DOCSLIB.ORG

Belgrade Stock Exchange

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Belgrade Stock Exchange Serbian Capital Market Belgrade Stock Exchange 0 Legal frame of listed companies Belgrade Stock Market is still the market in transition, where only the companies that went through privatization process are being listed. Law on Ownership Transformation Law on Privatization Law on the Right to Free Shares 1 Market Characteristics High ownership concentration Low liquidity Attractive fundamentals IPO still not introduced 2 Brief Market Overview 2016 Overview - The year 2016 brought EUR 361m in total trade volume, which is the highest amount since 2009, with only EUR 52,5m generated from stocks. - Lack of attractive growth profiles among domestic blue chips, delisting of Imlek, TOB of AIK Banka and still relatively attractive yield for government notes (given the risk profile), are among reasons for dramatic drop in trade volume in case of stocks. - After initial drop in January 2016, both BELEX15 and BELEXline established an uptrend by the end of the year, thus annual change was plus 11.4% and 13.7%, respectively. However, most of annual jump was seen in 4Q, with Energoprojekt (ENHL), NIS (NIIS) and Tehnogas (TGAS) among top gainers. Annual trade volumes at BSE 2006-2016 in EUR m 10.0 Monthly turnovers in 2016 (EUR m) - only stocks 2,500 9.0 8.4 8.0 2,000 7.3 7.0 6.6 Bonds Stocks 6.0 1,500 5.0 4.7 4.0 3.8 1,000 3.3 3.4 3.2 3.1 3.0 2.9 3.0 2.1 2.0 500 1.0 0 0.0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3 Belex15 Overview . Belex15 was introduced on October 1st, 2005 Belex15 index mcap (EUR m) 1,906.79 . Base value at 1,000 points free float (EUR m) 386.61 . Now the index consists of 11 companies P/E* 15.61 P/B 0.65 . History high at 3,335.2 points (May 2007) div. yield 3.75% . History low at 347.46 points (March 2009) * without KMBN P/E = 9.63 Company Ticker Sector Mcap (EURm) Weight NIS a.d. Novi Sad NIIS oil and gas 974.26 20.00% Aerodrom Nikola Tesla a.d. Beograd AERO airport operator 359.36 17.28% Energoprojekt holding a.d. Beograd ENHL construction 132.66 16.44% Komercijalna banka a.d. Beograd KMBN banking 101.28 15.15% Galenika Fitofarmacija a.d. Zemun FITO agricultural chemicals 57.62 8.27% Metalac a.d. Gornji Milanovac MTLC holding company 29.65 6.85% Messer Tehnogas a.d. Beograd TGAS industrial gas 101.28 5.45% Alfa plam a.d. Vranje ALFA household appliances 49.40 3.89% Sojaprotein a.d. Bečej SJPT food processing 64.94 3.51% Jedinstvo a.d. Sevojno JESV construction 11.07 2.02% Impol Seval a.d. Sevojno IMPL aluminium production 25.27 1.14% 4 Belex15 Overview Stock turnover at BSE (in EURm) Belex15 free float 2,000.00 20.28% 1,500.00 1,000.00 500.00 0.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Belex 15 Index 8,000,000,000 3500 7,000,000,000 3000 6,000,000,000 2500 5,000,000,000 2000 4,000,000,000 Turnover 1500 3,000,000,000 Value 1000 2,000,000,000 1,000,000,000 500 0 0 4.10.2005 4.8.2007 4.6.2009 4.4.2011 4.2.2013 4.12.2014 4.10.2016 5 Petroleum Industry of Serbia (NIIS) Petroleum Industry of Serbia - NIS Stock price drivers in 2017: Bloomberg Symbol NIIS SG - Crude oil price Mkt. Capitalization EUR m 975 - USD/RSD rate Free Float 13.9% - Petrohemija case Avg. Daily Volume EUR 28,260 - Progress at alternative energy projects Annual Price Change 23.3% - Cost saving measures - CAPEX – production level NIIS: Relative price performance NIIS vs. BELEX15 55.0% 45.0% 35.0% 25.0% 15.0% 5.0% 04.03.2016. 