berzNIK - YEAR II - NUMBER 8 - 04th FEBRUARY 2008 - (SUPPLEMENT OF TENDERNIK)

SERVICES
TIMES CHEAPER
WE OFFER 2, 5
Date 04.02.2008 number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Let us get familiar with each
other… berzNIK!
While in the - Our pages remain open for you…
world it is a An invitation which I believe those who have
already reviewed and use our berzNIK-daily electron-
prestige to be ic distributive service of information from print media,
listed on stock do not find it boring but rather useful as a reminding
exchanges, do to start cooperation with us. Those who see the
trading, be weekly review of berzNIK for the first time will sure find
it interesting to analyze it, make comments on it and
dominant on suggestions on the contents they think should be
the markets, be presented, reported or processed on the pages of
a huge this specialized medium.
shareholder in
The idea for mutual cooperation and voluntary
several free representation of your office, association, com-
companies, in pany, the way and service you treat is a step forward,
our country step that will take you closer to the mutual users. I
this topic, for say mutual because the circle of persons, legal enti-
ties, organizations, associations and institutions in
the time being, which perception the financial-stock exchange data
is something are, is small and most importantly seems like cov-
that's not been ered up. And, while in the world it is a prestige to be
talked about listed on stock exchanges, do trading, be dominant
on markets, be a huge shareholder in several compa-
much. Big nies, in our country this topic, for the time being, is
shareholders something that's not been talked about much. Or, if
don't brag with you are of good will to make conversation on this
their problematic, you need visa from a higher rung. Big
shareholders don't brag with their successful invest-
successful ments, they don't want the people to know how much
investments, capital they possess where. Hence, it looks like the
they don't want target group which is familiar with, or more so uses
the the services of specialized houses on working with
securities, at least in our country, is pretty limited. I'm
people to know not skeptic, but we must admit the owners of securi-
how much ties are largely only heirs (from the aspect of receiv-
capital they ing and not buying the shares), who are partly aware
possess where that they possess capital, some are using them as
lottery and only small part know what they mean and
trade with them on the level they have on the capital
market.
That is why I think the associations dealing with
securities should have as more affirmative presenta-
tions, and the management teams to get to know,
animate and popularize researches, analyses and
predictions on the company's capital movement, to
them and wider in relation to the other entities on the
market.
Maybe this conclusion of mine seems ridicules
and naive to you, but it's not that I'm emphasizing it
without a reason. Here is one apparently simple
example, which leaves many unanswered questions
behind. Something happened to me not so long ago
while I was visiting the Securities Commission. Two
shareholders from the suburbs with a piece of paper
berzNIK
3
for share ownership (paper few years old), asked the
institution to explain to them what the paper meant,
what they had and if it had it any value. Isn't it symp-
tomatic that they know there is Securities Commi-
ssion and don't know if their shares have any value
or if the company they have the shares in is in bank-
ruptcy.
This opens many questions.
First, are these shareholders informed of where
their company stands? Do they know that the shares
are being registered in the Securities Commission?
Are they aware they can get informed on the shares
at the Shareholders Meeting? That the closest notary
house can help them and direct them to exactly what
they need to do concerning both the company's con-
dition and the share ownership? Then, where are the
managers, if there is company why they let their
shareholders not knowing what they possess and
how their participation in the work can affect the
shares value…? We can surely ask many more
questions about this example, but the point is that the
capital market is still unfamiliar for the share owners,
it is still being treated like a market they got by acci-
dent on, market they consider gambling house where
you either win or lose. This gives me the right to think
that the presentation made in our pages should only
be the first rung of affirmation of all directly or indi-
rectly involved participants on the market. Each
greater presentation made through us or with us to
the management teams, and even wider to the com-
panies' shareholders, the institutions and all con-
cerned with this problematic, is a mutual move: to get
familiar with each other, cooperate, exchange ideas,
positions, personal experiences; point remarks to
one another, critiques; to mark the positive and neg-
ative comments. All these moves lead toward one
mutual step forward in joining, trading and develop-
ing the capital market which, slowly but surely
becomes an everyday thing for many legal but phys-
ical players on the capital market too…
I hope that the call for cooperation will turn the
closed card on a new more open way of cooperation,
especially with the brokerage houses, investment
funds (open and closed), as well as private and pen-
sion funds, state institutions in charge of realization,
observation and control of the market, auditing hous-
es and all other participants on the capital market…
Until the next Monday
Makedonka Baldazarska
BerzNIK editor-in-chief
e-mail: berzNIK@interNIK.com.mk
 4 berzNIK number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 04.02.2008

WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGE

period 28.01. - 01.02.2008 year

Turnover by market segments

Data on MBI-10 shares

Top ten listed shares

 Date 04.02.2008 number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
5
28.01.2008 MONDAY
C O N T E N T S
1. SHORT REVIEW OF EVENTS
INTRODUCTION . . . . . . . . . . . . . . . . . . . . . . . . . . 3
- At the beginnig of this week, the tender for 3- Exchange, which were presented by several daily
G technology is still one of the major topics in the newspapers, the activities of the investors are noti-
WEEKLY REVIEW OF THE MACEDONIAN STOCK
print media. Even though Macedonia has several ceable. Even though the index MBI-10 lost about
EXCHANGE… . . . . . . . . . . . . . . . . . . . . . . . . . . . ...4
free frequences for offering services of the third ge- 4.5% of its value from Monday to Friday last week,
neration of mobile telephony, it only awarded one to and in the same period, the index MBID lost 2.3%,
berzNIK, TUESDAY, WEDNESDAY,
Cosmofon through a tender. According to the ex- the average daily turnover is almost double in com-
THURSDAY… . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5-7
perts` opinion, it is a wrong move because this ser- parison with last week and it achieved an average
WE OFFER 2, 5 TIMESCHEAPER vice, which is more and more applied world wide, amount of 50 million MKD. The increase of the in-
SERVICES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 should be offered by all who is able to do so. dexes in the last two trading days of the week, after
- A lot of virtual mobile operators offer the 3-G their two-day sever fall on Tuesday and Wednesday,
GLOBAL REPRESENTATION OF HEDGE technology in the EU member states. They do not is an auspice that the investors` optimism is res-
FUNDS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 have a personal network, they are using the network toring. The shares of the civil engineering and con-
of the other operators and they only pay a certain fee struction company "Mavrovo" were the most traded
NOV PENZISKI FOND AD SKOPJE. . . . . . . . . . . . . 10 to them-the experts say. shares last week. Through a total turnover of 48.3
Macedonia and Albania are the last countries in million MKD (nearly 800.000 euros), were over
KB - FIRST PENSION COMPANY JSC Europe without services from the third generation of 30.000 shares of the civil engineering and con-
SKOPJE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 mobile phones. The experiences from the countries struction company were sold.
STOCK EXCHANGE NEWS…....................12 from the region and the EU member states show The daily newspaper Utrinski vesnik published
that the suppliers of 3-G services are not selected that several companies from Veles owe about 80 mi-
berzNIK, , THURSDAY, FRIDAY, through a tender, but that a license for offering of 3- llion MKD to the Fund of Pension and Disability In-
SATURDAY . . . . . . . . . . . . . . . . . . . . . . . . . . .13-15 G services is issued to any telecommunications surance for unpaid contributions for the employees.
company which meets the standards. The third ten- The ceramics industry Kiro Kucuk is the biggest
WEEKLY MAGAZINES...…..........................16 der showdown in our country, which happened debtor. It owes 44 million MKD for unpaid contribu-
between T-Mobile Macedonia and Cosmofon in a tions for 600 employees in a period of several years.
WEEKLY REVIEW OF THE MACEDONIAN STOCK period of one month and on which, the second The cooking oil factory Blagoj Gjorev owes 12 mil-
EXCHANGE. . . . . . . . . . . . . . . . . . . . . . . . . . . . 17-19 mobile operator won, will probably cause major con- lion MKD. Trans Veles and Tediko, both bankrupt,
frontations and reaction in the professional and the owe money, as well as the Factory for railway ve-
wider public in this country. hicles Kolska.
The gasification in this country is a major topic The daily newspaper Biznis continues with the
I M P R E S S U M again. Several newspapers again actualized this to- explanations about the using of the newly opened
pic, because progress has not been made in the fi- transaction accounts for the citizens. Representati-
eld of gasification despite of the numerous theoreti- ves of the Clearing house explain that they have a
cal projects which are waiting to be implemented. It legitimate basis for managing with the only register
