berzNIK - YEAR II - NUMBER 9 - 11th FEBRUARY 2008 - (SUPPLEMENT OF TENDERNIK)

Photo: Bernard Koenig

CONQUERS THE MARKET
OHRIDSKA BANKA
Date 11.02.2008 number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Simple, transparent,
confidential and special
presentation
With berzNIK - The Slovenian constriction companies are
interested in cooperating with the Macedonian
always, in any constriction companies... LUKiol wants to invest
time, to all the a lot more in Macedonia.... The International
information Council of foreign Investors in Macedonia held
the fifth meeting on which the White Book with
creating the the draft measures and the notes was present-
public ed to the Vice Prime Minister Stavrevski.... The
entry of the French brand Societe Generale
opinion… join marked the banking in 2007, while they promise
now…and let a doubling up of the business network and the
your opinion, number of employees.... These are only part of
the news that marked the previous week, which
attitude and berzNIK has selected, noted and archived on
knowledge the its internet template so you, as our cowork-
ers, can review it daily or you can look into when
become a part there is a need of information....
of public Our base of daily information is increasingly
evaluation larger, as well as your promotive representa-
tions, opinions, remarks, evaluations and com-
ments...
The challenge including the faster, the easi-
er and the simplest way to get a hold of the daily
published financial and stock exchange informa-
tion is the basic idea of our digital service. A
medium collection of the archived publications
about the movements of the business entities,
about the characteristics of the legal entities and
their financial portfolios, about the events, the
agreements, the appeals and all other occur-
rences among the participants on the market
which leave a mark whatsoever or impact on the
movements on the capital market....
In this particular view, the weekly review of
berzNIK offers its pages for simple, transparent,
confidential and special presentation of your
notes, analysis, comments....
The Macedonian daily media conveyed the
following news:
- Postenska and Sileks Banka taken over by
the Bulgarian Central Cooperative Bank, in the
same time as KIB Kumanovo was taken over by
the Icelandic company Milestone. Practically
through these acquisitions some EUR 77 million
entered last year in the banking sector as direct
foreign investments (the stock purchase
amounted EUR 46 million, around EUR 4 million
of re-invested profit and around EUR 27,4 mil-
lion for further capitalization and subordinated
deposit). It is expected this trend to continue in
this year also.......
- The interest rates of the bank credits in
Macedonia within 2008 will not be reduced.
berzNIK
3
Although they are among the highest in the
region ranging from 7 to 12 percent, it can be
expected the same to increase, anticipated the
domestic banking analysts. The Macedonian
banking sector can not stay immune to the trend
of interest rate appreciation occurring in the
banks in the neighboring countries and in
Europe. However, the banking officials consid-
ers that for now Macedonia will not be threat-
ened by the financial occurrences on the
European market for the reason that the busi-
ness banks in the country do not depend on the
European financial sources due to the fact that
the foreign credit sources participate with 10
percent in the total structure of the bank`s fund
provision, therefore the influence of the expen-
sive financial sources on the banks reduces…..
- The stock value of the construction compa-
ny Mavrovo in the recent days recorded a
growth on the stock exchange. The stock price
appreciation of the construction company is
happening right before the officialization of the
information revealing that a foreign company is
interested to enter the construction company
Mavrovo, even though it is uncertain the stock
capital to be purchased….
- The independent International Consulting
House Oxford Analytica revealed the global
credit slump index for the 2008, which includes
137 developing markets. Macedonia occupied
the 48 place on this global credit slump index
list. In the regional countries the highest risk is
associated to Croatia, which is placed fourth
place, while Romania is placed seventh,
Slovenia is tenth, Bosnia and Herzegovina is
34th, Serbia is 50th and Poland is 75th …
-The digital service berzNIK has selected,
recorded and archived…
- Now it is your turn.... the companies that
deal with securities... we have brought up a lot
of subjects for conversation, analysis, discus-
sion, research, polemizing, evaluation, sugges-
tion.... give comments about the news that oth-
ers convey, work over them and canalize them
for our needs, give elaborations and place them
at the disposal of our clients.....
-Our pages remain open for you...
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 11.02.2008

FIFTH CONFERENCE OF THE INTERNATIONAL COUNCIL OF INVESTORS IN MACEDONIA

WHITE BOOK FOR IMPROVEMENT OF

THE BUSINESS CLIMATE
The Vice Prime Minister Stavrevski received the White Book with investors` remarks and proposals what should be changed in the busi-
ness climate in this country in order to make them in accordance with the common principles and values of the European Union.
- We will continue our efforts for revival of
the "businesscracy", instead of the former "bu-
reaucracy" - the Vice Prime Minister Zoran Stav-
reski gave his word to the members of the Inter-
national Council of Investors (ICI), whose Fifth
Annual Assembly was held on February 6 in
Alexander Palace. Speaking about the Govern-
ment activities from the point of view of the busi-
ness climate in this country, Stavreski underli-
ned that the reform of the Cadastre is being suc- the Vice Prime Minister Stavrevski the White
cessfully implemented, principally concerning Book with investors` remarks and proposals
ownership registration, and the first results of what should be changed in the business climate
the Government effort for intensified solution of in Macedonia in order to make them in accor-
the denationalization issues are also becoming dance with the common principles and values of
apparent. He emphasized that they are working the European Union.
on the modifications of the Construction Law, as This year, the Assembly was attended by
well as that with the new Law on Banks the ban- approximately 400 foreign investors from the
king sector was significantly liberalized, which country and the region, as well as by the highest
facilitated the entry of foreign financial instituti- Government representatives of the diplomatic
ons and enhanced competition. corps and international organizations present in
The President of the International Council of the country and the region.
Investors Aristidis Vlachos has handed over to
The International Council of Investors (ICI) was established in 2002 by 11 eminent for-
eign investors. Nowadays, five years after the foundation, the Council has 35 members, rep-
resentatives of foreign companies, which are investors in the country. This confirms the
role of ICI as a serious representative of a majority of foreign investors. The foreign invest-
ments of all ICI members together amount around 80 percents of the total foreign capital
invested in this country.
In the past period, ICI has successfully represented the interests of the foreign
investors in Macedonia, the problems they encounter, as well as their efforts for improve-
ment of the investment climate. Through its advisory activities, ICI encourages the
Government to take the necessary measures and actions for supporting the initiative of the
private sector, and constantly makes efforts for cooperation promotion of all subjects
included in the process of improvement of the investment climate in the country.

LUKOIL WANT TO INVEST MORE IN MACEDONIA

THE PROCESS OF INTRODUCTION OF

EURO 5 IS IRREVERSIBLE
EU have already adopted new standards according to which, starting January the 1st 2009, only EURO 5 will be in use, and according to
Kuku, Lukoil follows the trend. And because Macedonia is EU candidate-state, I am assured that the process of market liberalization is
irreversible

ukoil has realized its program in lation. I am assured that in three years the struc- mation that in Europe will be used only EURO 5,