18.05.2016. 27.07.2016. 05.10.2016. 15.12.2016. 01.03.2017. -5.0% NIIS BELEX15 -15.0% -25.0% FY/e 31.12 (RSD m) 2014 2015 2016 Sales 258,318.70 210,678.60 192,092.30 EBITDA 63,400.00 46,454.80 39,800.00 Net result 27,748.10 14,607.70 15,013.40 P/E (x) 3.2 6 8.3 P/B (x) 0.5 0.5 0.6 P/S (x) 0.5 0.5 0.6 Yield 7.00% 3.80% 3.00% 6 Energoprojekt Holding (ENHL) Energoprojekt Holding Stock price drivers in 2017: Bloomberg Symbol ENHL SG - FY 2016 and 1H 2017 reports Mkt. Capitalization EUR m 133 - Size of new contracts Free Float 45.9% - Cash dividend Avg. Daily Volume EUR 26,447 - USD/RSDrate Annual Price Change 38% - Possible TOB ENHL: Relative price performance ENHL vs. BELEX15 60.0% ENHL BELEX15 40.0% 20.0% 0.0% 06.01.2016. 21.03.2016. 02.06.2016. 11.08.2016. 20.10.2016. 30.12.2016. -20.0% FY/e 31.12 (RSD m) 2014 2015 2016F Sales 33,613.6 34,958.2 35,000.0 EBITDA 1,735.7 1,698.7 1,500.0 Net result 1,029.0 806.4 927.1 P/E (x) 15.2 19.3 17.7 P/B (x) 0.9 0.8 0.8 P/S (x) 0.5 0.4 0.5 Yield 1.7% 1.7% 1.3% 7 Serbian Market Potential Private sector companies IPO Listing of strategic Serbian companies (Telekom, Elektroprivreda Srbije) Retail savings Further development of Pension format– Pillar 3 8 Contact Thank you for your attention! Stanislava Petkovic [email protected] BDD Wise broker ad Belgrade Takovska 23-25 +381 11 3330 524 9.
Load more

Recommended publications
  • Dobri Rezultati Javnih Preduzeća
    2008 - 2015 2008 - 2015 SADRŽAJ str 6. PROF. DR ZORAN JEREMIĆ, autor istraživanja Najveći i najprofitabilniji u periodu 2008-2015. godine str 28. NEBOJŠA SAVIĆ Rast srpske privrede treba dalje ubrzavati str 30 . JORGOVANKA TABAKOVIĆ Niska inflacija i sledeće godine str 32. ZORANA MIHAJLOVIĆ Sledeća godina biće godina infrastrukture str 34. ANA BRNABIĆ Razvoj eUprave jedan od prioriteta str 36. GORAN KNEŽEVIĆ Dobri rezultati javnih preduzeća str 38. MIHAILO CRNOBRNJA Javna preduzeća su najveća boljka naše privrede NAZIV IZDANJA: 100 najvećih 100 najboljih str 40. DUBRAVKA NEGRE EIB Strukturne reforme od najveće važnosti UREDNIK Biljana Stepanović str 42. DANIEL BERG EBRD Treba osnažiti poverenje investitora AUTOR RANGOVA I ANALIZA PODATAKA Zoran Jeremić str 44. MILOJKO ARSIĆ Na osnovu podataka APR-a i Uprave carina Srbije Treba podsticati rast investicija i izvoza NOVINAR str 46. DEJAN ERIĆ Miloš Obradović Stalno počinjemo iz početka str 48. RONALD ZELIGER UREDNIK FOTOGRAFIJE Izazovi mogu biti i pozitivni Dragan Milošević str 50. DRAGAN FILIPOVIĆ DIZAJN Treba preuzeti odgovornost za zdravlje, život i imovinu Jovana Bogdanović str 52. ERNST BODE LEKTURA I KOREKTURA I dalje verujem u Srbiju Mirjana Radaković str 54. VLADIMIR ČUPIĆ MARKETING Čeka nas dobra godina Dušanka Ćetković, Nevena Prokić str 56. ZORAN BLAGOJEVIĆ ŠTAMPA Potrebna je bolja promocija osiguranja Štamparija Caligraph str 58. ZORAN DALJEVIĆ Treba ulagati u tradicionalne proizvode IZDAVAČ Business Info Group, str 62. DRAGICA MIHAJLOVIĆ Bulevar despota Stefana 12 Beograd pozitivni pomaci na bankarskom tržištu www.big.co.rs www.novaekonomija.rs tel +381 11 2258 891 str 64. MARINOS VATIS Sva prava rezerevisana Banke su opreznije u kreditnoj aktivnosti Najvećih 100 po prosečnim poslovnim prihodima u periodu 2008-2015.