Publishing: INTERNACIONAL NIK AD - Skopje is not disputed that all current governments empha- of transaction accounts and processing of these per-
Media library and digital archive sized the gasification as a significant factor for eco- sonal data. The Clearing house will manage only the
Editors office: berzNIK nomic development. For this year, the Government transaction accounts in the only register, and it will
Address: Square MAKEDONIJA bb, p.box 882 Skopje, 1000, approved 180 million MKD for implementation of not have an insight of the balance of the accounts of
R.Makedonija gasification projects, which are abundant in the com- every citizen in the process. This means that the bal-
Phone. 02/25.32.800 faks: 02/25.32.839
web: www.interNIK.com.mk;
petent ministries. But, despite all of that, Macedonia ance of the account will be known only to the bank,
e-mail: info@interNIK.com.mk was and remained on the verge of all started or in which it is opened, and the banks are obliged to
announced projects in the region. keep the banking secrets. So there is no danger
Executive Director: Zdravko Josifovski According to the analyses, the charts and the when the privacy of the participants in the payment
Account Menager: Divna Pesic diagrams for the condition at the Macedonian Stock operations is concerned…
Public relations: Natasa Dimovska
Marketing manager:
Assistent:
Ivona Josifovska
Stojne Danilova
2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS
E-business manager: Ratko Projkovski 1. T-MOBILE OFFERED FIVE TIMES LOWER PRICE THAN COSMOFON (****)
Logistics manager: Ana Petrova 2. GASIFICATION PROJECTS IN MACEDONIA STUCK IN ONE PLACE . (***)
Finance manager: Gordana Stojanovska
DNEVNIK p.8 COMPANIES FROM VELES OWE 80 MILLI-
STOCK EXCHANGE REVIEW OF EVENTS IN THE p.9 GASIFICATION OF TEC NEGOTINO TO SA- ON DENARS TO THE PENSION FUND
PRINT MEDIA berzNIK VE US FROM DARKNESS VECER
p.9 200 KIRO KJUCUK EMPLOYEES ON FOR- p.6 FOR EVERY OPERATOR, ONE 3G FREQU-
berzNIK is founded in year 2007. CED VACATION ENCY
BIZNIS p.6 4.500 TONS OF TOBACCO PURCHASED
STOCK EXCHANGE REVIEW OF EVENTS IN THE p.7 MAVROVO SHARES REGAIN POPULARITY
PRINT MEDIA berzNIK
p.1 TRANSACTIONS ACCOUNTS DO NOT IM-
Number: 8
PAIR CITIZENS` PRIVACY VREME
Date: 04.02.2008 p.3 ONLY THE BANKS WILL KNOW THE ACCO- p.3 ALBANIAN GOVERNMENT SUES GRANIT
UNTS` BALANCE p.5 THE THIRD TECHNOLOGY ESTRANGED
IT IS DISTRIBUTED FOR SUBSCRIBERS ONLY p.3 TODAY IS THE EUROPEAN DAY FOR PER- THE MOBILE OPERATORS
SONAL DATA PROTECTION p.5 LUKOIL SUFFOCATES FROM THE SULFUR
FRONT PAGE PHOTO: p.3 TRANSACTIONS ACCOUNTS DO NOT IM- OF OKTA TOO
Michael Lawrence - PAIR CITIZENS` PRIVACY p.7 SMELTERY TO BE DISLOCATED FAR
Chief Executive Director of T-mobile p.7 ON NET WITH LOCAL LANDLINE PHONE FROM VELES
CONVERSATIONS! p.11 TTK BANKA TO RETURN THE EQUIPMENT
Photo: p.7 COSMOFON PREPARES AGREEMENT OF MEDICAL PLASTIC
Robert Spasovski VEST
WITH AEK; T-MOBILE PREPARES A COM-
Editorial staff of berzNIK PLAINT!? p.7 T-MOBILE OFFERED FIVE TIMES LOWER
Internet distributive system: www.interNIK.com.mk p.12 MBI 25.01.2008 PRICE THAN COSMOFON
Editor: Makedonka Baldazarska p.12 TOTAL TURNOVER OF 73.49 MILLION DE- NOVA MAKEDONIJA
DTP: Tatijana Trpkovska NARS p.5 THE MOBILE OPERATORS WITHOUT 309
Editorial staff: p.12 MAVROVO SHARES - MOST TRADED BASE STATIONS
News Evaluator: Anita Bashoska p.13 CHART AND GRAPHIC REVIEW OF MBI-10 p.5 BANK PROBABLY GAVE KERVIEL HANDS
[operators]: Arslan Skoro, Zoran Stamatovski, Martin Arsovski, FROM 21.01.2008 TO 25.01.2008 FREE TO TRADE
Gorge Redzik, Toni Arsovski i Darko Tripunovski * p.13 MOVEMENT, AWAKENING AND RESTOR- p.5 STRONG CHANGES ON THE STOCK EX-
[translators]: translator's manager Senka Mihajlovska, Angelina ING OF THE OPTIMISM CHANGE, THE ICE IS CRACKING?
Filipovska, Slobodan Trajkovski, Aleksandar Stamenkovski, Aneta UTRINSKI VESNIK SPIC
Menoska, Filip Koviloski, Darko Ivanovski p.1 GASIFICATION PROJECTS IN MACEDONIA p.2 ACCUSED BANKER FROM SOCIETE GEN-
Fotoreporter: Robert Spasovski STUCK IN ONE PLACE ERALE WILL SOON FACE HEARING
p.2 THE FEAR AND THE GREED p.5 THE FARMERS FROM BITOLA THREATEN
Marketing, distribucija i proda`ba:
INTERNACIONAL NIK AD - Skopje p.5 GASIFICATION PROJECTS IN MACEDONIA WITH SWEDMILK
STUCK IN ONE PLACE
 6 berzNIK number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 04.02.2008

