETURN TIA
p.13 МBI 07.05.2008 p.7 THE MONOPOLY IN THE MOBILE TELEPHONY IS BACK?
p.13 INCREASE OF THE THREE STOCK MARKET INDEXES p.7 GOLDEN CARDS FOR FENI AND NEGOTINO
p.13 THE VALUE OF THE TRADING 15.6 MILLIONS OF DENARS p.7 GREECE BECOMES INTERNATIONAL ENERGETIC NODE
p.14 NON-TRADE TRANSFERS OF LISTED COMPANIES` SHARES p.7 AYVAR WILL DEVELOP IN AMERICAN MARKETS
p.14 TURNOVER BY MARKET SEGMENTS p.7 100 MILLION EUROS FOR THE COUNTRY FROM DERIVATES
p.15 MAKPETROL WITH 35.7 MILLION DENARS GAIN VEST
p.15 18,301,795 EUROS FROM 4,324 TRANSACTIONS p.2 45 PER CENT OF THE GERMAN INVESTORS STILL WOULD NOT
p.16 AUTO LOANS WITH NEW BENEFITS CHOOSE MACEDONIA
p.16 OIL WITH RECORD PRICE OF 120, 54 DOLLARS PER BARREL p.10 INDONESIA WANTS TO LEAVE OPEK
UTRINSKI VESNIK p.10 OIL OVER 120 DOLLARS PER BARREL
p.8 MEPSO WITH NEW OFFER ON NIGHT SURPLUSES OF POWER NOVA MAKEDONIJA
p.9 MACEDONIA IS NOT MUCH ATTRACTIVE BUSINESS DESTINA- p.1 FALL OF THE UNEMPLOYMENT, RAISE OF THE ADMINISTRATI-
TION FOR THE GERMANS ON
p.9 FENI WAS AWARDED A GOLDEN CARD FOR VAT RETURN p.5 MHK ZLETOVO GOES ON NEW TENDER
p.9 KOMERCIJALNA BANKA THE BEST BANK IN MACEDONIA AC- p.8 STOCK EXCHANGE RECORDS GROWTH SIX DAYS IN A ROW,
CORDING TO GLOBAL FINANCE MBID-10 INCREASES BY 0.9%
p.9 NEW RECORD OF THE OIL PRICE OF NEARLY 121 DOLLARS p.9 FALL OF THE UNEMPLOYMENT, RAISE OF THE ADMINISTRA-
PER BARREL TION
p.9 STRIKE IN OTE BECAUSE OF THE PLANS FOR SELL OF DEUT- p.9 NEW RECORD OF 121 DOLLAR PER BARREL OIL
SCHE TELEKOM p.9 THIRD AUCTION FOR NIGHT ELECTRICITY SURPLUSES
VECER p.9 GERMANS, OPTIMISTS ABOUT THE BUSINESS IN MACEDONIA
p.6 THIRD SALE OF NIGHT ELECTRICITY SURPLUSES p.9 FENI INDUSTRY AND CABLE FACTORY NEGOTINO RECEIVED
p.6 THE HOME AND FOREIGN INVESTMENTS ON A HIGHEST LEVEL GOLDEN CARDS FOR VAT RETURN
IN THE LAST 18 YEARS SPIC
p.6 THE FOREIGN EXCHANGE SPENT ON OIL AND ELECTRICITY p.3 OTE DOES NOT WANT DEUTSCHE TELECOM
 8 berzNIK number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 12.05.2008

MACEDONIAN INDUSTRY BY EUROPEAN STANDARDS

ECOLOGICAL LICENSES OR LOCKED DOORS

The industrial facilities, which are big polluters of environment, will be able to continue their work if they file request for
integrated ecological licenses that signify coordination with the strict European standards for protection of people’s health
and environment. Otherwise, the Brussels administration will lock their doors

A
ll industrial facilities in the country that
will file requests for integrated ecological
licenses on time will be able to continue
their production. The companies however,
which will not fulfill the obligation which come
from the European standards for prevention of
pollution, will be forced to put lock on their
doors. The deadline for coordination of the
companies’ operative plans with the legal eco-
logical regulations is the year of 2014. Because
of this, the warning from the Ministry of Environ-
ment and Physical Planning on the companies
to hurry with submitting their applications for
ecological licenses should be taken very seri-
ously. As Sonja Lepitkova, deputy-minister of
the department ministry explains, - The part of
environment and the way it is treated is where
the European Unions is the least tolerant. Once
the negotiations for membership start, it could
happen that most of the facilities which don’t
have these licenses will be closed, as it was the
case with other countries.
Actually, the best proof for the intolerance
of the Brussels bureaucracy in the implementa-
tion of the standards for protection of environ-
ment is the example with the atom station Koz-
loduj. This station was closed in spite Bulgaria
and the other neighboring countries’ request for
continuation of the station’s operation to keep
the energetic stability in the region.
As most risky and most problematic facili-
ties from this aspect in Macedonia are the com-
panies from the metallurgy sector, and they are
paid the biggest attention in the coordination of
the operative plans and in meeting the deadline
for filing requests for ecological licenses.
According to Lepitkova, the application
process is going with relatively good dynamics.
So far 72 companies have submitted applica-
tions to the Directorate for environment in the
Ministry, and Feni industry is the first industrial
facility that received A integrated ecological
So far 72 companies have submitted
applications to the Directorate for
environment in the Ministry, and Feni
industry is the first industrial facility
that received A integrated ecological
license. Underway is the procedure on
issuing ecological licenses also to FZC
11 Oktomvri from Kumanovo, Refinery
OKTA, Makstil, Silmak and REK Bitola.
license. Underway is the procedure on issuing
ecological licenses also to FZC 11 Oktomvri
from Kumanovo, Refinery OKTA, Makstil,
Silmak and REK Bitola.
Having in mind the fact that getting integrat-
ed license will cost Feni industry 15 million
euros, and it is estimated that REK Bitola may
also have to pay this much and Makstil even
more, can only confirm the fact that ecology is
expensive thing.
Nonetheless, it is also a fact that Macedo-
nia has to do this most of all to protect the citi-
zens’ health, which will affect positively on the
overall way of living in the country in future.
As a process of adjustment of the Europe-
an standards for protection the people’s health
and the environment, the integrated ecological
licenses in our country are also important from
the aspect of investments and improvement of
the companies’ competitiveness. Namely, only
the positive ecological assessment on the envi-
ronment’s influence could provide funds from
the European funds through the IPA programs,
as well as for the programs on industrial com-
petitiveness from the World Bank, which are
being realized in cooperation with the Economic
Chamber of Macedonia. Just for illustration, re-
lating the corridor 10, the study on the ecologi-
cal assessment on the environment’s influence
was the key factor all procedures to be carried
out, so that some money is being given for this
project’s realization.
The Group for Ecological consulting, which
is within the Economic Chamber, thinks that the
implementation of integrated prevention of pol-
lution is important process the economy faces
with.
- Taking into consideration that the mem-
bers of our group are directly involved in detect-
ing the water and air pollution and the hard
waste material, as well as the solutions on eli-
mination of these pollutions, we strive for pro-
motion of activities and services in realization of