L
said.
Macedonia, and works as international
brand, company`s Director Andrej Kuku
-I believe that what people today feel that
high quality of services and fuels is our pleas-
ure. We are having problems with the realization
of our program, because Macedonian legislation
is still not reformed and we are having bureau-
cratic obstacles. But the Government makes
efforts for passing new laws that will contribute
for improvement of these reforms and attracting
of investors in Macedonia. I think that our invest-
ment program will not be realized in that short
period as we planed. But we are sure that Lukoil
is going to work in Macedonia and this company
will become friend to all citizens in Macedonia
and continue the realization of its program.
The head of Lukoil in Macedonia assured
that Lukoil wants to invest much more in
Macedonia. Entire management supports the
development of the company in Macedonia. The
program will not be realized in that short period
as we planed, but we are sure that Lukoil is
going to work here. According to him, the
biggest problem for conducting of planed activi-
ties is insufficient reforms in the sphere of legis-
ture of fuel market will be changed in the coun-
try and Macedonian market will be civilized and
on high level.
He believes that prices of fuels in
Macedonia should be liberalized.
-Only the competition and quality should
define prices. In Macedonia there are state reg-
ulated prices and monopoly in the production
and distribution. That is not good. Yet, I believe
that it is a matter of transitional period, tempo-
rary measure.
Kuku reminded that the Stabilization and
Association Agreement with EU envisages the
fuel market to be fully liberalized by 2011.
-I hope that it will happen. EU has already
adopted new standards according to which,
starting January the 1st 2009, only EURO 5 will
be in use, and according to Kuku, Lukoil follows
the trend. And because Macedonia is EU candi-
date-state, I am assured that the process of
market liberalization is irreversible.
The first step in this direction is the liberal-
ization of EURO 5 which has already been
made by the Government, the Director of Lukoil
Macedonia said. European standards will also
be adopted in Macedonia. Regarding the infor-
i.e. because of the adoption of standards for its
use, our company reconstructed refineries
across Europe. The reconstruction and modern-
ization of our refinery in Burgas costs more than
1 billion dollars. We must think of the quality of
fuels in order of their placement in Europe,
Director of Lukoil Macedonia stressed on today
meeting with journalists.
-his means that we are considering our
standards not only for management of our busi-
ness, but Lukoil always considers issues related
to ecology and social issues. Although we are
young company, which exists only 15 years, yet,
we have achieved good results for this short
period of time. We are prepared to start the
import of EURO 5 on Macedonia market, which
I hope will be approved for short period. I am
sure that this process is irreversible and EURO
4 and EURO 5 will be introduced on
Macedonian market. These agreements for
defining the price, which are in this moment on
power, are transitional. Lukoil would like to
invest more in Macedonia and therefore we are
sure that we are going to develop. I am assured
that in three years the structure of fuel market
will be changed in the country on citizens`
pleasure and transit transport.
 Date 11.02.2008 number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
C O N T E N T S
04.02.2008 MONDAY
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1. SHORT REVIEW OF EVENTS
WHITE BOOK FOR IMPROVEMENT OF THE The idea for the public opening of the share- ed on the regular market.
BUSINESS CLIMATE… . . . . . . . . . . . . . . . . . . . . . . 4
holders` books of the Macedonian companies for Today`s newspapers convey that the Agency
LUKOIL WANT TO INVEST MORE IN all the interested investors is more and more for Electronic Communications imposes to T-
MACEDONIA … . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 present at the authorities of the securities market, mobile and Cosmofon, as operators with signifi-
berzNIK, TUESDAY, WEDNESDAY, and at the public. In the future, according to the cant market power in the country, to provide the
THURSDAY… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7 information of Dnevnik, every interested person other operators with interconnection and access,
will be able to perform an insight in the total prop- and to do it transparently and non discriminating,
MBDP AND THE BUSINESS BANKS TO
FINANCE THE ENERGY EFFICIENCY..........8 erty structure of a certain company before bring- as well as to lead special accounting and price
ing a decision whether to buy shares in that par- control.
OHRIDSKA BANKA CONQUERS THE ticular company. So far, the Law allows only find- Both companies received this status ever
MARET. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
ing out about the shareholders which own over since November last year, after the Agency for
MAPAS - THE AGENCY FOR SUPERVISION OF five percents of the capital. The President of the Electronic Communications made an analysis for
FULLY FUNDED PENSION INSURANCE. . 10-11 Commission of Securities, who is in charge for the mobile market in the period from July 2006 to
BUSINESS MEETING IN ECONOMIC regulation of the capital market, Marina Nakheva July 2007.
CHAMBER… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 - Kavrakova considers that the moment when the Today`s newspapers are also conveying
shareholders` books will be available not only to another news from the local self government
CENTRAL COOPERATIVE BANK FROM
BULGARIA … . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 the shareholders, but also to the public must be which is supposed to represent a positive exam-
well estimated, in other words all the potential ple for the other municipalities as well.
berzNIK, , THURSDAY, FRIDAY, investors who want to invest in one company, and Namely, last year have been exported tobac-
SATURDAY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13-15
all the interested people who have established co, fresh and canned vegetables, grapes, wine,
WEEKLY MAGAZINES...…..........................16 any relationship with that particular company. lamb`s meat, sanitary products and confection in
According to the first man of the Central amount of 70 million euros from the Strumica
WEEKLY REVIEW OF THE MACEDONIAN STOCK Depositary of Securities, Stevan Shapchevski, region.
EXCHANGE. . . . . . . . . . . . . . . . . . . . . . . . . . . . 17-19 first, the motivation should be defined for com- Biggest part of the products has ended on
plete opening of the shareholders books before the markets in Serbia, Germany, Bulgaria,
the amendments of the Law are made. Greece and England. According to the value of
I M P R E S S U M - It must be measured whether the moment is the realized foreign currency outflow, greatest
right for it to be done. It should be careful with the exporters are the company Strumica Tabak, the
risk of the data abuse. When the shareholders` factory for sanitary ceramics, the confectionaries
books are public, some of them will be able to Geras Cunev and Edinstvo, the mine Ograzden
Publishing: INTERNACIONAL NIK AD - Skopje prepare analyses and sell them expensively. I and the agro industrial complex.
Media library and digital archive consider that nothing spectacular will be done by Today, you will read about the request of the
Editors office: berzNIK
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, their opening. Kavadarci combine Feni Industry for concession
R.Makedonija In Biznis, you will read about the trading pro excavation of mineral from the locality
Phone. 02/25.32.800 faks: 02/25.32.839 report in the last week of January. Without any Studena Voda under Kozuv.
web: www.interNIK.com.mk;
e-mail: info@interNIK.com.mk significant price shifting, with almost identical val- The Ministry of Economy expects the
ues of the three indices which are calculated on request, which is older than two years to be
Executive Director: Zdravko Josifovski the Macedonian Stock Exchange, the investors accepted with the amendments of the Law on
Account Menager: Divna Pesic kept the trading tempo, so the turnover main- mineral raw materials. However, Macedonian
Public relations: Natasa Dimovska
Marketing manager: Ivona Josifovska tained on average 50 million denars per day. Forests warns that it will destroy great amounts of
Assistent: Stojne Danilova According to the realized turnover, last forests near the border with Greece. They are
E-business manager: Ratko Projkovski week`s most traded was the corporative bond of firm - there is no money which can replace the
Logistics manager: Ana Petrova
Finance manager: Gordana Stojanovska Prokredit Banka AD Skopje, which started being damage if the forests are cut. Feni asks exploita-
traded on the secondary market ever since the tion of mineral on surface of 22 hectares plus 2, 5
STOCK EXCHANGE REVIEW OF EVENTS IN THE last week. With turnover of 57 million denars was hectares for a road. The locality is on about 1000
PRINT MEDIA berzNIK
far from the turnover of all the other securities list- meters altitude above the sea level.
berzNIK is founded in year 2007.
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
STOCK EXCHANGE REVIEW OF EVENTS IN THE
PRINT MEDIA berzNIK 1. THE PHONE BILLS HIGHER THAN THE ELECTRICITY BILLS (**)
Number: 9 2. TOTAL TURNOVER OF 50.485.730 DENARS (*)
Date: 11.02.2008
DNEVNIK OHRIDSKA BANKA IS DEPRECIAT-
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.7 IDEA FOR PUBLIC ANNOUNCING ING
FRONT PAGE PHOTO:
OF ALL SHAREHOLDERS p.7 T-MOBILE AND COSMOFON WITH
Bernard Koenig - First General Menager p.7 MINE OWNED BY FENI THREAT- A MARKET POWER
of Ohridska Banka ENS LARGE SURFACE OF FOR- VREME
EST p.1 THE PHONE BILLS HIGHER THAN
Photo: p.7 EXPORT FROM STRUMICA THE ELECTRICITY BILLS
Robert Spasovski
WORTH 70 MILLION EUROS p.1 ENVIRONMENTAL BARRICADE
Editorial staff of berzNIK BIZNIS p.5 ENVIRONMENTAL BARRICADE
Internet distributive system: www.interNIK.com.mk p.2 ERA CITY - CITY IN A CITY ON THE p.7 TRANSACTION ACCOUNTS WITH-
Editor: Makedonka Baldazarska ENTRANCE OF SKOPJE OUT A DEADLINE FOR THEIR
DTP: Tatijana Trpkovska p.2 A SPRING START WITH EUR 40 OPENING
Editorial staff: MILLION p.7 THE PHONE BILLS HIGHER THAN
News Evaluator: Anita Bashoska
[operators]: Arslan Skoro, Zoran Stamatovski, Martin Arsovski,
p.10 TOTAL TURNOVER OF 50.485.730 THE ELECTRICITY BILLS
Gorge Redzik, Toni Arsovski i Darko Tripunovski * DENARS p.8 LUKOIL TRIPS ON NATIONALIZED
[translators]: translator's manager Senka Mihajlovska, Angelina p.10 SHARES OF MAKPETROL SKOP- LAND
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta JE, THE MOST TRADED NOVA MAKEDONIJA
Menoska, Filip Koviloski, Darko Ivanovski p.11 THE INVESTORS KEEP THE TRAD- p.5 MICROSOFT WITH AN OFFER TO
Fotoreporter: Robert Spasovski ING TEMPO PURCHASE YAHOO
Marketing, distribucija i proda`ba: p.11 REPORT OF 01.02.2008 p.5 KOSOVO CREATES THE PULSE
INTERNACIONAL NIK AD - Skopje VECER OF THE STOCK-EXCHANGE
p.7 THE VALUE OF THE STOCKS OF
 6 berzNIK number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 11.02.2008

1. SHORT REVIEW OF EVENTS
The news for price reduction of the gasoline
is present in all daily newspapers today. Namely,
starting last midnight the gasoline price is reduced
for a denar per liter, while the price of the diesel
fuels remains the same.
The entry of the French banking brand
Societe Generale has marked the banking in
2007, Biznis informs. Foreign capital also entered
into Postenska and Sileks Banka, which were
taken over by the Bulgarian Central Cooperative
Bank, as well as into KIB Kumanovo, which was
taken over by the Iceland Company Milestone.
Altogether, last year approximately 77 million
euros direct foreign investments entered into the
banking (purchase of shares of around 46 million
euros, approximately 4 million euros reinvested
profit, around 27.4 million euros of further capital-
ization and subordinated deposit). It is expected
the trend to continue during this year too.
The interest rates of the bank credits in Mace-
donia during 2008 are not going to be reduced.
Although they are among the highest rates in the
region at the time being and vary from 7 to 12 per-
cents, they could continue increasing, predict the
domestic bank analysts in the newspaper Vreme.
The Macedonian banking sector cannot stay
immune to the increasing trend of the interest
rates, which has been happening in the banks in
the neighbour countries and Europe. However,
the banking professionals believe that at least for
now Macedonia is not going to be endangered by
the financial operations on the European market
because the commercial banks in this country do
not depend on the European financing funds
since the foreign credit sources participate with 10
percents in the total structure of providing bank
funds due to which decreases the dependence on
the banks of the expensive financing sources.
Bankers, IT experts, and businessmen are
the most numerous in the run for vice presidents
of the Economic Chamber, Vecer informs. Name-
ly, as candidates for these functions appear Gligor
Bishev, the first General Director of Stopanska
Banka Skopje, Risto Tashev, the Director of Zito
Vardar from Veles, Shevki Idrizi, the owner of
Renova, Aleksandar Panov, General Manager of
Makstil, Ilija Gechev, owner and General Manger
of IGM from Kavadarci, and Antoni Peshev from
the IT Company Ultra.
The construction of the oil pipeline AMBO will
start in March, the newspaper Vreme informs,
which conveys the statement of Ted Ferguson,
President of AMBO Consortium. According to him,
the investors did not give up the oil pipeline that
will pass through Macedonia, even though Russia
favors the one from Bulgaria to Greece.
Unlike such announcements by the head of
the American consortium, according to the state-
ment of the Government Spokesperson Ivica
Bocevski, the Macedonian Government does not
have anything new on the oil pipeline AMBO.
Furthermore, the project that has been talked
about almost one decade, for Macedonia would
mean an annual income of 30 million dollars from
the tax on oil transit.
Some of the newspapers have again brought
05.02.2008 TUESDAY
up the subject regarding the privatization of
Porcelanka of Veles because the yesterday trail
was postponed once more due to absence of
Leonardo Pitikev, owner of the company Ekskluzi-
va, which in 2001 had Procelanka in its owner-
ship. As a result, the Basic Court in Veles answe-
red positively on MoI`s request for issuing interna-
tional warrant for Pitikev.
Today`s issue of Dnevnik also informs that
the account of the ceramic industry Kiro Kjucuk of
Veles is blocked. Due to the unpaid
60,842,296.00 denars, 24.01.2008 inclusive, on
the basis of unpaid VAT obligations, personal in-
come tax, and income and concession tax, the
Public Revenue Office has blocked the account of
the Veles ceramic industry. According to the infor-
mation by PRO, the Regional Directorate of Prilep
has taken measures for ban of funds transaction
through the factory`s account in order to settle the
obligations.
Among today`s news the one that attracts the
attention is the Biznis information, which announ-
ces that the winery Skovin and Fershped will pres-
ent the Macedonian wines of their wineries at the
Days of Macedonian Cuisine and Culture, which
is going to take place on 7th to 10th February in
Slovenia. The center of the event will be the emi-
nent restaurant Gostilna Lovenjak in Murska
Sobota.
The robbery of 34,000 euros in denars and
foreign currencies from the 2nd branch office of
UNI Banka in Tetovo is the news conveyed by all
daily media.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE PETROL CHEAPER FOR ONE MKD (****)