    [Show full text]
  • Reporting on the Reasons for the Acquisition of Own Shares1
    REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES Review Article Economics of Agriculture 3/2014 UDC: 347.728.2 REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES1 Vladan Pavlović2, Janko Cvijanović3, Srećko Milačić4 Summary Mere knowledge that the company has acquired own shares is not always of great importance. Information on the acquisition of own shares from dissenting shareholders or the squeeze-out of minority shareholders is not of great importance to the users of financial statements. In the first case, it is far more significant to disclose the significant event that allowed dissenting shareholders to resign from the company. However, the purchase of own shares due to certain reasons, such as the purchase of own shares at a premium in order to influence the market value of shares, the repurchase focused on preventing greater harm to the company, which is especially true at a time of financial crisis, or the repurchase of own shares as a means of disbursing shareholders, is of great importance to the users of financial statements. Therefore, modern legislation in developed countries obliges companies to disclose a range of information regarding own shares, including the reasons for the acquisition. The above is also proscribed by the relevant EU directives and national legislation. The paper points out that the legal norms governing the obligation of reporting on own shares in Serbia are not harmonized and that most public companies in Serbia, despite the legal obligation, do not disclose the reasons for the acquisition of own shares. Key words: own shares, reporting, management report, notes to financial statements JEL: M41, G32, K22 1 This paper is a part of the results of the research on Project 179001 supported by the Ministry of Education and Science of the Republic of Serbia.
    [Show full text]
  • MONTHLY REPORT Public Debt Stock and Structure March 2016
    MONTHLY REPORT Public Debt Stock and Structure March 2016 www.ujd.gov.rs Bloomberg Page <RSMF> <GO> Belgrade, March 2016 # 48 Monthly report - March 2016 INTRODUCTION The monthly report of the PDA is the report presenting a The PDA Monthly Report is published aiming at the improvement of comprehensive analysis of the status, structure and dynamics of the the activites of the Republic of Serbia in the field of public debt through public debt of the Republic of Serbia, as well as the risk analysis its informative contents, in accordance with internationally related to the process of public debt management, aimed at raising the acknowledged standards and good business practice, as well as level of transparency and accurate and timely awareness of investors, enabling stakeholders to grasp public debt, being the field of the public state institutions and other entities interested in the public debt of the finance, in an easy and accurate manner, i.e. the activities and goals of Republic of Serbia. the PDA. INTRODUTORY WORD OF DIRECTOR Issuance program on domestic capital market represented the main funding source in 2015. Fiscal consolidation measures implemented by the Government provided a significant contribution to the stabilization of the public finance of the Republic of Serbia in 2015, having significant influence on the budget deficit reduction. We continued to reduce the borrowing costs on the domestic financial market, regarding the issued dinar and euro- denominated Government Securities, while the volume of the secondary market trading became considerably increased. In 2015 the Republic of Serbia achieved the largest volume of operations in terms of Government Securities on the domestic financial market amounting to 492.3bn dinars with a permanent decrease in the borrowing costs.