TTK BANK WITH NEW CREDIT LINE FROM EBRD FOR SMALL AND MIDDLE-SIZED COMPANIES
FIVE MILLION EUROS FOR DEVELOPMENT, BUT
FOR STARTING OWN BUSINESS AS WELL
The credit of five million euros has the pur-
pose of providing easier access to middle and
long-term sources of funds for the small and
middle-sized companies in the country, which is
a big problem for these companies. Companies
which start their own business can too apply for
these funds
Macedonian small and middle-sized com-
panies will get a financial injection of five million
euros, by which they can develop their own
business. The funds are grant from the Ministry
of Economy and Finance of Italy, and as a cred-
it line of the European Bank for Reconstruction
and Development will be realized through TTK
bank, where EBRD owns 25% of the shares.
On the forum titled Credit lines tailored just the
right way- what the small and middle-sized
companies need, the international banking
expert from Eureka, Italy, Adriano Semen,
pointed out that the aim of this credit line is to
strengthen the financial opportunities of the
small and middle-sized companies (SMC),
which are considered main creators of the
economies’ development, but of new employ- finance that company is most commonly the
ments as well. biggest problem for the SMC. EBRD supports
Confirmation of this thesis is the data that the promotion of financial instruments with pro-
SMC are more than 90% of the total number of gram of technical aid, assistance to the local
companies in EU and over 56 million people banks, in order to adopt new, more adequate
work in them. banking services on the market, especially in
- EBRD is working on providing the SMC an the part for SMC - Semen underlines.
easier access to middle-term and long-term According to the criteria of this credit line,
sources of funds, which would make the finan- applicants of the funds can be companies with
cial system friendlier and more accessible for private ownership structure and control, with
the companies. Money is fundamental part in one hundred employees at the most, whereas
founding a small or middle-sized company, but the maximum turnover must not be bigger than
finding and getting the real source of funds to seven million euros, and the balance sheet up
Other opportunities for SMC
On the forum that took place in the Economic Chamber of Macedonia, Jadranka
Arizankovska, senior advisor for EU in the economic Chamber of Macedonia, to all present rep-
resentatives of SMC presented the Program for competitiveness and innovativeness of the
European Commission for the period from the years of 2007 to 2013, which offers great oppor-
tunities for SMC and is already active since the beginning of the year. Same as the Credit line of
EBRD, this Program too has the support of the innovative activities of SMC on providing better
access to financing for support of the development of the business in the region.
 Date 12.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
First ecological license
Feni industry is the first company in
Macedonia that received integrated ecolog-
ical license. The total investment that has to
be put into function until 2014 will cost 15
million euros. – Behind this license stand
many activities for the past two years-
Olivje Desevedavi, ecology expert and a
chief of Feni’s team, says. – First we had to
file a request, fill in the application, and we
had discussions with the Ministry of
Environment and Physical Planning for a
year so that we can come to acceptable
operative plan. We had to have coordina-
tion in sense of argumentation of the
request and its fulfillment. The plan of coor-
dination goes with an operative plan, which
is a list of activities with budget for each
activity, with program for their implementa-
tion, in order to reach the European level
for protection of environment. Hence, in
2007 Feni built one new electrostatic filter.
This year we have to make improvement of
the existing filters, as well as one station for
the water emission and appropriate dump-
ing ground for the cinder. In 2009 we must
install station for the waste water and in
2010 new electrostatic filter for the heater
number one. In 2011 we will go on with con-
stant monitoring of the dust emission, and
in 2014 we will install system for gas clean-
ing from the heaters.
B licenses, of which the municipalities are in
charge - Nikola Isajlovski, president of Eko
consulting, says.
According to their unofficial data, there are
to five million euros. The claimers, of curse
have to own all required licenses and approvals
for registered field and use the funds for finance
of investment projects. At the same time, the
funds from the credit can be used for production
purposes, providing of services or trade field,
buying real estate, its adaptation or reconstruc-
tion for production purposes, and for
turnover capital, but up to a certain amount
and certain period of time.
The criteria for this credit don’t allow the
funds to be used by companies from the mil-
itary industry, tobacco and alcoholic drinks
production, as well as projects that would
have negative influence on environment.
Insurance companies and financial institu-
tions have no access to these funds, and
the money cannot be used for speculative
activities with estate and currencies, invest-
ments in any kind of securities, as well as for
refinancing of already existing credits of SMC.
For the potential users, understandably,
most interesting are the criteria for the allowed
amount, the conditions and deadlines for return
of the credit. The maximum amount is 125 thou-
sand euros, the payment deadline is five years
with grace-period up to one year, and the way
of payment is monthly or quarter annuities. As
to the interest rates, for which SMC complain to
number 22
hundred big polluters in the country which have
to prepare A integrated ecological licenses, and
between 800 and 900 entities that have to have
B licenses. – The economic entities face with
lack of information because they do not know
what it is and why they need it, and whether it is
that important or not so that they have to carry
it out, because there was no such a strict regu-
lation before - Josif Tanevski, vise-president of
Eko consulting explains. – Secondly, this is a
material obligation which is not small, and third-
ly, the aid the municipalities can offer now is
very little. Many municipalities have no inspec-
tors or environment services, let alone a help as
to how to prepare it. Concerning the material
support, only EBOR through one program gave
aid of 50% from the expenses for this applica-
tion to the first hundred companies ready to
prepare such programs, which maybe was the
first impulse for filing applications for integrated
ecological licenses.
be very high, Semen explained that the interest
rate of these credit lines is related to the inter-
est rate in the country and it’s flexible.
For this line TTK will offer competitive inter-
est rate, which corresponds to the conditions.
This was confirmed also by the director of
the sector for corporative banking in TTK bank,
Vanco Mihajlovski, who pointed out that the
interest rates at the moment are probably the
lowest since the country’s independency. –
Taking the trends that rule in the banking world
into consideration, I think they are reachable
and are not an obstacle for development, espe-
cially not to the small and middle-sized compa-
nies. I personally don’t believe the rates will
drop, simply because the National bank has
already increased the banking rate of treasury
bills, so I don’t expect that there will be any big-
berzNIK
9
Taking into consideration that for the small
companies, especially those from the chemical
industry which have to provide B licenses, the
funds of 300 or 400 thousand euros, just as
necessary for purifying station, waste station,
dumping grounds and other eco-installations,
are a burden, and having in mind that the dead-
lines are short, obvious is the need of interven-
tion by the Government. – We are going in this
direction and we already have concept and pro-
gram how to help those companies, depending
on their needs, so that they can fulfill the obliga-
tions by 2014 - Lepitkova says. In this direction
goes the decrease of duty rate on import of
modern technologies for managing waste, fil-
ters, purifying stations…
The duty rate will continue to go down in
order those pure technologies to be implement-
ed more and even faster.
V.M.
ger or more important change of the interest
rates.
Interesting thing for this credit line is that
companies which start their own business can
apply for these funds. In such a case, the pro-
cedure will be simpler, in a sense that the Bank
has in mind that the business has just been
opened and no investment program will be
required, but only good business plan which
will show that the company will develop con-
tinually, which would mean that it can return
the monthly installments.
For the credit’s realization for SMC, TTK
bank offers its clients full support of the
applicants. Namely, the Bank makes analy-
sis on the whole company applicant, without
any limitations and with the highest rate of
confidence. And if the project is assessed as
practical, and the claimer themselves left an
impression of being creditworthy client, the
Bank provides the most appropriate financing
and aid in achieving the company-applicant’s
goal. – This evaluation of the bank is the most
important one for the investor- Mihajlovski says.
- In all cases, we will go in direction of meeting
the interests of the entrepreneurs from SMC, in
order to help them escape any wrong assess-
ments and plans.
V.M.
10 berzNIK number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 12.05.2008

RAY POWER, MANAGER OF IDEVELOP

BY ACTIVE RECEPTION, YOUR SITE IS A REAL

PLACE FOR BUSINESS
Your web- site is reduced to an ordinary billboard, i.e. an informa-
tion bureau, rather than a place for business, unless you have no
Active Reception. You, somehow, open a shop with no fixed
charges. You should consider the visitors of your site as your
potential clients, as they visit the site because they are interest-
ed for you and instead of opening ten different sites, you have a
tool to keep their attention and respond to their needs.