2. PROPOSALS FOR VICE-PRESIDENTS PRESENTED (***)

DNEVNIK p.7 PETROLS ONE DENAR CHEAPER

p.7 THE PETROL CHEAPER FOR ONE MKD VREME
p.9 MBI 04.02.2008 p.1 THE OIL PIPELINE STARTS IT'S CONSTRUCTION ON
p9 CONSTRUCTION OF AN INTERNET-HIGHWAY MARCH- THE GOVERNMENT HAVE NO IDEA
BIZNIS p.5 TRIFUN SPONSORED THE VELES COURT AS WELL?
p.1 FERSHPED AND SKOVIN TO BE PRESENTED IN SLOVENIA p.6 LOW INTEREST RATES-PIE IN THE SKY
p.2 THE PETROL CHEAPER FOR ONE MKD p.7 THE OIL PIPELINE STARTS IT'S CONSTRUCTION ON
p.3 FERSHPED AND SKOVIN TO BE PRESENTED IN SLOVENIA MARCH- THE GOVERNMENT HAVE NO IDEA
p.3 PROPOSALS FOR VICE-PRESIDENTS PRESENTED p.7 EVERYBODY IS MAD ABOUT PAYMENT CARDS
p.5 ENTRANCE OF 77 MILLION EUROS FOREIGN INVESTMENTS p.7 THE PETROL CHEAPER FOR ONE MKD
p.12 MBI-10 DECLINES - MBID INCREASES VEST
p.12 SHARES OF ALKALOID SKOPJE - MOST TRADED p.2 THE PETROL CHEAPER FOR ONE MKD
p.12 NON-TRADE TRANSFERS OF SHARES p.3 EURO GOES UP
p.12 SHARE BUY-BACKS p.8 BANDIT ROBS 34,000 EUROS FROM BANK`S SAFE DEPOSIT
p.12 MBI 04.02.2008 BOX
p.13 PAYMENT OPERATIONS VALUE - 237,557,998,684.50 p.15 FENI INDUSTRY
DENARS NOVA MAKEDONIJA
UTRINSKI VESNIK p.3 NOMINATED VICE PRESIDENTS
p.9 MACEDONIA TO BENEFIT IF SERBIA PROGRESSES ECO- p.3 ARMED ROBBERY IN UNI BANK
NOMICALY p.5 MICROSOFT OFFER TO YAHOO - TRICKY
p.9 THE PETROL CHEAPER FOR ONE MKD p.6 THREE NEW SUBSIDIARIES OF OHRIDSKA, PRO-CREDIT
p.9 MBI 04.02.2008 AND TUTUNSKA BANKA
p.9 BLOCKED THE ACCOUNT OF KIRO KUCUK, VELES SPIC
p.9 ROBBED 34,000 EUROS FROM A BANK IN TETOVO p.2 YAHOO MAY ALLY WITH GOOGLE INSTEAD OF MICROSOFT
p.9 INTERNATIONAL APB ON PITIKEV p.7 THE PETROL CHEAPER FOR ONE MKD
VECER p.8 34.000 EUROS STOLEN FROM THE TETOVO SUBSIDIARY OF
p.4 PRO BLOCKS ACCOUNT OF KIRO KJUCUK UNI BANK
p.7 BANKERS, IT EXPERTS AND BUSINESSMEN TO COMPETE
 Date 11.02.2008 number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
7
06.02.2008 WEDNESDAY
1. SHORT REVIEW OF EVENTS

Macedonia is among the 50 emerging mar-
kets that will pay highest price in case the world
gets into a credit crisis. Every newspaper carries
the estimation of the
Oxford Analytica independent consulting firm
actually revealed an index of global credit break-
down for 2008 which included 137 emerging mar-
kets. Macedonia is holding the 48th place on this
global credit devastation list. From the countries in
the region, Croatia is being faced with greatest
risk at the fourth place, Romania seventh,
Slovenia tenth, Bosnia and Herzegovina is at 34
rd position, Serbia is fifteenth and Poland takes
the 75 position.
Today's daily media also carry the story about
tonight`s Fifth Annual Meeting of the International
Council of Investors (ICI) in Macedonia, which will
take place in Alexander Palace Hotel. This year
about 400 foreign investors from the country and
the region, as well as highest Government repre-
sentatives of the diplomatic core and the interna-
tional organization in this country and the region,
have announced their participation attendance. In
addition to the ceremonial dinner of the Fifth
Annual Meeting, ICI Chairman Aristedis Vlahos
will hand down to the Prime Minister the White
Book of Foreign Investors.
The Head of Nexcom Macedonia, Todor
Cvetkovski, says he will help the realization of e-
Macedonia, Biznis informs. According to him, they
have already provided base station locations not
only in Skopje, but in the other cities throughout
Macedonia as well, and believes they will kick
commercial start this April. The high prices in the
fixed telephony, as he says, are the main reason
that 30 percent of the citizens have no fixed tele-
phones, which are concerning figures, just as the
small penetration of the internet.
The charts for daily trading in shares of the
Macedonian companies can be seen in several
daily newspapers. According to the stock
exchange analyses, the shares of GP Mavorovo
were most traded top gainers. Yesterday`s total
turnover was 32, 804 million MKD gained through
220 transactions. MBI-10 index went up for 0, 12
%.
Daily newspapers carry interesting story
about the regional capital markets. According to
Finance from Ljubljana, five Slovenian companies
are arranging holding formation that is to take
over Ljubljana Stock Exchange. Finance informs
that the holding will most likely offer 400 EUR per
single share of Ljubljana Stock Exchange.
The public offer for completing the capitaliza-
tion of Hrvatska Postanska Banka is fixed for May.
The last stock exchange price was 8. 500 HRK for
share.
The daily newspapers also carry part of the
stock exchange analysis revealed in Politika indi-
cating that the leap of the turnover, share prices
and both indices on Belgrade Stock Exchange as
well as the appreciation of the dinar is connected
,according to their analysts, with Tadic`s victory on
the presidential elections Sunday. According to
this analysis, Monday`s stock exchange turnover
recorded 134% increase in relation with last
Friday and 6, 34 % appreciation of top gainers`
index. Out of 150 share issues being traded two
days ago, staggering 85 went up in price and the
Friday-Monday remainder is 8, 4 million EUR.
- The winning criteria for most attractive
investment country will be the economic growth,
degree of exposure to the credit crisis and macro-
economic stability, believes Dario Vilovic, fund
manager in Adriatica Capital Fund Management
Company from Croatia. Having in mind the crite-
ria, he estimates that this year Russia could be
the best investment destination.
All daily media inform about the successful
business deal of Metalec from Prilep, which is to
construct two bridges on Drac-Valona highway,
Republic of Albania. The Prilep factory for steal
constructions signed a contract of 6 million EUR
with the company Alpine from Austria and obliged
to construct 4.000 tons of steal constructions on
both bridges within 12 months.
Johnson Matthey from London yesterday
announced the first vacancy for staff employment
i.e. four managers. The vacancy requires four
highly skilled people with appropriate working
experience for the posts as human recourses
manager, logistics manager, process engineer
and project administrator.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. TPP NEGOTINO STOPS OPERATING (****)
2. METALEC TO BUILD TWO BRIDGES IN ALBANIA (***)

DNEVNIK UTRINSKI VESNIK

p.8 MBI 05.02.02008 p.8 JOHNSON MATTHEY ANNOUNCES THE FIRST COMPETI-
p.8 METALEC TO BUILD TWO BRIDGES IN ALBANIA TION ON FOUR JOB POSITIONS
p.15 TOPLIFIKACIJA PAYS NO LEASE ON PIPE-LINES FOR THREE p.8 MACEDONIA 48TH ACCORDING TO THE HAZARD OF CRED-
YAERS IT CRASH
BIZNIS p.8 NEW SUBSIDIARY OF NLB TUTUNSKA BANKA
p.1 MACEDONIA ON 48TH PLACE ACCORDING TO THE RISK OF p.8 MBI 05.02.2008
CREDIT SLUMP p.8 ENERGY EFFICIENT PLANT VISKANTUS TO BE GROWN IN
p.1 THE STOCKS OF CC MAVROVO WERE THE MOST TRADED PRILEP
AND RECORDED A PRICE APPRECIATION VECER
p.1 WE WILL HELP THE REALIZATION OF THE PROJECT E- p.6 TPP NEGOTINO IN POWER AS OF SUNDAY
MACEDONIA p.6 GIGANTIC PROJECT OF METALEC
p.2 METALEC TO BUILD TWO BRIDGES IN ALBANIA VREME
p.2 TPP NEGOTINO STOPS OPERATING p.7 TOBACCO SOLD AT HIGHER PRICE COMPARED TO LAST
p.3 MACEDONIA ON 48TH PLACE YEAR
p.3 A MEETING OF FOREIGN INVESTORS p.7 WE ARE FACING NEW PENALTIES AND INTERESTS
p.5 WE WILL HELP THE REALIZATION OF THE PROJECT E- VEST
MACEDONIA p.9 PRILEP METALEC TO BUILD BRIDGES IN ALBANIA
p.8 SLOVENIAN CONSORTIUM WANTS TO BUY LJUBLJANA NOVA MAKEDONIJA
STOCK EXCHANGE p.2 METALEC TO BUILD BRIDGES IN ALBANIA
p.11 JUSTIN LIN YIFU FROM CHINA, CHIEF ECONOMIST p.2 GREATER ATTENTION TO BE PAID TO MACEDONIAN BUSI-
p.11 EXPLOITATION SINCE 2010 NESSMEN!
p.11 NEW SUBSIDIARY IN SKOPJE - STREET MACEDONIA p.3 TPP NEGOTINO DOES NOT PRODUCE ELECTRICITY
p.11 TENDER FOR PURCHASE OF SHARES IN MAY p.5 MACEDONIA AMONG THE FIRST 50 COUNTRIES WITH A
p.12 MBI-10 WITH 0.12% GROWTH CREDIT RISK
p.12 THE STOCKS OF ADG MAVROVO WERE THE MOST TRADED SPIC
AND RECORDED A PRICE APPRECIATION p.3 THE BELGRADE STOCK MARKET GOES SKY-HIGH AFTER
p.12 MBI 05.02.2008 TADIC`S VICTORY
p.12 NON-TRADE TRANSFERS OF SHARES p.8 TPP NEGOTINO STOPS BECAUSE OF A STRIKE IN THESSA-
p.13 RUSSIA, THE MOST INTERESTING INVESTMENT DESTINA- LONICA
TION
 8 berzNIK number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 11.02.2008