    [Show full text]
  • NEDELJNI IZVEŠTAJ BROKERSKO-DILERSKO DRUŠTVO ČLAN BEOGRADSKE BERZE AD BEOGRAD ČLAN CENTRALNOG REGISTRA, DEPOA I KLIRINGA Hov Od 30
    INTERCITY BROKER A.D. NEDELJNI IZVEŠTAJ BROKERSKO-DILERSKO DRUŠTVO ČLAN BEOGRADSKE BERZE AD BEOGRAD ČLAN CENTRALNOG REGISTRA, DEPOA I KLIRINGA HoV Od 30. Avgusta do 03. Maksima Gorkog 52, Beograd, Srbija Tel: +381 (11) 3083-100, 3087-862; Fax: +381 (11) 3083-150 Septembra 2010. godine e-mail: [email protected]; www.icbbg.rs Septembra 2010. godine Intercity broker je u saradnji sa IT stručnjacima Međunarodnog centra, po prvi put u Srbiji pustio u rad potpuno automatizovan ONLINE sistem trgovanja na Beogradskoj berzi Dugo očekivani izlazak Naftne industrije Promena vrednosti regionalnih berzanskih indeksa - 30 dana (u%) Srbije na Beogradsku berzu Sa nestrpljenjem iščekivani početak trgovanja akcijama Naftne (%) industrije Srbije obeležio je proteklu nedelju na Beogradskoj berzi. 4 Početni dani trgovanja na ovoj akciji pokazali su zrelost domaćih investitora, ali i odsustvo interesovanja investitora iz inostranstva. Usled velike količine akcija na strani prodaje, domaći investitori su 3 pokazali odmerenost i nije ni prvih dana došlo do većeg rasta cene, naprotiv – ulagači su uzdržani i došlo je i do pada cene ispod 2 početnog nivoa. Prvog i drugog dana trgovanja zabeleženi su prilično veliki obimi trgovanja, narednih dana je već postalo jasno da je dosta 1 ljudi odlučno da proda ove akcije po početnoj ceni i ispod nje, pa je interesovanje za kupovinu značajno opalo u iščekivanju još niže cene. Nedelja za nama, ostaće upamćena i po konačno održanoj 0 Skupštini akcionara kompanije Energoprojekt holding, čije ćemo 04.avg 10.avg 16.avg 22.avg 28.avg 03.sep odjeke tek videti u narednim danima. Posle dužeg vremena, u -1 značajnom obimu se ove nedelje trgovalo akcijama kompanije Informatika, čija je cena na nedeljnom nivou u padu 7,43%, dok su -2 nakon prošlonedeljnog rasta cene akcije Jubmes banke u nedeljnom padu od 9,21%.
    [Show full text]
  • Expat Capital – the Etf Provider for Cee Countries
    Market data as of 21 May 2020 EXPAT CAPITAL – THE ETF PROVIDER FOR CEE COUNTRIES Expat Asset Management has created a family of exchange traded funds (ETFs) covering the equity markets in 11 countries in Central and Eastern Europe (CEE). Expat’s ETF products are unique market propositions providing country-specific exposure in the CEE region to international investors. Chart 1. Expat’s 11 ETFs on the Map of Europe Source: Expat Asset Management Table 1. The List of All ETFs Managed by Expat Asset Management CURRENCY No. COUNTRY FUND NAME INDEX EXPOSURE 1 Poland Expat Poland WIG20 UCITS ETF WIG20 PLN 2 Czech Republic Expat Czech PX UCITS ETF PX CZK 3 Slovakia Expat Slovakia SAX UCITS ETF SAX EUR 4 Hungary Expat Hungary BUX UCITS ETF BUX HUF 5 Slovenia Expat Slovenia SBI TOP UCITS ETF SBI TOP EUR 6 Croatia Expat Croatia CROBEX UCITS ETF CROBEX HRK 7 Serbia Expat Serbia BELEX15 UCITS ETF BELEX15 RSD 8 North Macedonia Expat Macedonia MBI10 UCITS ETF MBI10 MKD 9 Romania Expat Romania BET UCITS ETF BET RON 10 Bulgaria Expat Bulgaria SOFIX UCITS ETF SOFIX BGN 11 Greece Expat Greece ASE UCITS ETF ATHEX Composite EUR Source: Expat Asset Management Expat Capital Bulgaria, Sofia 1000, 96A G. S. Rakovski Str.; +359 2 980 1881; [email protected]; www.expat.bg 1 Market data as of 21 May 2020 Expat’s ETF products are designed to be major highways for capital flows to and from the equity markets of the CEE countries. They link the stock exchanges of those countries with the financial centres of London and Frankfurt, making it easy and cost-effective for international investors to take and liquidate an exposure to the specific countries in the region.