Bulgaria, but we are already

familiar with the environment he-
re, which became very positive at
that period, the Macedonian mar-
ket had a great potential for
growth, which we decided to uti-
lize. On the other side, our prod-
uct, what we offer, is global and
there is no need to locate in only
one country. It means that our
capacities do not limit our perfor-
mance at all. Simply, the busi-
ness environment that changed
in positive direction, the favou-
rable taxes, first of all, contribu-
ted to choose this country.
How did you personally co-
What is your opinion about the develop-
ment and environment of the IT in Macedonia?
- The first factor- the working force is
incredible, first of all the standards of your
pupils, students and academic citizens are
incredible when the program software is in
question and I think that they should multiply,
because the cadres that come from your uni-
versities, no matter whether they have appro-
priate practice or not, are simply incredible
and offer many possibilities. I think that the IT
market in Macedonia achieved its maturity in
the last 12 months. When I arrived here for
the first time, the people functioned through
the so called IT workshops, which means
they informed, were interested and they

T
hese days, one more enterprise
entered the Macedonian Stock Exchan-
ge, which product to be trade subject is
different than those we are used to see on
our market. IDevelop is a British company
which is present in Macedonia for five years,
and works on development and sale of soft-
ware solutions only. Their trump that involved
them in the money game is the Active Re-
ception software which is also unique in the
world in some segments.
- Our analyses show that this product,
made by Macedonian programmers, is
expected to be much profitable in the follow-
ing period and that is why we entered the
Macedonian Stock Exchange so confidently,
proudly says the general executive manager
of iDevelop, Ray Power, who is also a pres-
ident of the British Business Group in
Macedonia.
berzNIK talked to him about his seeing on
the Macedonian economy, the possibility to
profit and the reasons why they chose our
country for their business destination.
Generally said, why Macedonia?
- First of all, because we know this coun-
try. We have been here four to five years
developing the software created by the
Macedonian programmers. So we already
have developed business relations. We
could choose another country, like Cyprus or
me to the idea for Macedonia?
- I came in Macedonia as a communica-
tion officer in the NATO base and I myself
noticed the potential for IT and software de-
velopment here. I found completely different
areas and possibilities for development of my
ideas. By my introduction in the British Bu-
siness Group, where I am now a president, I
found completely different business relations
with the other economic entities in the Re-
public of Macedonia, and not only IT possibil-
ities, but also a development of the mutual
cooperation of our countries.
When and how did you actually start
your business activities here?
- The initial beginnings or more precisely
the opening of my company was in summer
2001, when the business environment was
most eruptive. The administrative beginnings
were very difficult, as they were the same for
every company at that period. At that time,
unlike now, it took about two months to es-
tablish a company; now the things are much
simpler.
The effects of the conflict in the Republic
of Macedonia could be felt then, and many of
the clients of the company in England got the
worst of it, but despite that, I remained in
Macedonia, convinced that I will achieve suc-
cess and development here.
already know what they need, know how the
web- site works and what they need to pro-
mote their business. Now is formed the struc-
ture on the market that is in its germ. I think
that the development and the potential of the
current IT market in Macedonia will have
exponential growth which will be great in the
near future and will overcome the growth of
the western economies. The third factor that
is crucial for the IT background is the chan-
ges in the Governments regulation, which
now became more open and more accept-
able for economic development. At the British
Business Group forum it was mentioned that
electronic health cards will be introduced in
Macedonia which implementation in some
western economy, like England for example,
took several years. So, the time period for
development of the information technologies
in your case is shortened, which leads to a
faster development of the remaining IT busi-
nesses.
How would you comment the fact that
there is still no tendency for Internet buying in
Macedonia, despite, as you ascertained, the
great and fast development of the IT sector? Is it
not a paradox itself and do you maybe see here
an unused potential that you would profit?
- The Law regulation for use of the pay-
ment system exists, but it has some limita-
tions. In brief, there are two levels- the
Macedonian entity can use the on- line pay-
 Date 12.05.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
ment system with the Macedonian compa-
nies, but the limitation problems occur when
the Macedonian entity wants to buy some-
thing from a foreign company or opposite.
According to me, the limitations that exist
here arise from the cultural basis and the cit-
izens` habit to use their cards effectively.
One of the product iDevelop works on is cre-
ation of an on- line payment system, but first
of all, we want to create it for safe hotel re-
servation for foreign guest who want to book
for stay in Skopje and opposite. That will ap-
ply to the rent- a- car and the tourist agen-
cies, and we will expand the system in the
other sectors too. That is one of the direc-
tions iDevelop moves toward. So, the on- line
payment problem is not in the legal basis, it
is in our effective use of them, and for that, a
habit must be created. The product testing is
in the last phases and we absolutely expect
success. Our another product is the new
tourist portal relaxmacedonia.com, where the
tourist and rent-a-car agencies can register
for free and by using the Active Reception
productwill be able to communicate with their
visitors, who will be able to book safely and
pay through this system, which was not
available at all.
How does iDevelop profit by this manner
of work with the Active Reception software
and how would you describe your product to
the readers?
- The product Active Reception is sold on
a monthly basis, not at one time, because the
clients use it at average of three years. The
amount is 1500 euro. Simply, the clients use
this product on a monthly payment of 45
euro, an amount that most of the business-
men in Macedonia are able to pay. This prod-
uct is a new way to reach the clients and it is
simply as a shop with no fixed charges. The
greatest advantage of this product is its
application, which means that it can be easi-
ly adapted for every business and for anyone
who wants new potential clients. Its possibil-
ity for use is unlimited and it is really not
important in which industry is the company
that uses it, whether it is a small, medium-
sized or big enterprise. If you aim toward new
clients, no matter whether they are end
users, Active Reception is appropriated for
them. IF you have no Active Reception, your
web- site is reduced to an ordinary billboard,
i.e. an information bureau, rather than a
place for business, unless you have no Acti-
ve Reception. You, somehow, open a shop
with no fixed charges. You should consider
the visitors of your site as your potential
clients, as they visit the site because they are
interested for you and instead of opening ten
different sites, you have a tool to keep their
attention and respond to their needs.
Our product has many similarities in
respect to the software techniques that are
present on the IT market, but in respect to
the price module, i.e. 45 euro a month and
the complete arrangement of services we of-
fer, we have no competition. So, you have a
total control over the selling process- you
monitor the visitor’s movement, you see what
number 22
he exactly searches, in which products is he
interested in, and at the same time you have
the ability to communicate with him, by a sim-
ple click on the name of the visitor and initi-
ate a chat with him. You can start with one
operator only, and the bigger enterprises that
have more sectors can engage more opera-
tors.
This means we have no competition of
the software, because no one before had a
completely applicative software and applica-
tive on Macedonian, and it is as will available
on English, Bulgarian, German and Italian.
Your operator or you can initiate chat on the
visitor’s language, and also all chats are
saved.
Why did you enter the Macedonian
Stock Exchange and are you present on other
Stock Exchanges in the region?
- The idea came by chance, in a conver-
sation with some business representatives in
Macedonia, and my opinion was that if the
whole system and logistics is transferred
here, there will be no negative effects on my
business because my sales targets were
already in America and in England, and the
imperative factor for labour already existed
here. Than, of all companies quoted on the
Macedonian Stock Exchange, no one is of
the IT sector, they were all rest of the privati-
zation, and sometimes, being first is very
good.
Which are the human resources that
iDevelop has on disposal, how will you attract
the shareholders and how many are they at
the moment?
- Our intentions to achieve a number of
100 shareholders are long- term and we want
to keep the options open in order to over-
come this number, because we aim toward
fulfillment of the criteria to reach a top posi-
tion on the global IT market, and we need
capital to complete this action. There are
more than 20 employees in our company,
and the prognoses are that their number will
rise, i.e. double every six months. Our efforts
are to be a company with 700 employees in
three years. The needs for employment are
of every sphere, not only the programming,
but from the finance or any economic sector
and all profiles necessary for good function-
ing of a company.
I would like that every shareholder who
works on the Stock Exchange read some-
thing about the company before they invest.
It is not only unusual for Macedonia; I can
say that it does not exist at all. So, we are
aiming toward slow but sure growth of the
company and our shares and toward connec-
tion between the shareholders and the joint
stock companies they invest in. They have
the right on contact because they are share-
holders in the company and there should be
mutual communication which is usual in the
western countries.
K.S.
berzNIK
11
ACCORDING TO THE POLL OF
THE MACEDONIAN GERMAN
ASSOCIATION
MACEDONIA IS
ATTRACTIVE
TO GERMANY
AS MUCH AS
BULGARIA AND
ESTONIA ARE
About the business situation in Macedonia at
the moment, 70 per cent of the questioned
answered that they are satisfied with their
condition, but the fact that 30 per cent of the
questioned said that their economic condi-
tion in Macedonia is poor, still remains.
Examining the tendency of this issue com-
pared to last year, 93 per cent said that their
condition this year has improved or has
remained the same, and 7 per cent state that
the condition is worse compared to 2007,
which shows a positive tendency.
Most of the German investors evaluate
their condition in Macedonia as positive,
while only two per cent are dissatisfied. That
is, 58 % of the enterprises evaluate their
business condition as positive and 40 %
evaluate it as satisfactory, 67 per cent
expect improvement in 2008, and only 5 %
predict worsening of the situation, and what
is most important is that 81 per cent expect
raise of profit. There are some of the evalu-
ations of the third poll of the Macedonian-
German economic association and the
Union of German chambers of industry and
trade in Skopje which was implemented in
February 2008. In this, as well as the first
two polls in 2006 and 2007, the questioned
121 enterprises confirm the positive tenden-
cies in the country and almost all of the
members of the Macedonian- German eco-
nomic association are optimistic on their own
business development and expect profit
increase, and most of them plan further
investments.
According to the structure of the ques-
tioned enterprises, 50 per cent were from the
service sector, 35 per cent were form the
trading sector and 15 per cent were from the
production sector, explained Markus Ce-
netti, the managing director of the Mace-
donian - German economic association and
a new delegate of the German economy in
Serbia, Montenegro, Macedonia, Albania
and Kosovo. According to the results, 30 per
continues on page 12
12 berzNIK
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
ACCORDING TO THE POLL OF THE MACEDONIAN GERMAN ASSOCIATION
continues from page 12
cent of the questioned evaluate the econom-
ic condition in Macedonia as poor, only 7 per
cent evaluate it as good and 63 per cent
evaluate it as satisfactory, but they also criti-
cize the many poor conditions that are harm-
ful to the country.
About the question for their business
condition in Macedonia at the moment, 70
per cent of the questioned said that they are
satisfies with their condition, but the fact that
30 per cent of the questioned said that their
economic condition in Macedonia is poor, still
remains. Examining the tendency of this
issue compared to last year, 93 per cent said
that their condition this year has improved or
has remained the same, and 7 per cent state
that the condition is worse compared to
2007, which shows a positive tendency.
The question on whether there will be
changes in the sector the enterprises operate
in, gave the following results: 14 per cent of
the questioned think that the condition this
year will worsen and 86 per cent state that
the situation this year will remain the same or
will improve.
In the prognosis
domain for their devel-
opment in 2008, com-
pared to last year,
when 95 per cent think
that their condition will
improve or will remain
the same, this year
even 67 per cent state
that it will improve.
The second part of
the poll was about the
turnover movement
compared to 2007. The
results show that 65
per cent of the enter-
prises had higher turn-
over this year, and 21
per cent stated that
their turnover has re-
mained the same.
Even 81 per cent of the enterprises states
that their turnover this year will raise, 14 per
cent think that it will remain the same, and
only 5 per cent think it will reduce.
But, despite such results of their own
business development of enterprises,
Manfred Nehnhaus, president of the Mace-
number 22
donian - German economic
association thinks that the
number of German compa-
nies in Macedonia is still
small. – The country needs
more investments. But still,
so little German enterprises
decide to come to
Macedonia. The reasons for
this should be found in the
overall economic situation
and the poor framework con-
ditions, especially when
starting to work in Ma-
cedonia, says Nehnhaus.
On what should be changed in order to
improve the business conditions in Macedo-
nia, follow these evaluations: the tax burden
and the tax system were evaluated with 1, 5
and 1, 6 (the highest grade is one and the
lowest grade is five). So they are important
indicators and important framework condi-
tions, while the questioned satisfaction by
the tax burden is evaluated with 2, 9 and the
tax system with 2, 8, which shows some sat-
isfaction of these two factors, but suggests
changes at the remaining because they do
not satisfy the questioned. While the ques-
tioned are not satisfied with the law security,
the public administration efficiency, the eco-
nomic- political accountability and the fight
with the crime and corruption. They suggest
undertaking measures about these factors
and to improve them significantly. This is
about the reforms of the legal system, reduc-
ing bureaucracy, trans-
parency through fight
against crime and cor-
ruption, as well as the
economic - political sta-
bility through EU inte-
gration and cooperation
of Macedonia with the
international instituti-
ons.
But, beside these
deficiencies, according
Date 12.05.2008
to Nehnhaus, Macedonia remains an attrac-
tive destination for the German business-
men. According to them, Macedonia can
compete with Bulgaria and Estonia, if attrac-
tiveness is taken into consideration, and that
it is very close to Hungary according to the
perspective of entrepreneurs.
- We can conclude that the interest of the
German enterprises to invest in Macedonia
increases. The high economic delegation
underlined that there are active business
cooperation and plans for Macedonia- said
Elizabeth Muller, de-
puty of the German am-
bassador in Macedonia
and added that it is im-
portant for the Macedo-
nian enterprises to send
a signal to the German
enterprises that it is
worth to invest in Mace-
donia. According to
Nehnhaus, decisive role
for the further invest-
ment in Macedonia ha-
ve the factors which in-
fluence the develop-
ment of enterprises in
the region, like: reducti-
on of tariffs in the regi-
on, coordination of the
laws and so on, and the
Macedonias` accession
to NATO is not much
important and decisive factor for German en-
terprises investment.
The Macedonian media campaign on the
attractive tax rates was also praised, it did
not only result in good local estimates, it also
had positive results on an international level
too, so it showed the foreigners that the tax
system in Macedonian can still function well.
For the following year, the results from
the public administration sector and the
accountability of the economic and political
development were announced. This way, the
Macedonian- German economic association
would give a significant contribution in laws
coordination, as well as proposals for new
formulation of laws. The assembly under-
lined the need of preliminary agreement and
cooperation between the Government and
the relevant economic entities.
 Date 12.05.2008 number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
08.05.2008 THURSDAY
1. SHORT REVIEW OF EVENTS