1. SHORT REVIEW OF EVENTS
Another entrance on Macedonian market
The Slovenian group Viator and Vektor yes-
terday made the purchase of Transped komerc
official. According to Dnevnik, the group which is
present beside in Slovenia in Croatia, Bosnia Ser-
bia but also in Romania, Russia and other countri-
es, announced that the undertaking is the first
step in its ambitious plans for entrance on Mace-
donian market. Beside the logistic, which is the
basic activity of Viator and Vektor, the company
announces break in other segments of the pro-
duction and services, opening new job positions
and imposing standards typical for the activity of
this group, one of the biggest in Slovenia. Nova
Makedonija announces detail information about
the company: Viator and Vector disposes of over
500 own heavy goods vehicles and 350 buses for
tourist transport. The companies have developed
network of the agencies throughout Europe and
owns over 200 square meters of storage space in
Slovenia and abroad.
Problems with tax evasion in Jaka Tabak.
Utrinski Vesnik announces that the sector for
internal affairs in Strumica filed criminal charge
against Gorgi Tanevski (47), General Director of
the company Jaka Tabak from Radovis. A charge
has been filed also to Tatjana Krsteva (36) financi-
al director in the same company and Stojka Atana-
sova (53) manager of the accounting. The three
charged persons, according to the Ministry of In-
terior, have committed criminal act-tax evasion
and forgery of business books. Dnevnik adds that
according to the police, the suspected committed
the criminal act in August 2005. Then in the acco-
unting records of the company for issued raw ma-
terials presented little amount than the real
amount and didn`t pay value added tax of 174.146
denars.
The actuality of the scandal in Societe Gene-
rale is still a main topic in all written media. Vecer
writes that this fraud was a part of the illegal act in
which total of 50 billion euros have been circulat-
ing. According to the official announcement of the
bank, the first doubt that indicated that something
was wrong emerged on 18 January, this year
when the competent bodies have been informed.
Zerom Kervijel admitted that he had opened acco-
unts and performed the fictive operations whose
value is estimated to 35 billion euros which is mo-
re than the value of the same bank that amounts
35 billion euros, and is close to the French deficit
on annual level. Kervijel started the fraud in Feb-
ruary 2007 and continued until this month. When
the fraud has been revealed he was dismissed to-
gether with the other four persons responsible in
the sector for share capital and financial deriva-
tes. After this scandal, the bank announced that it
will take necessary measures for strengthening
29.01.2008 TUESDAY
the systems for risks control.
Dnevnik writes that the State Lottery of Mace-
donia is the new company formed by the Govern-
ment which will organize games of chances such
as Bingo and lottery. The members of the supervi-
sory board were designated in October and the
managing board is not formed yet. The company
is registered as Shareholder Company in full own-
ership of the state, the Government confirmed.
According to the new amendments, adopted by
the Government in May last year, 48 percent from
the money of the sale of tickets will be separated
in special fund for construction and maintaining
sports facilities, and two percent for special fund
for fight against family violence.
Biznis regularly announces a review of the
trading of Macedonian Stock Exchange. On the
securities market on Monday total trading value of
35.864.833, 05 was realized through 129 transac-
tions and the MBI-10 index increased for 0.51 per-
cents. The total value per markets was the follow-
ing: on the Official market 25.655.540, 00 denars
were realized from total 160 transactions, while
the rest 10.209.343, 00 denars were realized on
the Regular market through 59 transactions. The
most traded were the shares of Komercijalna Ban-
ka Skopje that realized 5.559.158, 00 denars thro-
ugh 19 transactions. The average price of these
shares was 6.397, 10 denars.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. THE SLOVENIAN GROUP VIATOR-VECTOR TOOK OVER TRANSSPED COMMERCE . (****)
2. NEW CRIMINAL CHARGES AGAINST THE MANAGER OF JAKA TABAK (****)