MBDP AND THE BUSINESS BANKS TO FINANCE THE ENERGY EFFICIENCY

FOR SAVING ENERGY, A CREDIT

OF USD 6,2 MILLION
The funds of the International Bank for Reconstruction and Development anticipated for the promotion of the
projects for renewable sources of energy and for energy saving will arrive in the Macedonian Bank for
Development Promotion (MBDP) till the end of March. The funds will be dustibuted through the banks participants
in the project, while an agreements were also concluded with Komercijalna Banka, TTK Banka and UniBank for
this specific credit line

he Macedonian banking is keeping pace

T with the trend of financial support of the

projects in the energy sector which should
lead towards cost and quantity reduction of the
consumed electrical energy. The funds of the
International Bank for Reconstruction and
Development anticipated for the promotion of
the projects for renewable sources of energy
and for energy saving will arrive in Macedonian
Bank for Development Promotion till the end of
March. According to the explanation of
Aleksandar Stojanovski, the Director of the cred-
it insurance sector within MBDP, the first tranche
will actually signal the start of the realization of
the agreement concluded last year between this
Bank and the Macedonian Bank for Develop-
ment Promotion which will mean providing cred-
its for projects for energy efficiency. The total
sum placed at the disposal of the entities who
will aplly with projects for renewable sources of
energy and for energy saving will amount USD
6,2 million, out of which USD 3,7 million will be
a grant while the remaining USD 2,5 million are
provided by the Macedonian Bank for Develop-
ment Promotion.
The Bank will allocate the funds through the
banks participants in the project. The great inter-
est for this specific credit line resulted in signing
of agreements with Komercijalna Banka, TTK
Banka and UniBank. The conclusion of the ag-
reements with three other banks is in the final
phase, as for the overall number it is expected
to include eight business banks.
- There is no limit how many business banks
will participate in the project, due to it is the will
of the Macedonian Bank for Development Pro-
motion and the International Bank for Recon-
struction and Development regarding the fact
that our Development Bank determines only the
initial interest rate and not the final interest rate.
We try to come up with the favourable interest
rate through competition and market instru-
ments, which implies that all participants banks
have the same starting basis, but the one that
will offer the lowest final interest rate will acquire
the support and the clients - elaborated
Stojanovski.
The most important term for use of the
funds is the projects to offer energy efficiency
through energy saving and renewable energy
sources. Moreover, the credit line is directed to-
wards the small and medium companies and the
economic entities in the country, as well as to-
wards the public sector, whereas all of them
The International Bank for Reconstruction
has provided additional funds on the basis of
grant for the Energy Agency that promotes the
projects in terms of documentation preparation.
This anticipates a substantial amount of funds
for the reason that the preparation of the docu-
mentation can often reach up to five percent in
the part associated to the finanacial construc-
tion.
have showed already huge interests for these
credits.
- Within the first withdrawal of the funds
we will summarize the initial results. There will
be a monitoring to a certain extent by the Inter-
national Bank for Reconstruction and Deve-
lopment, while the agreement is to start the se-
cond phase, that is to say a new credit line if
there are positive effects and if this interest
trend of these funds continues - undelined Sto-
janovski.
The energy efficiency credits have excep-
tionally favorable terms of repayment of funds.
Namely, the matter is about a project for renew-
able sources of energy with a 10-year repay-
ment period and a 3-year grace period. If the
project is related to sustainable energy, the
repayment period is 4 years. Due to the enor-
mous interest of potential clients, during the last
talks between the Macedonian Bank for
Development Promotion and the International
Bank for Reconstruction and Development it
was proposed the term to be increased to six
years in the part associated to sustainable ener-
gy.

This credit line contains a guaranty scheme.

This means that if a project is supported by some
business banks and there is a lack of secondary
source, then the Macedonian Bank for
Development Promotion can issue a guarantee
for the business banks with the aim to support
this project. In order to provide support for these
projects, in case of a secondary source deficien-
cy, USD 1,3 million are allocated within the part
associated to provision.
 Date 11.02.2008 number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
9
OHRIDSKA BANKA CONQUERS THE MARKET

BY THE END OF THE YEAR, 24

SUBSIDIARIES AND 340 EMPLOYEES
Macedonia is in more favorable situation and it is not riskier to invest here compared to other countries in the
region, because the country is not dependable to sources of finance from the world

hridska Banka, as part of Societe which enables future academics to use means Small and medium enterprises are able to

O Generale group, continues its expansion

on Macedonian banking market. By the
end of the year the bank plans to have 24 sub-
for different purposes since start of the academ-
ic year. The credit is intended for regular stu-
dents and can be in amount between 500 and
apply for micro express credits - intended for
turnover means and small investments up to
5,000 euros with favorable interest rate of 12%
sidiaries across Macedonia and 340 employees. 5,000 euros with five years maximum payment
According to the head of the bank Bernard term and 12 months grace period and favorable Micro credits - for investments up to 20,000
Koenig, these figures in regard to the period interest rate of 10%. euros with 36 months repayment term, without
when they took over the bank (last mortgage and 10% interest rate.
May) duplicate bank`s business net-
work and number of employees. For Interest rates to drop if inflation is
realization of this plan they have still
opened two subsidiaries in Skopje at Regarding the interest policy,
the beginning of the year, in suburbs Director of Ohridska Banka disagree
Gjorce Petrov and Karpos 3. that there was no decreasing of interest
rates. When you look back and com-
-We are opening subsidiaries in pare 2006 and present day, in situation
Gostivar and Kumanovo in March, when euro`s interest rates are increas-
Tetovo and Karpos 1 in May and by ing, our interest rates are 2% lower. In
the end of June we hope to open the future, interest rates will depend on
offices in Aerodrom and Veles and country`s economic development. By
later in Prilep. Which means that by the improvement of the economic
the end of June we are going to have development and strengthening of
20 subsidiaries and there are no state`s positions, there will be ground
obstacles to fulfill our plan, Koenig for decrease of basic interest rate pre-
explains. suming that there will be no increase of
the inflation. In the near future I pre-
In parallel to these actions, there sume that the trend of decrease is
are negotiations for purchasing busi- going to continue, Koenig says.
ness premises in Skopje where we are
going to seat bank`s commercial cen- According to him, two factors are
ter. important for interest rates - expenses
Koenig put special accent on the and risk that banks face in their place-
contentment for the success with their ment before companies and natural
latest banking products. entities. The development of the state
and its economy, the risk for place-
-I am not going to talk on the new ments will be decreased. Because
products that we plan to promote Macedonian banks operate with incon-
which are in production process, but I sistent interest rate, Ohridska Banka
am going to talk on products that are will try to promote fixed interest rate, act
already promoted and launched. I that should be considered by all banks
want to talk about the product promot- in the future.
ed in January. We have launched an
offer for receiving salary across However, Macedonia in regard to
Ohridska Banka and we initiated these parameters is on region`s level.
agreements with companies regarding Macedonia is in more favorable situa-
this offer. The success is so big that in tion and it is not riskier to invest here
the first month of 2008 we issued total compared to other countries in the
number of credit card which repre- region, because the country is not
sents 90% of all cards issued in Events that shook SocGen`s headquarters in Paris dependable to sources of finance from
2007.We are going to complete the
and additionally in Romania, have no influence
line of cash products with credit pro-
the world. This means that world finance
crisis has no big impact on Macedonian
upon the stability and security of Ohridska Banka.
vided with single payment deposit at banking system, because 40% of place-
The bank continues its development according to
the end of use of the credit. We are ments are part of deposits and in two
the plan. Societe Generale will soon make another
going to introduce new products relat- years the state will not be faced with
important step by taking over the majority pack-
ed to receiving of salaries across our such problems that in recent period
bank.
age of Russian bank Rosbank, which is second shook world economies.