National Bank increased the treasury bill`s
interest rate from 6% to 7%. This is the most
widespread news in today`s newspapers. This
is a third intervention of the Central bank in the
last few months, which should reduce the risks
from the inflation growth which in April was 10.1
percent. In practice, the increase of the treas-
ury bill interest rate. Although bankers don`t
want to speculate they expect their interest
rates to increase for about one to two percent.
The written media, besides the regular
reports for stock exchange trades, gives infor-
mation of other news connected to the Stock
Exchange. Hence, more newspapers inform
about the new Macedonian company with
majority of British capital, iDevelop, which is
traded through Macedonian Stock Exchange.
iDevelop is already present on the regular free
market of the Stock Exchange, but the compa-
ny plans to increase the numbers of sharehold-
ers over hundred, through classical initial pub-
lic offer of shares. This is a first business strat-
egy of this kind in Macedonia, while the usage
of this type of mechanisms for companies` cap-
ital increase practice in developed market soci-
eties.
Starting from today, the new brokerage firm
Eurohaus a.d. Skopje begins trading on the
Stock Exchange, by which the number of the
participants on the Stock Exchange increases
o 24 members.
According to recent statistic information,
analyzed by Utrinski Vesnik, the average of
wages in the brokerage business reached a
higher level than the average of bankers.
According to newspaper`s sources, directors of
brokerage companies receive wage between
1000 and 2000 euros, while brokers earn up to
40 thousand denars.
The loans` amount level for primary agri-
culture is to 100.000 euros, processing industry
-200.000 euros – inform newspapers from the
forum for financing the agriculture, organized
by the Ministry of finance. This year agricultur-
ists have the opportunity to use credits with
suitable interest rates from 4% to 6.5 %, provid-
ed through the agricultural loan discount fund.
Small and middle enterprises will have
approach to loans with a possibility to use them
as investments, equipment supply and devel-
opment, hard five million euros, realized
through TTK bank, where EBRD owns 25 per-
cent of the capital.
Newspapers also inform about the situation
of the smelter in Veles, by which Mineko
became the biggest lose making - enterprise by
the decision of creditor` Assembly. A decision
to announce new public tender on entire mov-
able and immovable property sale of MHK was
reached on the assembly undergoing altered
decisions. Contrary to recent six tenders, the
most significant change envisages deposit of
one million euros for everyone interested to
take part on the tender and without upset price.
Macedonia enters the Danish business
agenda - is a headline of an article of Biznis,
informing about the visit in Danish and the min-
ister in charge of foreign investments, Vele
Samak.
Newspapers announce the start of the
manifestation European day of the entrepre-
neur, 2008, held for the third time in a row in
Macedonia, organized by the European busi-
ness – association.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1.NBM INCREASES THE TREASURY BILLS AGAIN- INTERESTS TOO TO GO UP (*****)
2. THE IDEVELOP COMPANY IS LOOKING FOR NEW SHAREHOLDERS (*****)
DNEVNIK p.9 IDEVELOP REPRESENTED ON THE MACEDONIAN STOCK
p.1 INTERESTS BEFORE INCREASE EXCHANGE
p.6 AGRICULTURE LOANS WORTH 5.8 MILLION EUROS LAUNC- p.9 THE OIL PRICE CAN REACH UP TO 200 DOLLARS A BARREL
HED p.9 IMF TO SELL ITS GOLD RESERVES
p.6 THE “IDEVELOP” COMPANY IS LOOKING FOR NEW SHARE- p.9 МBI 08.05.2008
HOLDERS VECER
p.6 MHK ZLETOVO ON SALE AGAIN p.1 THE INTEREST RATE OF THE TREASURY BILLS INCREASE
BIZNIS FROM 6 TO 7%
p.1 FIVE MILLION EUROS FOR THE SMALL AND MEDIUM SIZED p.6 THE MEN IN THIS COUNTRY ONLY WISH TO BOSS AROUND
FIRMS p.6 DIVIDEND OF 713 DENARS PER A SHARE
p.1 NO INFLATION GROWTH IN APRIL p.6 EXPERTS IN SOFTWARE AND STOCK EXCHANGE BUSI-
p.1 WE REMAIN LEADERS ON FINANCIAL MARKET NESS
p.3 NO INFLATION GROWTH IN APRIL VREME
p.3 EUROPEAN DAY OF THE ENTREPRENEUR 2008 p.5 HERMETIC SEAL OF THE MILK IN TWO YEARS
p.4 MACEDONIA ENTERS IN DANISH BUSINESS AGENDA p.5 5 000 EUROS FOR THE SMALL AND FOR THE MIDDLE SIZED
p.13 МBI 05-07-2008 COMPANIES
p.13 MBI – 10 FALL TO 19.60 INDEX POINTS p.5 NEW TENDER FOR VELES SMELTERY
p.13 40.7 MILLION DENARS BY BLOCK TRANSACTIONS p.6 DEUTSCHE TELEKOM CANNOT PLAY A MONOPOLY
p.14 SOON THROUGH INITIAL PUBLIC OFFER ON THE OFFICIAL p.6 LOAN TAKING RISING AMONG THE FARMERS
MARKET VEST
p.14 BLOCK TRADE WORTH 30,762,500 DENARS p.3 RECORD BREAKING-PRICE OF 2 500 EUROS PER SQUARE
p.15 FIVE MILLION EUROS FOR THE SMALL AND MEDIUM SIZED METER FOR A BUSINESS LOCATION IN SHTIP
FIRMS p.7 CREDITS STIMULATED THE INCREASE OF INFLATION
p.15 IN 2007 – BIGGEST INCREASE OF THE BALANCE ASSETS p.8 PRICE OF OIL PASSES $122 A BARREL
AND NET PROFIT NOVA MAKEDONIJA
p.15 EUROHAUS AD SKOPJE – NEW MEMBER OF MSE p.8 30 MILLION DENARS IN BLOCK TRANSACTIONS FOR
p.16 AMERICAN LIGHT OIL HAS GONE UP TO 122,73 DOLLARS KOMERCIJALNA
PER BARREL p.9 THE STATE CONTROLS THE INFLATION RATE
p.16 BUYING TICKETS WITH DINERS CREDIT CARDS p.9 TUTUNSKA BANKA WITH PROFIT OF NINE MILLIONS EUROS
UTRINSKI VESNIK IN THE PREVIOUS YEAR
p.1 THE BROKERS BREAK RECORDS WITH THEIR SALARIES p.9 EVN DISCONNECTED THE ELECTRICITY IN KONDOVO AND
p.5 NBM INCREASES THE TREASURY BILLS AGAIN- INTERESTS STUDENICHANI
TOO TO GO UP p.9 MACEDONIAN IDEVELOP LAUNCHES SOFTWARE INNOVA-
p.8 THE BROKERS’ SALARIES OVERCAME THE BANKERS TION
p.8 NLB TUTUNSKA BANKA- A PROFIT OF 9 MILLION EURO LAST SPIC
YEAR p.5 ONE BOSS WILL CONTROL THE MOBILE OPERA-TORS
p.8 MINEKO BECAME MAJOR OBLIGEE OF TOPILNICA VELES p.9 BUSINESSMEN DISSATISFIED WITH BANKS
p.9 THE FARMERS WILL CLAIM CHEAPER CREDITS p.9 TREASURY SECURITIES` INTERESTS INCREASED ONCE
p.9 SMALL BUSINESS DISSATISFIED FROM BANKS AGAIN
14 berzNIK number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 12.05.2008