DNEVNIK TRADING
p.1 BINGO FOR GOVERNMENT p.9 THE CROATIAN INFODOM ENTERS ON OUR MARKET
p.2 BINGO FOR GOVERNMENT p.12 NEW CHARGES IN JAKA TABAK DUE TO TAX
p.2 BE CAREFUL, THE BANKERS ARE MISUSING AS WELL VECER
p.7 THE DECEIVER FROM SOCIETE GENERAL PLAYED p.1 EVEN IF IT DOES NOT BANKRUPT, SOCIETE GENERAL
AROUND WITH 50 BILLION EUROS SINKS
p.7 MBI 28-01-2008 p.1 BE CAREFUL, THE BANKERS ARE MISUSING AS WELL
p.14 NEW CRIMINAL CHARGES AGAINST THE MANAGER OF p.6 THE BROKER GAMBLED 50 BILLION EUROS?
JAKA TABAK p.7 SUNFLOWERS BACK ON FIELDS
p.15 ELECTRIC SHOCKS LEFT HALF SKOPJE WITHOUT CEN- p.7 SLOVENIANS BECOME NEW OWNERS OF TRANSPED
TRAL HEATING p.9 NOVO LISICE DEBTORS - IN THE LINE OF FIRE
BIZNIS p.11 UNPAID TAX OF 200 THOUSAND DENARS
p.1 THE SLOVENIAN GROUP VIATOR-VECTOR TOOK OVER VREME
TRANSSPED COMMERCE p.6 INSTEAD OF EUROPEAN QUALITY, MILLION DOLLAR PROF-
p.3 THE SLOVENIAN GROUP VIATOR-VECTOR TOOK OVER IT
TRANSSPED COMMERCE p.11 TENEVSKI ACCUSED ONCE MORE
p.5 SIGNING AN AGREEMENT FOR EACH TRANSACTION p.13 KARVIEL GAMBLED WITH 50 BILLION EUROS
ACCOUNT VEST
p.12 MBI 28.01.2008 p.2 EDUCATION OF POOR CHILDREN TO BE SUPPORTED BY
p.12 NON TRADING SHARE TRANSFERS WORLD BANK CREDIT
p.12 ADG MAVROVO POSSESSES NO PART IN MAVROVO INZE- p.5 TELECOM BREAKS THE LAW ON PERSONAL DATA PROTEC-
NERING TION
p.12 THE STOCKS OF KOMERCIJALNA BANKA, MOST TRADED p.6 T-MOBILE OFFER IS DISQUALIFIED
p.12 MBI-10 RECORDS A GROWTH BY 36.07 INDEX POINTS p.7 SLOVENIAN VIATOR & VEKTOR BUYS TRANSPED
p.13 MAKEDONIJATURIST BUY-BACK ORDINARY SHARES NOVA MAKEDONIJA
p.13 PUBLIC WARNING FOR RZ INTER-TRANSPED p.5 SKUPINA VIATOR & VEKTOR NEW OWNER OF TRANSPED
UTRINSKI VESNIK p.5 INTENSITY DECREASES, PASSIONS CALM DOWN, AVER-
p.8 MAVROVO LOOSES MAVROVO INZENERING AGE STOCK EXCHANGE TRADING
p.8 IN THE NEXT FOUR YEARS MACEDONIA WILL RECEIVE 280 p.5 THE FRENCH BROKER GAMBLED 50 BILLION EUROS, NOT
MILLION DOLLARS FROM THE WORLD BANK ONLY 5 BILLION EUROS
p.8 SLOVENIAN VIATOR & VEKTOR BUYS TRANSPED KOMERC SPIC
FROM SKOPJE p.3 THE BROKER TURNED AROUND EUR 50 BILLION AT SOCI-
p.8 MBI 28.01.2008 ETE GENERALE
p.9 THE DEPARTMENT OF STOPANSKA BANKA CONTINUES p.8 SLOVENIAN GROUP TOOK OVER TRANSPED
 Date 04.02.2008
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW OF EVENTS
Argues related to the election of 3G telepho-
ny operator, do not calm. T-Mobile management
yesterday asked the Agency to reconsider the
decision for proclamation of Cosmofon as winner
on the bidding with the offer of 4.5 denars per
minute video call. Daily papers convey the expla-
nation released by T-Mobile Macedonia after
being eliminated from the bidding for most favor-
able operator to offer 3G telephony, because
beside charts of prices for retail and wholesale
services, winning company has also submitted
explanation of the offer, which is in contrary to the
tender conditions. This company yesterday
explained that they have decided to do so in order