Students` credit - This month biggest according to clients` potentials in Russia,

Ohridska Banka launched credit which means that SocGen buys the Russian bank.
10 berzNIK number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 11.02.2008

MAPAS - THE AGENCY FOR SUPERVISION OF FULLY FUNDED PENSION INSURANCE

FULLY FUNDED PENSIONS-

FINANCIAL MILESTONE FOR
INCOMES AT OLD AGE
The opening possibilities for issuing licenses to other companies, besides the domestic founders, also stimulate the
entrance of foreign investors as founders of new pension fund management companies. Bottom line, the increase of compe-
tition means protection of the personal interest of the pension funds members, since the reduced expenses of the fully fund-
ed pensions insurance also means increase of the expected pension for the members
he agency for supervision of fully funded annual report on the situation in the mandatory Social Policy;

T pension insurance was established in

order to supervise the operations of the
Pension Companies and Pension Funds. The
purpose of establishing the Agency is to protect
the interests of the Pension Fund Members and
enhance the development of the fully funded
Pension insurance.
Besides being supervisory, MAPAS is also
a regulatory body in the fully funded pension
insurance and within this function it adopts
bylaws or other acts for implementing the Law
on Second Pillar and the Law on Third Pillar
and promotes, organizes and stimulates the
development of the fully funded pension insur-
ance in the Republic of Macedonia in coopera-
tion with the Ministry of Labor and Social Policy.
MAPAS is modern institution with genuine busi-
ness processes and modern IT technology,
which follows the supervision principles emerg-
ing from the world practice. The Agency for
Supervision of Fully Funded Pension Insurance
(MAPAS) was founded in July 2002. The
Agency has the role of legal entity and reports
to the Government of the Republic of
Macedonia. Besides the annual report for its
work that the Agency submits to the
Government, is also prepares and reveals
fully funded pension insurance, thus providing
transparency on this type of insurance.
The agency performs the following activities:
X Collects bids in the tender process-
es, grants, withdraws and abrogates licenses
for establishment and approvals for manage-
ment Pension Funds;
X Supervises the operations of the
Pension Companies and Pension Funds under
their management and above all control their
legal operations;
Fully funded pension financing, within
the framework of the social insurance, is a
financial milestone the safety in receiving
incomes during old age
X Supervises the operation of legal
entities acting as Custodians or foreign asset
managers of Pension Fund assets in relation to
operating with such assets;
X Promotes, organizes and enhances
the development of the fully funded pension
insurance in the Republic of Macedonia in
cooperation with the Ministry of Labor and
X Develops public awareness for the
purposes and operating principles of Pension
Companies and Pension Funds, on the benefits
of Pension Fund membership, on the rights of
Pension Fund Members and other issues relat-
ed to the pension fund system;
X Proposes torts and criminal proceed-
ings before the authorized bodies against
Pension Companies, Custodians, foreign asset
managers and other entities in case of breaking
the provisions of the Law or other Laws;
X Monitors and Reviews the financial
statements of Pension Funds and Pension
Companies;
X Maintains a register of sales agents;
X Works on conjunction with the
Ministry of Finance, the National Bank of the
Republic of Macedonia, the Securities and
Exchange Commission and other bodies and
institutions in the country and abroad, to insure
an effective supervision and regulation of the
fully funded pension insurance and the financial
sector. The scope, content and the form of the
cooperation shall be mutually regulated among
the Agency and the competent bodies and insti-
tutions;
X To co-operate with the Pension and
 Date 11.02.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Disability Insurance Fund of Macedonia on the
authorization assigned to the Pension and
Disability Insurance Fund of Macedonia in com-
pliance with this Law;
X Issues regulations in accordance
with this Law;
X Issues internal guidelines regarding
its operation and prepares guides, manuals etc.
related to the fully funded pension insurance;
X Initiates passing of regulations and
other acts relating to Pension Companies and
Pension Funds;
X Becomes a member and participates
in domestic or international organizations,
where such participation shall be in the interest
of the Macedonian pension system.
2007 report of the Agency for Supervision of
Fully Funded Pension Insurance (MAPAS)
1. Took care of the rights and interests of
132.653 members of the private pension funds
with over 50 million euros of assets and had
active role in raising the public awareness for
the goals and principles of the fully funded pen-
sion insurance by the means of:
H participation in public shows;
H providing statements for all novelties
related to the fully funded pension insurance in
the print and electronic media;
H appearance in 10 local media in RM;
H publishing 26 educational texts in print
media;
H visits to around 100 major employees in
around 25 cities and villages throughout the
Republic of Macedonia;
H organizing press conferences;
H active participation in the public educa-
tional campaign for the three pillars of the
reformed pensions system together with the
Ministry of Labour and Social Policy and
Pension and Disability Insurance Fund.
2. On the basis of the performed calculation
and projected 2007 budget of the Agency, it has
reduced the monthly allowance from the pro-
jected 1.74% to 1.50% collected by the Agency
from both companies in 2007;
3. In addition, the Agency has reduced
number 9
2008 allowance that is to be collected from the
pensions fund management companies for 33%
i.e. from 1.50% to 1%;
4. Carried everyday voluntary control over
the company's working for the purpose of time-
ly detection of the potential irregularities and
lapses;
5. Carried several controls on filed over the
companies and funds they are managing with;
6. regular monitoring over the marketing
activities of the companies by the means of vol-
untarily and filed controls and approval for their
advertising material for the purpose of accu-
rate, fair and objective informing of the public;
7. Launched initiative for amending of the
Law on Mandatory Fully Funded Pension
Insurance;
8. Participated in the designing of the Law
on Voluntary Fully Funded Pensions Insurance
and its promotion activities in this country (for
the major banks, insurance companies and
employers) and abroad (for the potential foreign
investors);
9. Participated in the amending of the cur-
rent bylaws and adoption of new acts for the
second and third pillar;
10. Organized four examination sessions
for the title of agents, thus providing higher level
of education for the future members in the
process of membership in the private pension
funds;
11. Responded to 151 reports and requests
by the pension funds members;
12. Provided transparency in its working
through preparing, printing and distributing reg-
ular statistical reports, annual report for the sit-
uation with the Law on Fully Funded Pension
Insurance and Annual Report for its work and
regular updating its web page
www.mapas.gov.mk with the latest novelties
and activities;
13. took participation in the work of the
working groups and subcommittees whose goal
are harmonization of the legislative and the rec-
ommendation from EU;
14. Signed Memorandums for Cooperation
with several foreign and domestic regulatory
bodies and institutions for the purpose of more
effective fulfilment of its legal obligations;
15. Became a member of the International
Organization of Pension Supervisors (IOPS),
took active participation in its work and adopted
a Conclusion for Following the IOPS Principles
for Supervision;
16. Took the role of a lecturer on many
regional and international conferences and
seminars (Slovenia, Serbia, Czech Republic,
China etc) presenting the pension reforms in
the Republic of Macedonia;
17. Gained expert knowledge through pay-
ing visits to regulatory and supervision bodies
berzNIK
11
in Croatia, Bulgaria, Netherlands, Slovenia etc.;
18. Threw trainings in the filed of mandato-
ry fully funded pension insurance for institutions
significantly related with the work of MAPAS
and the second pillar;
M.N: Top novelties in fully funded pension
insurance;
" Issuing licenses for new mandatory
pension funds management companies
The Law on Mandatory Fully Funded
Pension Insurance has designed the structure
of the mandatory fully funded pension insur-
ance or the so-called second pillar. The pension
fund is being projected on long terms, which
implies that the law envisages coordination with
the capital market development and sets the
further course on the basis of these economic
laws and determines whether there are real
opportunities for entrance of new pension fund
management companies. The reform pursued
in the pension system has introduced fully fund-
ed pensions financing, which within the frame
of the social insurance is a financial milestone
for the safety of receiving incomes during old
age. For the purpose of cutting down on
expenses and increasing the expected pen-
sions, the competition in this segment should
be taken to higher level. Due to this, law
amending that have been tabled and undergo
Assembly procedure will provide possibility for
issuing licenses, besides the existing two, to
new companies that will run the mandatory pen-
sion funds. The opening possibilities for issuing
licenses to other companies, besides the
domestic founders, also stimulate the entrance
of foreign investors as founders of new pension
fund management companies. Bottom line, the
increase of competition means protection of the
personal interest of the pension funds mem-
bers, since the reduced expenses of the fully
funded pensions insurance also means
increase of the expected pension for the mem-
bers.
" Preparations for introducing volun-
tary fully funded pension insurance
The voluntary fully funded pension insur-
ance is pension insurance on voluntary basis
financed by asset capitalization. This insurance
involves people that are not included in the
mandatory fully funded pensions insurance and
persons included in such insurance for realizing
additional revenue. This insurance also gives
opportunity for financing professional pensions
schemes.
The voluntary pension funds include volun-
tary contributions being paid by persons,
employers and civil associations that will
choose to participate in these funds and whose
assets are being invested in financial instru-
ments and allocated in compliance with this
Law. The voluntary pension fund management
companies and the mandatory and voluntary
pension fund management companies that
meet certain terms and hold licenses and
approvals from MAPAS are running these
funds.
12 berzNIK number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 11.02.2008

BUSINESS MEETING IN ECONOMIC CHAMBER

LICENSES, OBSTACLE
FOR BUILDERS
rotocol for Cooperation, signed by obtained diplomas before 1992. Now, because companies registered for performing construc-

P Macedonian Minister of Transport and

Communications Mile Janakievski and
his Slovenian counterpart Minister Radovan
Zerjav, is base for increased cooperation
between construction companies in both coun-
tries
Slovenian businessmen, from the filed of
contractions, show interest for cooperation with
Macedonian companies. The only problem
pointed out on the meeting in Macedonian
Economic Chamber is issuing of licenses to
companies and civil engineers. Every company
that starts to work abroad is a subject of licens-
ing, and civil engineers from these companies
pursuant the new regulations in former
Yugoslav republics must validate diplomas
obtained after 1991/92. Now in Slovenia, pur-
suant to EU legislation it required licensing of
experts and companies. In the wide region of
former Yugoslavia there is code and regulations
that licensing is not required for those who
every country has own legislation, validation
must be repeated. This means that they must
pass occupational exam and diploma validated
tion works. 98% out of these companies are
small enterprises, and only 2% are medium and
big companies. The amendments on the Law of
in every country separately. This is very impor- Space and Urban Planning, this month stated
tant issue, because there might be tenders and the procedure of issuing of licenses. 40 applica-
emerging of administrative obstacles. Those tions are submitted so far. Minister of Transport
licenses can not issued in two weeks or one and Communications Mile Janakievski said that
month, until the term for submitting the offer, his department will issue licenses if the
Anton Spolar, representative of "Svetovanie Chamber is not yet ready.
Engineering" for Southeastern Europe.
In this moment there are 70,000 workers in
the building industry in Slovenia, and started
with 14,000 in 1994.
"We are also present on foreign markets,
especially in Southeastern Europe countries.
Analyses show that in average 10 to 15% of
engineering and planning offices` revenues are
achieved in these countries. Our desire is
Macedonian market and the whole region to be
politically stable and return to work," Spolar
says.
In Macedonia there are more than 8,000