    [Show full text]
  • Serbian Equities Daily
    Tuesday, December 11, 2012 SERBIAN EQUITIES DAILY 700 9 Market Comment: Ninth consecutive positive session, this time with Belex 15 600 6 at +2.71%, BELEXline up 1.84%. Equity turnover at €272k, once again we witnessed a higher activity on 500 3 bonds which traded in the amount of €1.0m. SJPT traded 26k shares, which amounted to two thirds of the equity trading. 400 0 10/12/2011 10/04/2012 10/08/2012 10/12/2012 Volume (€ m) BELEX15 BELEX15 Value 506.09 Daily Change% 2.71% YTD Change 7.04 YTD Change% 1.41% BELEXline Value 960.03 Daily Change% 1.84% YTD Change -17.16 YTD Change% -1.76% Market info MCap (€ bn) 6.7 MCap / GDP2011e 24% 2012e P/E* 5.8 2012e P/B* 0.7 2012e P/S* 0.8 Av. Daily Vol.YTD (€m) 0.7 *multiples refer to EFG Brokerage Universe FX rates YTD chg. EUR / RSD 114.1082 9.0% USD / RSD 88.0329 8.9% EUR / USD 1.2962 0.2% Eurobank EFG Brokerage 1 Tuesday, December 11, 2012 SERBIAN EQUITIES DAILY Daily activity Most Traded Stocks Daily turnover RSD 146,079,405 Symbol Closing Price Turnover (RSD) Daily turnover EUR 1,282,048 SJPT 730 19,560,350 Shares participation (%) 21.20% NIIS 732 5,291,544 Bonds participation (%) 78.80% IMLK 3,198 2,548,785 FIS 12.97% AERO 428 1,539,275 FIB 0.00% AIKB 1,694 313,381 Top Gainers Company Symbol Closing price Change Energoprojekt Visokogradnja EPVI 320 12.28% Soja protein a.d.
    [Show full text]
  • Voluntary Pension Funds Sector in Serbia
    Supervision of Voluntary Pension Fund Management Companies VOLUNTARY PENSION FUNDS SECTOR IN SERBIA Second Quarter Report 2008 July 2008 Supervision of Voluntary Pension Fund Management Companies CONTENTS 1. INTRODUCTION......................................................................................................... 3 2. MANAGEMENT COMPANIES ................................................................................... 4 Market participants................................................................................................... 4 Ownership structure of management companies................................................. 5 Organizational network of management companies ............................................ 5 Fees charged by companies ................................................................................... 6 Transaction costs..................................................................................................... 7 3. VOLUNTARY PENSION FUNDS ............................................................................... 7 Net assets of voluntary pension funds .................................................................. 7 Composition of assets of voluntary pension funds.............................................. 9 Stock exchange trading by pension funds ..........................................................10 Number and structure users of VPF services .....................................................11 Contribution payments, disbursements and transfers among funds...............16
    [Show full text]
  • Belgrade Stock Exchange
    Belgrade Stock Exchange 24 April, 2013 D A I L Y O V E R V I E W • Brokerage • Analisys and Reasearch • Mergers and Aqusitions • Corporate servises • Investment consulting • Belex15 Index BelexLine Index Volume Leaders Turnover, m Turnover, m Index Ticker Price % Turnover (RSD) Volume Index 120 1,110 NIIS 982 -0.8% 22,771,604 23,221 120 595 GMON 3,048 -0.7% 7,089,188 2,326 590 100 1,100 100 ENHL 727 1.8% 2,959,775 4,072 585 1,090 AIKB 1,560 0.0% 2,497,560 1,601 80 580 80 1,080 DVCA 290 0.0% 1,307,030 4,507 575 60 60 570 1,070 Gainers 40 565 40 1,060 Ticker Price % Turnover (RSD) Volume 560 LKDN 1,980 20.0% 11,880 6 20 20 1,050 555 MOIN 7,952 15.6% 262,400 33 0 550 0 1,040 NFTA 13,500 12.5% 445,500 33 22-Mar-13 01-Apr-13 11-Apr-13 21-Apr-13 21-Mar-13 31-Mar-13 10-Apr-13 20-Apr-13 SJPT 690 5.8% 361,332 524 Current Index Level 572.15 Current Index Level 1,077.52 ENHL 727 1.8% 2,959,775 4,072 Daily Return 0.01% Daily Return -0.08% Weekly Return -0.28% Weekly Return -0.10% Fallers Monthly Return 0.05% Monthly Return 0.47% Ticker Price % Turnover (RSD) Volume YTD 9.21% YTD 7.16% UNBN 650 -18.8% 35,750 55 52-Week-Return 15.29% 52-Week-Return 10.39% PLTK 15 -16.7% 4,500 300 52-Week-High 586.90 52-Week-High 1,099.21 BIPB 38 -11.6% 15,010 395 52-Week-Low 426.80 52-Week-Low 857.00 ZPKG 11,000 -8.3% 99,000 9 Daily Turnover 36,715,132 Daily Turnover 37,630,283 DNOS 605 -5.5% 20,560 34 3M Daily Average Turnover 49,236,061 3M Daily Average Turnover 54,032,714 YTD Daily Average Turnover 47,093,193 YTD Daily Average Turnover 52,246,019 Belex15 Index Constituents Cap.