of being transparent and clear in front of their cus-
tomers. In contrary to this company, Agency on
Electronic Communications says that offered
price of 0.9 denars per minute of video or voice
call was conditioned by T-Mobile with 800 denars
of monthly subscription for citizens no matter if
they were using the service or not. They also
claim that this was one of the reasons why T-
Mobile`s offer failed. Other reason was T-Mobile`s
demand other operators to pay five denars per
call, and three million euros for mobile, landline-
number 8
mobile and internet services on annual basis, no
matter if users spend that amount for conversa-
tion.
Almost all daily papers convey the news from
the New Pension Fund, which announced to cut
provision charged to its members, starting
February the 1st, and same announcements are
coming from KB First Pension Company as well.
According to Director of New Pension Fund
Kristijan Pavlovski, the provision will suffer 0.5%
cut, as much as the cut introduced by MAPAS
towards all pension funds.
Papers in their daily editions convey interest-
ing and positive news for Macedonian stock
breeders.
-Macedonian stockbreeders have welcomed
their five minutes. Large competition of diaries not
only increased the purchase price of the
unprocessed milk, but forced milk-producers to
enter merciless race for attracting more farmers.
Stockbreeders are given the opportunity to
choose diary for cooperation for the first time.
Skopje diary with Sweden capital, Swedmilk, in
the race to attract farmers from Bitola and milk-
producers from region of Pelagonia, guarantees
berzNIK
7
30 .01.2008 WEDNESDAY
cash payment for every delivered litter of milk, and
not milk and cheese. The new diary expressed
readiness to invest 2 million euros for improve-
ment of farms owned by its cooperators if they
become serious partners. This company will buy
lacto freezers and invest in generators in villages
with low voltage.
IK Banka, in accordance to the Law on
Payment Operations, has automatically opened
transaction accounts to all clients who previously
had at least one service in the bank and they
entered Single Registry of Transactions Accounts.
The bank does not charge allowance for this serv-
ice. The bank has opened 255.000 transaction
accounts.
Securities market Tuesday recorded total
trade value of 62.608.262 denars, and realized
243 transactions and 1.04% drop of MBI-10
Index. Shares owned by construction company
Mavrovo Skopje were the most traded with real-
ized 6.127.368 denars from 4.027 shares in 30
transactions. Average price per share reached
1.543 denars. Shares owned by winery Tikves
record 5.26% and Teteks 2.72% appreciation on
the official market.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. T-MOBILE REQUESTS REANALYZING THE CHOICE FOR 3G-TECHNOLOGY (*****)
2. SWEDMILK WINS OVER THE BITOLA DAIRYMEN (*****)