CENTRAL COOPERATIVE BANK FROM BULGARIA

TENDER OFFER FOR PURCHASE OF

41.68% OF SILEKS BANKA
Tender offer for take over of Sileks Banka is announced on MSE pursuant to the Law on Take Over. Offer is submitted by bank`s CEO Georgi Konstantinov and
procurator Tihomir Atanasov.
Pursuant to the Law on Take Over of Joined-Stock Companies, Central Cooperative Bank, St. Georgi Sava Rakovski 103, Sofia,
Republic of Bulgaria, announces

TENDER OFFER

for purchase of 183388 regular shares issued by SILEKS BANKA AD SKOPJE

This public offer refers to all shareholders who posses voting shares issued by SILEKS BANKA AD SKOPJE. Bidder commits to purchase all vot-
ing shares, pursuant to prescribed and announced conditions.
The price that Central Cooperative Bank commits to pay for share purchase amounts 4,791.00 denars per share.
The lowest quantity of regular shares issued by SILEKS BANKA AD SKOPJE that should be accepted for the offer for purchase to be considered
as successful amounts 76,437 regular shares, i.e. 41.68% of the total amount of shares on which purchase is related to.
Deadline for accepting the purchase offer expires after 20 days. The term for accepting the offer starts on the day of the first announcing of part
of the Prospect and Purchase Offer, i.e. on 30th January 2008 and expires on 18th February 2008.
The term for accepting of the purchase offer will be prolonged at 14 days if the lowest quantity of regular shares that should be accepted and the
offer to be considered as successful is fulfilled in the last 14 days from the term for accepting of the offer.
Pursuant to the Agreement for Supplying of Services in the process of take over of joined-stock company SILEKS BANKA AD SKOPJE conclud-
ed between Central Cooperative Bank and Central Securities Depository, the bidder will transfer the amount for payment of shareholders who gave
their shares as part of the Purchase Offer to the bidder pursuant to conditions in the Prospect within three days after the acceptance of the Decision
of the Securities Commission for the successfulness of the biding for purchase of separate account of the Securities Commission
Central Securities Depository is committed within three days from the consignment of funds necessary for payment of shareholders who made
valid offer of shares to the bidder pursuant to the Offer for Take Over to perform transfer of the amount on account of owners who accepted the offer
for take over.The payment of all owners of regular shares who accepted the offer will be in cash, on an account in commercial bank and the Central
Securities Depository will be informed with the statement for acceptance of the purchase offer.
The bidder, CENTRAL COOPERATIVE BANK, by the Decision no. 7877 from 7th of December 2007 adopted by National Bank of the Republic
of Macedonia has received consent from the National Bank for purchasing shares owned by SILEKS BANKA AD SKOPJE.
 Date 11.02.2008 number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
07.02.2008 THURSDAY
1. SHORT REVIEW OF EVENTS

Macedonian and Slovenian contractors will in
future cooperate much more than the past few
years. As all today's newspapers report, the meet-
ings between the companies from this sector have
shown that Slovenians have serious intentions
and big desire of coming back on the Macedonian
construction market, but in order this to happen, it
has to be solved the problem with licenses and
diplomas, which are supposed to be nostrified in
relatively short time, and not waste months on it.
Macedonian minister however, promised that with
the latest amendments of the laws in the field of
building industry, all deadlines for issuance of
required documents will be shortened, among
which the licenses too. Slovenian contractors
were informed of what the Government of the
Republic of Macedonia has done to simplify the
entrance of foreign investments to the country,
which creates favorable climate for the building
industry.
Today's Dnevnik announces the entrance of
Gasprom in Macedonia in the project gasification,
as a compensation of Russian clearing debt to our
country. This month delegation from Gasprom will
arrive in Skopje, which the Government will define
the conditions for realization of gasification project
with. Experts support this idea, because the
upcoming liberalization of the power market will
bring price increase, which will be large strike for
the citizens. At the same time, experts alert to the
risk of someone being provided with monopoly in
gas distribution, which would be against the citi-
zens' interests.
Another news on the energy sector could be
read in the same newspaper. Namely,
Macedonian Energy Association (MEA) supported
the government amendments of the Energy Law,
although, according to president of MEA, Dimitar
Hadgimisev, the initial solution of the
Government, ELEM to have more functions both
as manufacturer and wholesale trader, was not
against the European directives. According to
him, it is a good thing that consent was reached
by which the main manufacturer and distributor,
ELEM and EVN, would have to sign mutual agree-
ment.
Societe Generale continues to be topic in all
daily newspapers. But the sight of the latest scan-
dal this time is Romania, where a clerk in the sub-
sidiary of Societe Generale had transferred eight
million RON (about 2.2 million euros) to accounts
of her friends. The clerk was arrested, and as the
papers report, the police suspect that more peo-
ple are involved in the banking scam.
Biznis reports about the replacements of
director positions in brokerage houses and secu-
rities services offices. Securities Commission
gave consent of Goran Markovksi being appoint-
ed director of Securities Services Department of
Komercijalna banka, Gorgi Palevski for director of
Postel broker, Dimce Panov to manage Moj bro-
ker, Biljana Arizankova to be appointed director of
"Peon broker" and Katerina Nonkulovska be
appointed director of Securities Operations
Directorate and brokerage-mediating services of
Stopanska banka Skopje. The Securities
Commission has issued four work permits to bro-
kers Danica Gavrilovik, Goran Popovski, Irena
Kanevce Georgieva and Toni Kostov.
Utrinski vesnik publishes that the share value
of construction company Mavrovo has been mark-
ing an increase on the stock exchange the past
few days. The share price of Mavrovo reached
2,200 denars yesterday, which is an appreciation
for 9.96 percent. The price appreciation of the
shares of construction company happens right
after it was officialized the information that foreign
company was interested in entering construction
company Mavrovo, although it is still unfamiliar
which company and how big share of the share-
holders package will be purchased.
On a global level, the shares on the stock
markets have fallen, the European ones followed
the Asian in fear from the American economy.
Vest publishes more detailed information: British
FTSE100 index has fallen for 18 points or 0.3% to
5850 the first hours, while German DAX lost 0.6%
and the Paris CAC 0.4%. Japanese NIKEI 225
had previously closed with 4.7% down. The falls
are an echo to the night before, when Wall Street
waned after the news that American public service
sector reduces. Daw Jones closed with 3% down
two days ago. NASDAQ and S&P 500 have also
lost 3% each. In Hong Kong Hang Seng was 5.4%
down yesterday afternoon and the BSE index
3.2%.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. SOCIETE GENERALE ROBBED IN ROMANIA AS WELL (****)
2. SLOVENIAN BUILDING COMPANIES WILL COLLABORATE WITH MACEDONIAN COMPANIES (****)

DNEVNIK GY LAW
p.1 GAZPROM ENTERS IN MACEDONIA p.9 MAKEDONSKA BANKA DOES NOT AGREE WITH ANTICOR-
p.5 GAZPROM ENTERS IN MACEDONIA RUPTION COMMISSION`S FINDINGS
p.5 MBI 06.02.2008 p.10 THE SLOVENIANS WISH TO RETURN AT THE MACEDONIAN
p.5 SOCIETE GENERALE ROBBED IN ROMANIA AS WELL CONSTRUCTION MARKET
p.6 PURCHASE OF SUNFLOWER AGREED p.10 MBI 07.02.2008
p.7 MACEDONIAN ENERGY ASSOCIATION SUPPORTS AMEND- p.10 SOCIETE GENERALE ROBBED IN ROMANIA TOO
MENTS p.11 BANKS CLAIM THERE ARE NO FALSE CHECKS AMERICAN
p.7 THE SLOVENIAN CONSTRUCTION COMPANIES COMPLAIN EXPRESS
OF THE LICENSES VECER
BIZNIS p.4 SOCIETE GENERALE ROBBED IN ROMANIA AS WELL
p.1 INTENSIVE TRADE WITH SHARES OF MAVROVO p.7 VISA FOR THE ENERGY CHANGES
p.3 ANTICORRUPTION COMMISSION IS TAKING A STAND, AND VREME
NOT COMPETENT .5 THE GOVERNMENT HAS A RIGHT TO CONTROL THE ELEC-
p.4 KAJMAKCALAN CONQUERS SERBIA TRICITY?
p.8 SOCIETE GENERALE ROBBED IN ROMANIA, TOO p.5 THE ANTICORRUPTION IMPETUOUS
p.11 DIRECTORS` SHIFTS IN BROKERAGE FIRMS VEST
p.11 80,000 REPORTS ON SECURITIES SENT p.2 SLOVENIAN BUILDING COMPANIES WILL COLLABORATE
p.12 MBI-10 DECLINES FOR 0.24 PERCENT WITH MACEDONIAN COMPANIES
p.12 ON THE OFFICIAL MARKET 80.6 MILLION DENARS REAL- p.2 SLOVENIAN BUILDING COMPANIES WILL COLLABORATE
IZED WITH MACEDONIAN COMPANIES
p.12 NON-TRADE TRANSFERS OF SHARES p.11 SHARES` PRICES DECREASE AGAIN
p.12 MBI 07.02.2008 NOVA MAKEDONIJA
p.13 INTENSIVE TRADE WITH SHARES OF MAVROVO p.9 MICROSOFT WILL NEED CREDIT TO BUY YAHOO
UTRINSKI VESNIK p.9 GP MAVROVO AND SKOPSKI PAZAR, SPRING'S SWALLOWS
p.9 SERBIAN POLICE IN SEARCH FOR THE MAN WHO SPIC
DESTROYS GOSEV p.2 EVEN THE FRENCH GOVERNOR SURPRISED BY SOCIETE
p.9 SHARES OF MAVROVO GO UP ON STOCK EXCHANGE GENERALE
p.9 ENERGY ASSOCIATION ACCEPTS THE CHANGES OF ENER- p.6 ALL ATOMS TOWARDS BELENE
14 berzNIK number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 11.02.2008