09.05.2008 FRIDAY
1. SHORT REVIEW OF EVENTS

The attitude of the National Bank of
Macedonia regarding the measures for bridling of
the inflation was today’s top news in all the daily
newspapers. The daily newspaper Vreme pub-
lished an interview with the Governor Petar
Goshev in the today’s edition. - We have taken
measures which we’ve considered as necessary.
Banks are private entities and no directive can
order them what to do. NBM are obliged to make
moves of increasing the treasury bill’s interest
rates, responsible for monetary policy. We will see
how the banks will react to this measure. Of
course, they have competitive reasons to act in a
different way on the market.
In Dnevnik you will read about the decisions
of part of the banks regarding the question inter-
est rates. – The bankers will need until the end of
this month to perform analyses, which will show
the influence of National Bank’s measure for
increasing of the interest of the treasury bills from
6 to 7%. The objective of NBM is to bridle the
inflation which is still above 10%, representatives
of Komercijalna banka stated. Representatives of
Tutunska banka Skopje say that they will perform
analyses until the end of this month and after-
wards they will coordinate the lending with the
market terms.
NLB Tutunska banka will issue bonds for the
first time and they will be worth 12 million euros.
The Securities and Exchange Commission
approved the issue through public offer. It is men-
tioned in SEC’s announcement that the bank will
issue 12,000 bonds worth 12,000,000 euros. NLB
Tutunska banka issues the bonds for the necessi-
ties of managing with structural liquidity, securing
of long-term sources for financing of the bank’s
activities and managing with interest risks,
Utrinski vesnik reads.
The Croatian company Ingra took over the
Macedonian construction company Mavrovo, rep-
resentatives of the Securities and Exchange
Commission announced yesterday. The company
bought 109,913 ordinary shares, i.e. 52.08% of
the voting shares of the Skopje-based construc-
tion company, for a price of 2,500 denars per
share. Ingra, which previously bought 56,802
shares, now owns 79.01% of the construction
company Mavrovo, Vest finds out.
Biznis writes about the two new brokerage
houses in Macedonia. Delta Broker is registered
with capital of 75,000 euros, divided into 1,000
ordinary shares with nominal value of 75 euros
per share. Novi Triglav has a capital of 160,000
euros in denar countervalue, divided into 20,000
ordinary shares with nominal value of 8 euros per
share. Both brokerage houses are authorized to
buy and sell securities by order and for account of
the client, to act as a patron during listing and they
will have an opportunity to perform investment
counseling as well.
Also in Biznis you will read the standard
report for the yesterday’s trading at the
Macedonian Stock Exchange. A total value of
21,658,144.70 denars has been realized from the
trading through 147 transactions at the market of
securities last Thursday. The total value according
to the markets is the following: on the Official mar-
ket 20,201,020.71 denars have been realized
through 120 transactions while the rest
1,457,124.00 denars have been realized on the
Regular market through 27 transactions. The MBI
– 10 index has marked a decrease of 0.91%, the
MBID index has marked a decrease of 0.42%,
while the OMB index has marked a decrease of
0.34%.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. CREDITS INCREASE FOR SURE- INTEREST RATES VICTIM OF INFLATION (*****)
2. NLB TUTUNSKA BANKA EMITS FIRST BOND ISSUE (****)