    [Show full text]
  • Do Serbian Companies Provide Relevant Disclosures About Goodwill?
    ECONOMIC THEMES (2018) 56(1): 127-138 DOI 10.2478/ethemes-2018-0008 DO SERBIAN COMPANIES PROVIDE RELEVANT DISCLOSURES ABOUT GOODWILL? Dejan Spasić University of Niš, Faculty of Economics, Republic of Serbia [email protected] UDC Abstract: IFRS 3 have been adopted to increase the relevance of 657 information on business combinations. Consequently, it is expected that information on goodwill will contribute to that goal. By analysing Original the sample of the most important companies in the Republic of Serbia, scientific this paper identifies several key areas of disclosure regarding paper recognition, initial recognition, and subsequent measurement of goodwill. All companies listed on the Belgrade Stock Exchange (BSE) which prepare consolidated financial statements are taken for the sample. In addition, the paper includes selected non-listed companies (that are most important for the Serbian economy according to the criteria of revenue, number of employees, and the share in the total GDP) in the sample. The final sample consists of 156 consolidated financial statements of 43 groups in the analysed four-year period (2013-2016). Descriptive statistic is used. The author found a low level of disclosure, which is further accompanied by misapplication of IFRS. Received: Keywords: Goodwill, IFRS, relevance, disclosures, impairment test, 05.03.2018 impairment loss, amortisation Accepted: JEL classification: M41, G32, G34 27.03.2018 1. Introduction In the modern business environment intangible assets (including goodwill) play an important role. Nevertheless, the interest to interpret the essence of goodwill and its accounting scope has existed for over a hundred years. In this regard, Brunovs and Kirsch (1991) state that Hughes, in his 1982 study, identified trade and legal guidelines regarding goodwill much earlier, in 1417.
    [Show full text]
  • Liquidity Risks and Asset Pricing in Asian Stock Markets
    CAPITAL UNIVERSITY OF SCIENCE AND TECHNOLOGY, ISLAMABAD Liquidity Risks and Asset Pricing in Asian Stock Markets by Sadia Saeed A thesis submitted in partial fulfillment for the degree of Doctor of Philosophy in the Faculty of Management & Social Sciences Department of Management Sciences 2020 i Liquidity Risks and Asset Pricing in Asian Stock Markets By Sadia Saeed (PM131010) Dr.Biagio Simonetti , Associate Professor Universita del Sannio,Italy (Foreign Examiner 1) Dr.Zam Zuriyati Binti Mohammad, Assistant Professor University Tunku Abdul Rehman, Malaysia (Foreign Examiner 2) Dr. Arshad Hassan (Thesis Supervisor) Dr. Mueen Aizaz Zafar (Head, Department of Management Sciences) Dr. Arshad Hassan (Dean, Faculty of Management & Social Sciences) DEPARTMENT OF MANAGEMENT SCIENCES CAPITAL UNIVERSITY OF SCIENCE AND TECHNOLOGY ISLAMABAD 2020 ii Copyright c 2020 by Ms. Sadia Saeed All rights reserved. No part of this thesis may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, by any information storage and retrieval system without the prior written permission of the author. iii This thesis is dedicated to my beloved parents; To whom I owe my whole life. To my brother; Usman Saeed. To my sister Nadia Saeed vii List of Publications It is certified that following publication(s) have been made out of the research work that has been carried out for this thesis:- 1. Saeed, S., & Hassan, A. (2018). Inter-linkages between Liquidity and Stock Returns: An Empirical investigation through Panel Cointegration. Pakistan Journal of Commerce and Social Sciences (PJCSS), 12(2), 617-637. 2. Saeed, S.,& Hassan, A.