1. SHORT REVIEW OF EVENTS
Ohridska Banka continues the expansion on
the Macedonian banking market. It will enter 2009
with 350 employees and 24 subsidiaries,
announced Ohridska Banka first General
Manager Bernard Koenig yesterday.
- We are planning to double the number of the
subsidiaries and employees until the end of this
year. We will open subsidiaries in Tetovo,
Gostivar, Kumanovo, Veles and 4 subsidiaries in
Skopje until June- Koenig announced.
He announced the student credit as one of
the new products planed for this year.
He feels that the Macedonian banking system
will not suffer any consequences from the global
financial crisis. Not only that the French bank
Societe Generale will manage to "survive" the iso-
lated incident on global level, but it will even take
over Rosbank, the second biggest bank in Russia.
First General Manager of the bank Koenig
assures that the incident in Societe Generale will
not disrupt the activities in Macedonia.
The Prime Minister Nikola Gruevski did not
appear in front of the foreign and domestic
investors, who expected to meet with him at the
5th annual gathering of the International Council
of Investors two days ago, the media inform. The
Vice Prime Minister Zoran Stavreski was his
replacement and he listened to the suggestions,
reactions and the opinions of the foreign
investors. In his address, Stavreski informed the
guests that last week, the Government adopted a
new package of reforms for further improvement
of the business climate in Macedonia. The presi-
dent of the International Council of Investors
Aristides Vlahos handed over the white book with
the investors` remarks and proposals for further
improvement of the business climate in Mace-
donia to the Vice Prime Minister.
The farmers will sign insurance policies, the
media informed. Tender for selection of insurance
companies with which the farmers will sign insur-
ance contracts will be invited for two weeks. In
order to liven this kind of compensating the farm-
ers, whose production will be damaged by bad
weather conditions, the Government will partici-
pate with 30% as a subvention in the policy which
the farmer should be pay to the insurance compa-
ny every year.
Macedonia's largest manufacturer of bread
and backed goods, Zito Bitola, is put on sale
through a public tender. The public tender speci-
fies the sale in two packages. The factory`s yard
and all of the accompanying facilities will be sold
as a whole for a price of EUR 7.5 million. The
facility in industrial part of the city, which includes
warehouse, workshop and offices, will be sold as
a whole for a price of EUR 1 million.
The daily newspaper Biznis published that
08.02.2008 FRIDAY
the Croatian firm Agrokor had its "bread buttered
on both sides". It entered the most productive
Macedonian sector, for producing vegetables,
with the highest annual harvest, and mostly ori-
ented towards export. Therefore there is no doubt
what so ever, that the purchasing centers that are
going to be build, first in Strumica and then in
Rosoman will not give better results in the organ-
ization of the production, the purchase and the
equal market presentation. In addition, because
this is an investment for the working of the Stock
Exchange, like in many other countries in the
world, the agriculturists, the region and the com-
pany too will benefit from it.
Next week (from Monday, 11th February, until
Friday, 15th February), Agency for Electronic
Communications (AEC) will be host and organizer
of the first meeting of the Executive Committee of
the International Telecommunications Union
(ITU).
On the Official market yesterday, the most
traded were the shares of GP "Mavrovo' Skopje;
MKD 14.359.948,00 have been realized in over
39 transactions of 6.091 ordinary shares. The
average price of these shares amounts to MKD
2.357,00, that was 6,60 percents higher than the
previous day…

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. OHRID BANK CONQUERS MARKET (****)
2. ZITO BITOLA IS ON SALE WITH UPSET PRICE OF 7.3 MILLION EUROS (***)

DNEVNIK p.9 THE FARMERS WILL HAVE TO INSURE THE YIELD

p.5 OHRID BANK CONQUERS MARKET p.12 BANKER TOOK ADVANTAGE OF THE ROBBERY IN UNI
p.8 MBI 07.02.2008 BANKA IN TETOVO
p.8 ZITO BITOLA ON SALE VECER
p.15 BANKER SUSPECT FOR THE ROBBERY IN TETOVO` S UNI p.6 ZITO BITOLA ON SALE
BANK p.7 THE AGRICULTURISTS WILL SIGN INSURANCE POLICIES
p.19 TENDER OFFER VREME
BIZNIS p.1 CENTRAL HEATING GOES UP?
p.1 INTEREST RATES TO DROP IF INFLATION IS NOT RISING p.1 A SLAP FOR 400 INVESTORS
p.1 HE WAS ROBBED, WHILE ROBBING! p.3 A SLAP FOR 400 INVESTORS
p.3 THIS YEAR - DOUBLING-UP THE BUSINESS NETWORK AND p.6 LOW QUALITY GASOLINE DAMAGES NEW VEHICLES
THE NUMBER OF EMPLOYEES p.6 ZITO BITOLA ON SALE
p.3 INTEREST RATES TO DROP IF INFLATION IS NOT RISING p.7 MAVROVO` S SHARES INCREASE
p.3 STUDENTS CREDIT - NEW PRODUCT p.7 CENTRAL HEATING GOES UP?
p.4 INTERNATIONAL WORKSHOP FOR WIMAX TECHNOLOGY p.7 SOCIETE GENERALE BRINGS NEW QUALITY
p.5 ICI WILL HELP ON THE WAY TO EUROPEAN INTEGRATION p.11 15 000 EUROS STOLEN FROM THE ROBBER
p.6 THE YIELDS TO BE INSURED IN INSURANCE COMPANIES VEST
p.6 AGROKOR HAS IT`S"BREAD BUTTERED ON BOTH SIDES p.2 TENDER FOR THE INSURANCE COMPANIES FOR THE AGRI-
p.11 SHARES ARE RETURNING TO PRE- ELECTION LEVEL CULTURISTS
p.11 THE ANTICIPATED PRICE IS 525 MILLION DENARS p.6 INSTEAD IN FRONT OF THE INVESTORS, GRUEVSKI AT A
p.12 MBI- 10 REDUCED FOR 0, 73 PERCENTS PARTY DEBATE
p.12 GP MAVROVO`S SHARES YESTERDAY AGAIN TRADED THE p.8 THE INTERESTS WILL FALL IF THERE IS NOT INFLATION
MOST NOVA MAKEDONIJA
p.12 NON-TRADE TRANSFERS OF SHARES p.1 PRICE SHOCK WILL NOT AFFECT INTEREST RATES
p.12 SHARE BUY-BACKS p.4 CLERK STOLE FROM STOLEN!
p.12 MBI 07.02.2007 p.6 PRICE SHOCK WILL NOT AFFECT INTEREST RATES
p.18 HE WAS ROBBED, WHILE ROBBING! p.6 MONITORING COMMISSION CAN NOT CONTROL EVERY
UTRINSKI VESNIK BANKING OPERATION
p.1 DISMISSAL FOR THE SILMAK` S EMPLOYEES p.6 MICRO EXPRESS SUPPORT UP TO 5.000 EUR
p.3 DISMISSAL FOR THE SILMAK` S EMPLOYEES p.7 ZITO BITOLA IS UP FOR SALE
p.8 ZITO BITOLA IS ON SALE WITH UPSET PRICE OF 7.3 MIL- p.7 BANK CLERK STEALS 2.2 MILLION EUROS
LION EUROS p.7 AEC ORGANIZES WIMAX WORKSHOP
p.8 MBI 07.02.2007 SPIC
p.9 THE INTERESTS WILL FALL IF THE INFLATION STAGNATES p.6 BANK CLERK STEALS FROM THE ROBBER
 Date 11.02.2008 number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
09.02.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

The Government cannot avoid the elevation
of fuel standards, the completely liberalized
import, and the market formation of prices, for
which the quality is crucial - Andrej Kuku, director
of Lukoil Macedonia, says in the interview pub-
lished in today`s Dnevnik. According to Kuku, the
Europeization of Macedonia is an irrevocable
process. As of 1 January next year, the applica-
tion of the standards Eur 5 for fuels quality will be
valid in the European Union. Macedonia is a
country candidate so it cannot avoid those obliga-
tions. According to him, the process of introduc-
tion of the European standards for the fuels is
irrevocable.
The other daily newspapers also convey the
considerations of the head of Lukoil Macedonia
regarding liberalization of the oil derivates market.
According to Kuku, Lukoil will continue fulfilling its
investment programme in Macedonia and wants
to increase the volume of investments, even
though it takes more time.
Utrinski conveys that the Governor of the
National Bank of the Republic of Macedonia,
Petar Goshev, has attended the meeting of the
heads of the SEE countries` central banks in
Thessalonica. The meeting that was organized by
the Bank of Greece was attended by the gover-
nors of the central banks of Macedonia, Albania,
Bulgaria, Bosnia and Herzegovina, Cyprus,
Greece, Montenegro, Romania, and Serbia. The
meeting took place within the frames of the multi-
lateral Memorandum of Understanding, which
was arranged in Athens in July last year, whose
purpose was to strengthen the cooperation in the
field of the bank supervision in South Eastern
Europe and keep the financial stability in the
region.
Here, you will also read about the loan
affair in the Bitola affiliate, where unemployed cit-
izens of Bitola have withdrawn unassigned loans
up to 5,000 euros, and the mediators have
charged 50.000 denars. The bank internal control
has discovered three cases of fake applications at
the very first verification of the data and immedi-
ately alarmed the investigation. Stopanska Banka
- Skopje still has no information of how many
unassigned and OK loans have been withdrawn
from unemployed people in Bitola, and how much
damage has actually been done.
The Energy Regulatory Commission still has
not decided whether to increase the price for the
heating in Skopje. At the yesterday`s preliminary
session the Commission decided additional data
to be requested from both companies - Skopje
Toplifikacija and Skopje Sever, which demand
price increase for the heating. Namely, as the
today`s newspapers inform, Toplifikacija Skopje
demands from the Energy Regulatory
Commission to increase the price of the heating
for 25 percents, and Toplana Skopje-Sever - for
19.8 percents. If the Regulatory Commission
approves this rise in prices, it will be valid since
February 1.
The shifting service from one to another tele-
phone operator, which means that the user will be
given the right to keep the old prefix and number,
is stuck. This service, known as portability of num-
bers, should have been implemented by now, but
the tender for company selection that is going to
make the software has definitely failed. Even
though the offer of the Company Semos was
twice selected as most favourable, on suggestion
of the Second Instance Commission of the
Government, the Commission within the Agency
for Electronic Communications after the third con-
sideration declared that a bidder is not going to be
selected, explaining that the documentation of the
first-ranked company is incomplete.
EVN has obtained the concession for
exploitation of the entire hydro potential of the
river Devol in Albania. Dnevnik finds out that on
the announcement for giving under concession
these resources there were only two offers, both
from foreign companies, EVN AG, which received
the bonus of ten percents, and the consortium
Landviscum and Kurum Holding.
As of Monday, 500 employees in the Tetovo
Company Jegunovce will lose their jobs. The
Company for ferrosilicon did not manage to sur-
vive the start of the liberalization of the power
market in a country in which the large consumers
should buy their own electricity at market prices.
The management team of the Jagunovce
Company is already preparing the notices
because starting 1 January this year Silmak can-
not make profit with the new market prices for the
electricity.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. LUKOIL WANTS TO INCREASE THE EXTENT OF INVESTMENTS IN MACEDONIA (***)
2. ONCE AGAIN WILL BE CALCULATED HOW MUCH SHOULD BE THE INCREASING OF THE HEATING PRICES (***)