DNEVNIK p.9 STATISTICS

p.11 INCREASED INTERESTS AFTER JULY, 1 VECER
p.11 FOOD AND DRINKS` PRICES - 20.4 PERCENTS HI¬GHER p.1 BANK TO INCREASE INTERESTS AFTER 1 JUNE
p.11 INGRA BECOMES OWNER OF MAVROVO p.6 INGRA BUYS 79 PERCENTS OF MAVROVO
p.11 FARMERS REQUEST LOWER TAXES TOWARDS THE STA¬TE p.6 DELTA BROKER AND NOVI TRIGLAV - NEW BROKERAGE
p.11 PELAGONIJA AWAITS MONEY FROM EU COMPANIES
BIZNIS p.6 25 000 OF CITIZENS HAVE CANCELLED THE TELEPHONES
p.1 THE EURO HAS RIDDEN THE DOLLAR IN ONE YEAR
p.1 PRICE ALMOST 124 DOLLARS PER BARREL p.7 BANK TO INCREASE INTERESTS AFTER 1 JUNE
p.2 SKOPSKI PAZAR NOT TO SHIFT OWNERSHIP STRUCTURE p.7 COMPETITION FOR DIRECTOR POSITION TO BE REPEATED
YET VREME
p.3 COSTS OF LIVING CONTINUE TO INCREASE p.5 THE INTEREST RATES ARE DEFYING GOSHEV
p.8 GREEK TELECOM OTE BECOMES GERMAN p.5 BANKS MUST UNDERSTAND THE SIGNALS WE SENT
p.9 THE EURO HAS RIDDEN THE DOLLAR p.5 A LANDLINE PHONE BY ON.NET
p.9 THE EURO MAINTAINS THE GROWTH OF THE ECONOMY p.5 PROFIT INCREASE OF MAKTEL
BUT IT SUPPRESSES THE REFORMS p.5 GOODBYE TO TELECOM OTE
p.12 NLB TUTUNSKA BANKA EMITS FIRST BOND ISSUE p.7 ALL OF THE AGRICULTURAL WORKERS TO PAY THE SAME
p.12 DELTA BROKER AND NOVI TRIGLAV NEW BROKERAGE CONTRIBUTIONS
COMPANIES p.7 WE WILL HAVE WHEAT FOR EXPORT?
p.12 INGRA SUCCESSFULLY TAKES OVER MAVROVO p.7 VEGETABLES WILL BE STIMULATED WITH 54 MILLIONS
p.12 TIKVES INCREASES SALE PROFIT EUROS
p.13 679.146.540 DENARS NOMINAL VALUE OF THE INITIAL CAP- p.10 WITH ADVERTISEMENTS TO NEW BUS STOPS
ITAL VEST
p.13 SHARE BUY-BACKS p.3 CROATIAN INGRA TAKES OVER MAVROVO
p.14 MBI – 10, MBID AND OMB HAVE FALLEN p.7 INTEREST RATES TO GO UP STARTING JUNE
p.14 THE VALUE OF THE TRADING IS 21.6 MILLIONS OF DENARS NOVA MAKEDONIJA
p.14 МBI 08-05-2008 p.5 KHV: THE CROATIAN COMPANY INGRA BUYS MAVROVO
p.15 THE INFLATION DEVALUATED THE SHARES OF WALL p.8 STOCK EXCHANGE ANCHORED YACHT
STREET p.8 MINEKO DETERMINED TO RESTART THE SMELTER
p.15 THE LEADING STOCK MARKET INDEXES HAVE DECREASED p.8 FIRST INITIAL BIDDING OF BONDS FROM TUTUNSKA BANKA
UTRINSKI VESNIK p.8 THE AGRICULTURAL PURCHASE REDUCES
p.1 CREDITS INTEREST RATES VICTIM OF INFLATION p.8 MEPSO PROFITS OVER THIRTY THOUSAND EUROS FROM
p.7 NLB TUTUNSKA BANKA TO ISSUE BONDS FOR 12 MILLION ELECTRICITY BIDDING
EUROS p.9 TWENTY FIVE THOUSANDS OF SUBSCRIBERS HAVE CAN-
p.7 MOST MODERN SOFTWARE INSTALLED IN STOPANSKA CELLED THE LANDLINE TELEPHONES
BANKA p.9 OIL BREAKS NEW RECORDS
p.9 A NEW MONOPOLY IN THE MOBILE TELEPHONY SECTOR SPIC
ARRIVES p.8 THE GOVERNMENT PREDICTS INFLATION OF FIVE PER-
p.9 REGISTERED FARMERS WANT SMALLER TAXES CENTS
 Date 12.05.2008 number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
10.05.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

The everyday increase of the price of the oil,
which passes the limit of 125 dollars per barrel, is
number one news in the weekend editions of the
daily newspapers. In every new day of the trading
in the last week, the price of the black gold has
been growing for one dollar, and the total increase
in the last four months is 25 percents. According
to the analysts, this is due to the speculative trad-
ing and the increased concern for the decreasing
of the oil reserves on the world level. Unless this
trend continues, the repetitive increase of the
prices of the oil in the country will be unavoidable.
The newspapers report about the chaos in
the international railway traffic, which is owed to
the strike of the Greek members of the trade
unions. On the meeting of the railway workers and
the forwarders from Greece, Serbia and Mace-
donia, the representative from the Greek railways
has reported that the blockade does not have any
political background, but the reasons are the
strikes on the ports with our southern neighbor,
which are expected to end on Sunday. All of the
railways of the Corridor 10, along with Macedonia
and Serbia including Austria and Germany are
waiting the end of the blockade. Unofficially, from
the beginning of the year, the transport traffic
towards Greece has been in cessation, periodical-
ly for more than seventy days, and the frequent
cessations are causing financial losses to the rail-
way and to the Macedonian companies that
export and import goods and raw material.
The Agency for electronic communications is
again in the focus of interest of the printed media.
According to the assessment of the nongovern-
mental organization, Transparency – zero corrup-
tion that was reported by the newspapers, the ten-
der for supply of the migrating numbers software,
with which the citizens could keep the number or
the prefix they had been using if they wanted to
change their mobile or fixed operator had been
implemented with numerous irregularities. Ac-
cording to this NGO, the irregularities are pointing
out that big number of officials that have partici-
pated in the procedure, have used their official
duty and authority in order to acquire property
assets on the account of the budget of Ma-
cedonia. Because of that, transparency – zero tol-
erance will submit the evidence to the Public pros-
ecution and it will demand for the whole procedure
to be investigated
The level of foreign investments in Ma-
cedonia is still under the average from the coun-
tries in the region, concluded the euro ambassa-
dor Ervan Fuere, on the manifestation European
day of the entrepreneur, for which the newspapers
report. According to him, the liberalization of the
visa regime and its total abolishment will signifi-
cantly relieve the business of the Macedonian
businessmen. From the same event is the fa-
vourable news for increasing the number of the
small and of the medium sized companies in the
country, which like in the EU, are one of the main
generators of the economical growth.
We van read in Dnevnik that the Mace-
donians are paying more expensive products than
the citizens of the member – states in the
European Union. For comparison, the Germans
are filling the consumption basket for 162.7 euros,
and the most expensive basket have the Greeks,
which according to the newspaper Ta nea, for 86
products are paying 215.7 euros. In the area of
the agriculture, the news in Vreme is interesting,
that on the Macedonian fields the rape, which has
enormous perspective as a raw material for the
ecological petrol is coming back.
The biggest part of the 361 000 unemployed
people are not attractive for the employers
because they are not qualified of they do not have
any education, points out the minister of labour,
Ljupcho Meshko in the newspaper. He assessed
the total social condition in the country as unfa-
vourable, but assures that there are signs of
improvement because the unemployment is slow-
ly decreasing. – if the problem with the unemploy-
ment is solved, almost every problem in the coun-
try is going to be solved. Therefore several proj-
ects that should decrease the unemployment rate
are in procedure – optimistically announces
Meshkov.
The unofficial assessments show that the
grey economy composes as far as 57 percents
from the GDP of the country, informs Utrinski ves-
nik. It has to be decreased, but its total elimination
would deteriorate the social peace. This is one of
the main conclusions from the research at the
University American college in Skopje with the
support of USAID, which offers extraordinary in-
formation about the grey economy and deter-
mines strategies for handling with it. According to
the official information in the State Statistical
Office, the grey economy encompasses 30 per-
cents from the GDP in the country.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE OIL IN NEW YORK REACHED 126 DOLLARS PER BARREL (****)
2. AEK TO BE RESPONSIBLE FOR THE TENDER FOR THE MIGRATION OF NUMBERS (**)