    [Show full text]
  • Serbia Economy Briefing: Privatization of the Largest Serbian State-Owned Bank IIPE
    ISSN: 2560-1601 Vol. 27, No. 2 (RS) March 2020 Serbia economy briefing: Privatization of the largest Serbian state-owned bank IIPE 1052 Budapest Petőfi Sándor utca 11. +36 1 5858 690 Kiadó: Kína-KKE Intézet Nonprofit Kft. [email protected] Szerkesztésért felelős személy: CHen Xin Kiadásért felelős személy: Huang Ping china-cee.eu 2017/01 Privatization of the largest Serbian state-owned bank Abstract Serbia has sold its largest state-owned bank - Komercijalna banka. After almost a year of waiting, a strategic partner for Komercijalna banka was found. It is a Slovenian NLB bank, which already has a subsidiary bank in Serbia. A price for 83,23 percent of ownership was 387 million euros. “On 26 February 2020, Nova Ljubljanska banka (NLB bank) entered into a share purchase agreement (“SPA”) with the Republic of Serbia for the acquisition of an 83.23% ordinary shareholding in Komercijalna Banka a.d. Beograd. The closing of the transaction is expected in Q4 2020 and is subject to mandatory regulatory approvals from, amongst others, the European Central Bank, Bank of Slovenia and the National Bank of Serbia”. This notice was issued by NLB Bank announcing that the Komercijalna Banka purchase transaction has finally been completed. The purchase contract has been signed, the payment of the agreed amount remains. After obtaining the regulator's approval, the final acquisition will follow. As it was said in NLB Bank, the consideration for the 83.23% shareholding amounts to 387 million euros will be payable in cash on completion. Serbian Ministry of Finance expects that the transaction will be completed within the period of five to nine months, upon the signing of the Agreement.
    [Show full text]
  • Energoprojekt Holding Plc. Semi-Annual Consolidated Report for 2018
    Energoprojekt Holding Plc. Semi-Annual Consolidated Report for 2018 Belgrade, August 2018 Pursuant to Article 53 of the Law on Capital Market (RS Official Gazette, No. 31/2011, 112/2015 and 108/2016) and pursuant to Article 5 of the Rulebook on the Content, Form and Method of Publication of Annual, Semi-Annual and Quarterly Reports of Public Companies (RS Official Gazette, No. 14/2012, 5/2015 and 24/2017), Energoprojekt Holding Plc. from Belgrade, registration No.: 07023014 hereby publishes the following: ENERGOPROJEKT HOLDING PLC. SEMI-ANNUAL CONSOLIDATED REPORT FOR 2018 C O N T E N T S 1. SEMI-ANNUAL CONSOLIDATED FINANCIAL STATEMENTS OF THE ENERGOPROJEKT HOLDING PLC. FOR 2018 (Balance Sheet, Income Statement, Report on Other Income, Cash Flow Statement, Statement of Changes in Equity, Notes to Financial Statements) 2. BUSINESS REPORT (Note: Business Report and Consolidated Business Report are presented as one report, containig information of significance for the economic overview) 3. STATEMENT BY PERSONS RESPONSIBLE FOR PREPARATION OF REPORT 4. DECISION OF COMPETENT CORPORATE BODY TO ADOPT THE SEMI- ANNUAL CONSOLIDATED REPORT OF THE ENERGOPROJEKT HOLDING PLC. FOR 2018 * (Note) 1. SEMI-ANNUAL CONSOLIDATED FINANCIAL STATEMENTS OF ENERGOPROJEKT HOLDING PLC. FOR 2018 (Balance Sheet, Income Statement, Report on Other Income, Cash Flow Statement, Statement on Changes in Equity, Notes to Financial Statements) BALANCE SHEET at day 30.06.2018. RSD thousand Total DESCRIPTION EDP End of quarter 31.12. previous year current year 1 2 3 4 ASSETS A. SUBSCRIBED CAPITAL UNPAID 0001 B. NON-CURRENT ASSETS (0003+0010+0019+0024+0034) 0002 16,264,880 16,674,525 I.
    [Show full text]