DNEVNIK p.19 ONCE AGAIN WILL BE CALCULATED HOW MUCH SHOULD

p.9 MBI 08.02.2008 BE THE INCREASING OF THE HEATING PRICES
p.9 LUKOIL REQUIRES MARKET PRICES FOR THE FUELS VECER
p.9 NOT A SINGLE BANKRUPTCY PROCEEDING HAS BEEN p.8 BUYER TO SUBMIT THE ORIGINALS
SOLVED IN KUMANOVO p.8 WILL THERE BE PRICE INCREASE FOR THE HEATING?
p.9 EVN WILL BUILD HYDRO PLANTS IN ALBANIA p.8 SILMAK TO PRODUCE 500 NOTICES - ON MONDAY
p.9 MEPSO`S STUDY FOR NEW CONDUIT TOWARDS NIS p.8 LUKOIL CANNOT IMPORT EURO 5 BECAUSE IT HAS NO
UTRINSKI VESNIK PRICE
p.1 NEW CALCULATIONS ON HOW MUCH WILL INCRASE THE VREME
PRICE OF THE HEATING p.5 CREDITS WERE GRANTED WITH BRIBE
p.7 STOPANSKA BANKA HAS DISCOVERED THREE FAKE p.8 RUSSIAN REMIND MACEDONIA OF BEING EU CANDIDATE
LOANS IN BITOLA p.8 GOVERNMENT PULLS STRINGS WITH TOPLIFIKACIJA
p.9 LUKOIL WANTS TO INCREASE THE EXTENT OF INVEST- p.8 MAVROVO SHARES GO DOWN AFTER THE INCREASE
MENTS IN MACEDONIA p.8 HALF THE SKOPJE CITY RUNS OUT OF ELECTRICITY
p.9 THE MACEDONIAN YELLOW CHEESE KAJMAKCALAN CON- VEST
QUERS THE SERBIANS p.2 PRICE INCREASE OF CENTRAL HEATING IN SKOPJE POST-
p.9 SEMOS IS OUT OF THE GAME FOR PORTABILITY OF NUM- PONED
BERS p.9 STOPANSKA BANKA - SKOPJE DONATES PLAYING ROOMS
p.10 THE GOVERNORS FROM THE SOUTHEATSERN EUROPEAN p.11 BANK CLERK STABBED
COUNTRIES WILL COOPERATE IN THE SUPERVISION SPIC
p.11 A BANDIT STABS CIVIL SERVANT WITH KNIFE WHILE TRY- p.7 AS OF TODAY, REDUCTION OF PRICES FOR THE BREAD,
ING TO ROB A BANK MILK AND THE COOKING OIL?
16 berzNIK number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
P.11 ARRESTED EX-DEPUTY MINISTER OF JUSTICE
The just arrested liquidator Zoran Stojankik, who is being accused of
illegal actions in the liquidation process of "Centro", is an old customer of
the colleagues who edit the crime and business sections. What goes
down in one's eyes is his role in the liquidation process of "Iskra
Engineering" from Kumanovo when, let us remind ourselves, Alpha bank
reacted severely to some of his actions, in which, as familiar, there is
Greek capital. At that time, as the bank's lawyer says, Stojankik was sell-
ing part of the liquidation assets although it was under mortgage, allowed
by liquidation judge Marina Diskovska in accordance with the then-
reports (the middle of 2006).
P.70 GLOBAL FINANCIAL CHAOS-THE ODD PERSON WHO
DESTROYED THE STOCK MARKET
Five billion euros man
Jerome Kerviel talked only to dogs, he believed that he would bring
an enormous profit to his bank and his personal profit was not important
to him at all
FINANCIAL SCANDAL OF THE DECADE
With his malverations on the stock market, the silent broker from the
French bank Societe Generale created a record loss in the powerful
financial institutions and shook the stock markets worldwide. But, it
seems that the lone man did not have an intention to lie to the bank and
to make personal profit…
P.72 SATIRE IN THE BRITISH MEDIA - KERVIEL MADE THE
LOSSES BY BETTING THAT THE FRENCH PEOPLE WILL BECOME
HARD WORKING
After he was accused of abuse of trust, Kerviel got a lot of followers
in the virtual world of the internet. Kerviel had his own profile on
"Facebook", so called social network for making friends, associating,
exchange of photographs etc. But, before the scandal, only about 10 of
his "friends" were registered here. When he got to the front pages of the
world media, the number of his fans multiplied.
FOKUS
Page 10 WHY VEGETABLE OIL IS MORE EXPENSIVE IN LONDON
THAN IN SKOPJE?
The prices of alimentary products in the last months shook
Macedonia. To top it all was the last rapid price increase of the milk and
vegetable oil, basic products without which the nutrition of Macedonian or
any other family is imaginable. Liter of milk, few months ago, depending
on the producer, was sold at the price between 25 and 29 denars, and
today, its price is between 37 and 41 denars. The price of vegetable oil
was between 55 and 65 denars, and today it is in span between 84 and
95 denars.
KAPITAL
Page 10 ERA CITY WILL BECOME THE BIGGEST BUSINESS AND
ENTERTAINMENT CENTER IN THE REGION
By the laying of the cornerstone by the Prime Minister Nikola
Gruevski, Slovenian Minister of Foreign Affairs Dimitrij Rupel and
President of Slovenian ERA Group Gvido Omladic, last week started the
construction of ERA City which should be the biggest and most modern
business and entertainment center in the region.
Page 10 GRANIT BUILDS THE NEW AMERICAN EMBASSY
American Embassy that is built in Skopje will be the main security
center on the Balkans. In this department will be transferred part of the
intelligence center that now operates in Athens. This object will be espe-
cially important for the Central Intelligence Agency (CIA) for the security
of the Balkans and monitoring of activities of terrorist groups.
Page 19 IS INGRA SECRETLY BUYING MAVROVO?
Construction company Mavrovo seated in Skopje is sold to Croatian
construction company Ingra. This information was these days spread in
Date 11.02.2008
04.02. -09.02.2008 MONDAY-SATURDAY
the public, while the price of shares of Mavrovo glides every day and
already reached its values almost double from the beginning of the year.
Shareholders rub their hands in pleasure, there is obvious fans` atmos-
phere on internet forums where investors communicate, and there are
expectations that the share would go up to 4,5,6 and more thousand
denars.
Page 28 EXPORT IS OUR BEST FEATURE! SELL - BUT NOT AT
ANY PRICE!
Interview: Savka Dimitrova, CEO of Evropa
Export of Evropa on foreign markets is more stable compared to the
sell on the domestic market. The export goes to Slovenia, Montenegro,
Bosnia-Herzegovina, Serbia and Kosovo. This is excellent disposition for
the company. We are also exporting in Australia, where our export is tra-
ditional, and in America, France, Holland, Armenia, Greece and other EU
countries. Evropa is a factory that exists in three centuries. And that is not
my self importance because I do not maintain this factory for three cen-
turies, although I have the honor to be long time part of it. Evropa is a
result of the effort of several generations. The history means a lot to ali-
mentary products. Evropa is the oldest factory in Macedonia, and one of
the oldest if not the oldest, alimentary factory on the Balkans. It was
established in 1882 as workshop of four employees and daily production
of 250 kg. This is 125 years of existence and continuity of the service.
Page 34 INVESTORS TURN THEIR ATTENTION TOWARDS
BONDS?
January increase of 77.44% of the trade with bonds on Macedonian
Stock Exchange announces new trend of turning investors` attention
towards this kind of more secure securities. Some annalists even fore-
casted that the segment that was so far least liquid, there will be soon
lack of offer, due to increased demand which was created by the "load"
pension insurance companies.
Page 37 SMALL INCREASE OF THE INDEX, SMALL DROP OF THE
TURNOVER
Last trade week was closed with growth of MBI-10 of 0.16%, which
means that the negative trend from previous week (4.35% drop) was
stopped. Regular trade total turnover amounted 240.6 million denars,
which is 6% lower compared to period between 21st and 25th January.
Page 42 WHAT IS HIDING BEHIND THE BIGGEST FRAUD IN
BANKING HISTORY?
The news that the big French Societe Generale might loose 5 billion
euros, because of some "minor" broker, shook French stock exchange,
but also all European annalists. Jerome Kerviel (31) entered the book of
records as a man who did the biggest bank trading fraud of all times.
French broker descended from the throne Englishman Nick Leeson who
in 1995 bankrupted old English bank Barings, where even the Queen had
an account.
Page 43 FOREIGN CURRENCY MARKET
Page 45 40 MILLION EUROS ENTER IN STRUNMICA AND ROSO-
MAN
Croatian concern Agrokor this year will definitely start the construc-
tion of the first two farming-distributive centers in Strumica and Rosoman,
with starting investment of 40 million euros, with Government`s portion of
30 to 35%, investing state owned land and freezers.
FORUM
Page 31 TOP 10 STOCK MARKET SLUMPS
Page 33 SHARES OF MAVROVO WITH THE BIGGEST GROWTH,
AGAIN
MAKEDONSKO SONCE
Page 34 THE COAL GOT "BURNED" BY THE POLITICS
According to experts, Macedonia has reserves of coal for more than
200 years. This energy source exists but deep in the earth. Therefore, it
is time to invest in underground exploitation, instead of living in fear that
the collapse in surface mines might leave the country without electricity.
Date 11.02.2008 number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
17

WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGE

period 04.02. - 08.02.2008 year
18 berzNIK number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 11.02.2008
Date 11.02.2008 number 9
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19