DNEVNIK REL
p.8 THE UNEMPLOYED HAVE NO WORK BECAUSE THEY ARE p.6 PRICES OF PHONE CALLS UNACCEPTABLY HIGH
NOT QUALIFIED p.6 GREEK TRADE UNIONISTS BLOCK CORRIDOR 10
p.8 EUROHOUSE - NEW BROKERAGE COMPANY p.6 SALAD OIL FROM UKRAINE IS BEING DESTROYED
p.8 МBI 10.05.2008 p.7 ONE-EURO SUBVENTION FOR THE TOBACCO
p.9 THE GOVERNMENT REQUIRES WHEAT FROM NEIGHBORS p.7 THE FEMALE AGRICULTURAL WORKERS ARE BRINGING
p.9 MACEDONIAN PRICES HIGHER THAN EUROPEAN THE RAPE ON THE FIELDS
p.9 MORE AND MORE SMALL AND MEDIUM ENTERPRISES
VEST
UTRINSKI VESNIK p.4 ELECTIONS DELAY THE THIRD PENSION PILLAR
p.5 VOLUNTARY PENSION INSURANCE NEST YEAR? p.12 OIL RISES AT $125 A BARREL
p.8 FIERCE ACCUSATIONS FOR THE TENDER ON SOFTWARE p.12 MICROSOFT TO DEVELOP ADVERTISING BUSINESS
p.8 GREECE – EUROPEAN LEADER IN HIGH PRICES p.12 GREECE IS EUROPEAN LEADER FOR THE EXPENSIVENESS
p.9 GREY ECONOMY MAINTAINS SOCIAL PEACE
p.9 THE OIL IN NEW YORK REACHED 126 DOLLARS PER BAR- NOVA MAKEDONIJA
REL p.8 INGRA REPURCHASED 79 PERCENTS FROM MAVROVO,
p.9 FOREIGN INVESTMENTS IN MACEDONIA STILL BELOW THE SHARE DROPPED FOR 38.5 PERCENTS
REGION`S AVERAGE p.8 THE PRICE OF OIL GOES UP BY 1 DOLLAR DAILY
p.8 WANTED SOLUTION FOR THE GREEK BLOCKADE OF THE
VECER RAILWAY
p.6 MORTGAGE CRISIS STRIKES OUR CAPITAL MARKET p.8 AEK TO BE RESPONSIBLE FOR THE TENDER FOR THE
MIGRATION OF NUMBERS
VREME
p.6 THE PRICE OF THE OIL GOT VERY CLOSE TO $125 A BAR-
16 berzNIK number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
Pg. 36THE WORLD IN PANIC- MACEDONIA RELAXED
A quit tsunami, destroyer of the developing countries, political destabiliz-
er- scared of the furious development, the world today gives many names to
the global food crises.
KAPITAL
Pg.9 ELECTRICITY TO GO UP IN MACEDONIA TOO
The Balkans faces with lack of production capacities for electrical power.
Necessary is construction of new production facilities for what 10 billion
euros have to be invested in the next 15 to 20 years in the whole region in
order to satisfy needs, Gunter Ofner from EVN-ESM said.
Pg.10 OIL EXCEEDS 120 DOLLARS
The oil increase surprises even the best analysts on Wall Street. The
price of the crude oil on the New York stock market last week exceeded the
level of 120 dollars per barrel, marking new historic record, as result of the
traders’ concern for delivery because of the production problems in Nigeria,
the biggest oil producer in the world.
Pg.10 INFLATION OF OVER 10% SECOND MONTH IN A ROW
The prices index in April 2008 compared with April 2007 marks an
increase of 7, 6% and the living expenses mark increase of 10, 1%. This is
second month in a row that the inflation rate in Macedonia is over 10%, which
is concerning even for those who were optimists and believed that it will start
to stabilize.
Pg.10 POTENCA ASSET MANAGEMENT OPENS PRIVATE FUND
Potenca Capital is the name of the new association for management
with private funds that was opened last week.
Pg.10 SARAJEVO EUROHOUSE ENTERS THE BROKERAGE BUSI-
NESS IN MACEDONIA
Brokerage-dealing house Eurohouse from Sarajevo opens a brokerage
house in Macedonia. The new brokerage house will be managed by Saso
Drakulevski, who used to work as a broker in several other Macedonian bro-
kerages companies.
Pg.11 HYPO ENTERS THE REAL ESTATE BUSINESS
Hypo Alpe Adria Leasing, the company for financial leasing of Hypo in
Macedonia has founded new company in the country.
Pg.11 GREECE TO IMPORT ELECTRICITY FROM MACEDONIA
In some Greek papers had been written that, among the other things,
TEC Negotino was in game to cover the lack of electricity in the summer peri-
od in Greece.
Pg.11 THE NEW GOVERNMENT TO ELECT THE CONCESSIONAIRE
OF CHEBREN AND GALISHTE
The next concessionaire of hydroelectric power plants Chebren and
Galishte will be chosen by the new government, although the call was
opened last week. Two offers came for construction of the power station, one
from German PBE and one from Austrian Ferband.
Pg.25 WE WILL BRING THE LATEST TELECOMMUNICATION PROD-
UCTS TO OUR USERS!
Macedonian Telekom finishes this month the renaming process which
means an entrance of the world’s famous brand T-Home on the Macedonian
market. Renaming Macedonian Telecom means a lot for our users, our
employees and generally for the Republic of Macedonia.
Pg.32 MONEY IS AROUND US
With Ray Power, president of the British business group in Macedonia
we talked in the period when Macedonia, still not recovered from the shock
in Bucharest was preparing for the first early parliamentary elections as inde-
pendent country.
Pg.38 TRADING ON MACEDONIAN STOCK EXCHANGE CHEAPER!
Transactional expenses on Macedonian capital market go down. Kapital
finds out that the first step toward reduce of the overall expenses for stock
exchange trading these days was made by the Securities Commission,
which reduced its compensations for about 20%.
Pg.40 “MAKOSPED” WITH PROFIT INCREASE OF RECORD 40
TIMES!
The huge profit increase in the first three months of this year is result,
most of all, of the rate increase of the other company’s operative incomes for
no less than 70 times.
Pg. 41 THE FIRST THREE MONTHS “TETEKS” WITH TWICE THE
SMALLER PROFIT
In the first quartile of this year the profit of the once textile giant Teteks
Date 12.05.2008
21.04.-26.04.2008 MONDAY-SATURDAY
from Tetovo is 59 thousand euros (3,62 million denars), which is a reduce of
54% compared to the same period last year, when the profit was 129,6 thou-
sand euros (7,94 million denars).
Pg.41 STOCK EXCHANGE INDEXES
Pg.42 TRADING ON MACEDONIAN STOCK EXCHANGE CHEAPER!
Macedonian Stock Exchange too confirmed that they will soon reduce
the commission.
Pg. 44 PROFIT INCREASE OF 28% LAST YEAR FOR FERSPED
Shipping firm Fersped ended last year with profit increase of 28%, as the
company’s revised financial report shows.
Pg.45 SKOPSKI PAZAR WILL ALLOCATE 16% FROM THE PROFIT
FOR DIVIDEND
Skopski Pazar ended last year with profit increase of 18%, as the com-
pany’s revised financial report shows.
Pg.46 UP TO 150.000 EUROS WITHOUT A MORTGAGE
ProCredit bank improved the conditions for crediting purposed for small
and middle-sized businesses, with additional simplification of the process for
credit application.
Pg.46 NEW CAR CREDIT BY STOPANSKA BANKA - Following the Eu-
ropean trends, and in order to be closer to the needs of its clients, Stopanska
banka continues to improve the conditions for car credit.
Pg.47 KOMERCIJALNA BANKA PARTICIPANT IN THE MOST SUC-
CESSFUL DEAL IN 2007
The construction of the combined plant for production of thermal and
electrical energy TE-TO received two prestigious recognitions one for the
Best Deal of 2007 by the Global Trade Review (GTR) and the other for Deal
of Year 2007 by the Trade Finance Magazine, which have been awarded to
LandesBank Berlin for the financial engagement for the TE-TO project.
FORUM
Pg. 26 THE RAESONS OF THE ECONOMY FAILURE ARE IN US
Forum- Some time ago you wrote to your Greek college Georg
Kasimatis, who you asked to make efforts at the Greek institutions and per-
sons in order to overcome the obstacles in the business relations between
Greece and Macedonia.
Pg. 33 IN HONOR OF KOMERCIJALNA BANKA AND ALKALOID
In the last two shortened trading weeks, during which it was traded only
seven days, seems like the bidders and the infectors celebrated. The trade
is such weak weeks as a rule was concentrated on the Official market, over
90 %.
FOKUS
Pg.26 (1) HOW DOES THE GOVERNMENT INFLUENCE THE EXPEN-
SIVE BREAD IN THE MACEDONIAN BACKERIES?
This week began breakage of the barrier of 120 dollars a barrel of oil. It
is thought that this barrier is broken by the rebellion attacks in Nigeria on the
oil fields. If this price remains, that will probably result in a new wave of many
products prices rise, of which most concerning is the foodstuffs price. .
Pg. GOVERNMENT`S TAX FARSES
The simplest economic model which enables a precise framework for
measuring and analyzing the economic activity in a country is the so- called
Circulatory flow of funds.
MAKEDONIJA DENES
Pg. 26 (1) A BUNCH OF PROJECTS- THE GAS PIPELINE UNUSED
Macedonia is one of the leaders in the region (and further as well) when
in question are the many projects are put on paper to introduce the gas as a
fuel. But, many years in a row, the gasification in the country does not
“move”.
DENES
Pg. 21 (1) ECONOMIC PROMOTERS, SUPPORT TO THE MINISTERS
The Government does not give up the idea to supply as much as possi-
ble investors from abroad.
Pg. 25 (1) DISCOUNT FOR THE REGULAR PAYERS
The marketing and the information of the Austrian distributive monopoly
EVN- ESM these days for a third time, pompous, although by a cheap win-
ning game sharing different trivial things, dissembling and like in a theatre
will deceive those electricity consumers in Macedonia who somehow suc-
ceed to pay the bills honestly and on time despite the poverty.
 Date 12.05.2008 number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
17
EVENTS THAT MARKED THE WEEK
KOMERCIJALNA BANKA AD
Electricity price follows the oil price SKOPJE

-10 billion Euros to construct new power production capacities are intended to be invested Leader on the Macedonian
on the Balkans the next 15 to 20 years in order to satisfy the total needs, is the assessment of
Gunter Ofner, EVN`s executive director which corresponds with the company`s statement that financial market
electricity price will grow in accordance with the world trend of oil price increase. Information con-
veyed by all written media. Komercijalna Banka was declared Bank
METSO announced third tender of night surpluses of electricity from the domestic production of The Year in Macedonia according to the
in the period of 12 to 18 May, this year. Until the announcement of the results of the tender we choice of the New York magazine Global
remind that the first sale was unsuccessful and as a buyer on the second sale was only cement Finance, which has 50,000 subscribers and
factory USJE. This week the main excavator of the mine Suvodol from which REK Bitola draws over 284,000 readers in more than 158 coun-
coal for power production satisfying 70% of state`s needs was heavily damaged. tries worldwide.
Feni Industry, Kavadarci a complex producing ferro-nickel had two good occasions placing it Global Finance editors, in cooperation
among the top news in written media. Namely, Feni is the first industrial capacity who received A with industrial analysts, corporation execu-
integrated environment license, meaning harmonization with the European standards for environ- tives and bank consultants, have declared
ment protection. Simultaneously, the complex received gold card due to regularly paid liabilities the best banks of the new markets in 21
towards the state. Vice Premier Zoran Stavreski, emphasized on this occasion that Feni is the country from Central and Eastern Europe on
most successful capacity in the country with great growth potential and opportunity to become a the basis of the growth of assets, profitability,
pillar of Macedonian economy. strategic relations, client services, competi-
Written media followed the events about the expected joining of the Greek telecommunica- tion terms and innovation products. Based on
tion company OTE with Deutsche Telecom which will mean creating monopoly on the market. these criteria, Komercijalna Banka was
Namely, Deutsche telecom contains Macedonian Telecom, and mobile operators T-mobile declared the best. It has received this
Macedonia and Cosmofon, who has the single license for 3G mobile technologies in the country, acknowledgement for the fifth time.
as well as license for Wimax wireless telephony. T-mobile and Cosmofon are dominant with 90% The award will be presented to
on the mobile telephony market. Komercijalna Banka AD Skopje at a ceremo-
As usual, the continuous oil price increase which this week exceeded the limit of 125 dollars ny organized by the magazine Global
per barrel is among the top news. Finance on 13.10.2008 in Washington.

SECURITIES EXCHANGE COMMISSION

THE BID FOR PURCHASE OF ORDINARY SHARES – SUCCESSFUL NEW BROKERAGE HOUSES

Ingra owns 79.01% of Mavrovo Delta Broker and Novi

Triglav
The Securities and Exchange Commission brought a decision, with which, the bid for pur-
chase of ordinary shares issued by Mavrovo ADG Skopje, placed by INGRA DD Zagreb, Republic
of Croatia, is classified as successful. A total number of 372 shareholders agreed to sell the Delta Broker AD Skopje and Novi Triglav
shares they had in Mavrovo ADG Skopje for a price of 2,500 denars per share. Thus, the Croatian AD Skopje are the two new brokerage hous-
company INGRA gained 109,913 ordinary shares, i.e. 52.08% of the voting shares of the Skopje- es which obtained work permit by the
based construction company. Considering the 56,802 ordinary shares of Mavrovo ADG Skopje, Securities and Exchange Commission.
which the Croatian investor previously owned, INGRA DD Zagreb will own 166,715 ordinary
shares, i.e. 79.01% of the voting shares issued by Mavrovo ADG Skopje. This means that the - Delta Broker AD Skopje has been regis-
Croatian company INGRA takes over Mavrovo ADG Skopje successfully. tered with capital of 75,000 euros, divided
into 1,000 ordinary shares with nominal value
EUROHAUS – new member of Second issue of shares of of 75 euros per share. According to Article 94
of the Law on Securities, this member of the
MSE Grave – denied capital market will buy and sell securities by
As of last week, the brokerage house order and for account of the client, will act as
EUROHAUS AD Skopje has a permit for In addition, the Securities and Exchange a patron during listing and it will have an
commencement to use MSE membership Commission denied the request for approval opportunity to perform investment counsel-
rights. As of 08.05.2008, it started trading for issuing of a second issue of shares to the ing. Olivera Klincarova will be a director of
with securities thought BEST system under insurance company Grave AD Skopje. Delta Broker AD Skopje.
the code “EH”.
- Novi Triglav AD Skopje has a capital of
160,000 euros in denar countervalue, divided
into 20,000 ordinary shares with nominal
NLB TUTUNSKA BANKA value of 8 euros per share. This authorized
member of the market will offer the same
Issue of corporate bonds through public offer services as Delta Broker AD Skopje, i.e. it will
At the session which was held on 07.05.2008, chaired by the President of the Securities and buy and sell securities by order and for
Exchange Commission Marina Nakeva-Kavrakova, the Securities and Exchange Commission account of the client, will act as a patron dur-
approved the first issue of bonds of NLB Tutunska banka AD Skopje through public offer. The ing listing and it will have an opportunity to
bank will issue 12,000 bonds worth 12,000,000 euros. NLB Tutunska banka AD Skopje issues perform investment counseling. Aleksandar
the bonds for the necessities of managing with structural liquidity, securing of long-term sources Domazetovski will be a director of Novi
for financing of the bank’s activities and managing with interest risks. This is first issue of corpo- Triglav AD Skopje.
rate bonds in the Republic of Macedonia which is being carried out as a public offer.
18 berzNIK number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 12.05.2008

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 05.05. - 09.05.2008
Date 12.05.2008 number 22
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
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