DNEVNIK p.9 SWEDMILK TO ATTRACT FARMERS OF BITOLA

p.5 NLB NEW PENSION FUND LOWERED THE COMMISSION
FOR ONE PERCENT VECER
p.5 FOR UNRELEASED MEDICINE, THE REPLEK PHARMACY p.4 REPLEK FINED
FINED WITH 75.000 DENARS p.6 NATURAL GAS PRICE INCREASES QUICKLY AS LIGHTENING
p.8 MBI 29-01-2008 p.7 THERE WILL BE MILK FOR EXPORT
p.8 T-MOBILE CONDITIONED THE LOW PRICE WITH EXPENSIVE p.7 T-MOBILE PUT OUT OF THE GAME DUE TO BEING TRANS-
SUBSCRIPTION PARENT
p.9 SWEDMILK WINS OVER THE BITOLA DAIRYMEN p.7 START OF ERA CITY CONSTRUCTION

BIZNIS VREME
p.2 THE REPLEK PHARMACY IN GTC WITH FINE OF 75.000 p.6 THE MUNICIPALITIES WHICH WILL NOT PAY FOR ELECTRIC-
DENARS ITY - IN DARK
p.2 THE MILK WITH NO RESTRICTIONS WILL TRAVEL TO THE p.6 RECONSIDERATION OF THE SELECTION OF VIDEOPHONY
EU p.6 TOPLIFIKACIJA DOES NOT WANT TO BE A MONOPOLY
p.3 ELIMINATED ONLY BECAUSE OF THE ADDITIONAL EXPLA- p.7 SWEDMILK IN QUEST FOR MILK
NATIONS GIVEN IN THE OFFER? p.13 KERVIEL REFUSES TO BECOME A SCAPEGOAT
p.3 EVEN WITH EARLY RETIREMENT ONE CAN SELECT PEN-
SION ASSOCIATION VEST
p.11 NEW DEADLINE FOR FORMING THE PACKAGE OF SHARES p.2 NEW PENSION FUND REDUCES COMMISSION FOR 0.5%
FOR SALE p.3 FINE OF 75.000 MKD FOR REPLEK BECAUSE OF HIDING OF
p.11 NEW 55.000 TRANSACTION ACCOUNTS OPENED FOR MEDICINES
PHYSICAL ENTITIES p.7 T-MOBILE REQUESTS LICENSE FOR VIDEO TELEPHONY
p.12 MBI 29.01.2008 p.7 SWEDMILK IN QUEST FOR MILK IN BITOLA
p.12 RZ USLUGI WILL NOT INVEST IN COPPER AND COPPER
ALLOYS NOVA MAKEDONIJA
p.12 SHARES OF TIKVES WINERY WITH PRICE GROWTH p.3 PHARMACY REPLEK FINED WITH 75.000 MKD
p.12 MBI-10 REDUCED FOR 1.04 PERCENTS p.4 THE UNSETTLED DEBT TO BE PAID BY FEBRUARY
p.5 THERE IS NO CASE IN EUROPE WITH ONLY ONE 3G TECH-
UTRINSKI VESNIK NOLOGY LICENSE
p.8 MBI 29.01.2008 p.5 THE GOVERNMENT LISTENS TO BRUSSELS; ELEM WILL
p.8 LOWER COMMISSION IN NEW PENSION FUND STARTING NOT BE A WHOLESALE SUPPLIER
FEBRUARY
p.8 EC BANK OPENS ITS CLIENTS TRANSACTION ACCOUNTS SPIC
p.8 MINIMUM SALARY, CONDITION FOR EU p.6 T-MOBILE WILL TAKE 3G-TELEPHONY TO COURT
p.9 AGROKOR AND BLEKSTON FAVOURITES FOR MIGROS p.7 FARMERS SATISFIED FROM THE DAIRY BUSINESS
p.9 TRGOTEKSTIL IS DIVIDING ILLEGALLY, CLAIM SHAREHOLD- p.8 REPLEK IN CITY SHOPPING CENTER WAS FINED
ERS p.9 EVN WILL LIGHT THE MUNICIPALITIES IF THEY PAY
p.9 T-MOBILE REQUESTS REANALYZING THE CHOICE FOR 3G-
TECHNOLOGY
 8 berzNIK number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 04.02.2008

T-MOBILE claims

WE OFFER 2,5 TIMES

CHEAPER SERVICES
T-mobile`s management asks the Agency for Electronic Communications to reevaluate the decision for granting
the license, because they offered a clear, precise and transparent package, without any concealment behind it.
Simply, there are not hidden prices in it, as it is the case with the other side.

ou are not going to find any state in
which has over 1, 2 million users at the mo-
ment, and which will remain fair and transpa-
rent partner in the country, in the future.
Otherwise, last year T-mobile invested ro-
und 20 million euros in technology development
and it plans to invest the same amount this year
in new technologies as well as in new services,
such as web & blog, web SMS and push mail.
T-mobile explains that on the tender for 3G
radiofrequency they had an opportune and bet-
ter offer. The referral package was clear, preci-
se and transparent, without any concealing.
Simply, it has no hidden prices, as it is the case
with the other side, like for example it gives a
chart with calls and their prices, but it does not
say who the calls are intended for. At the same
time, in the part of verbal calls, as well as for the
video calls, our wholesale and the retail offered
prices are even up 2, 5 to three times lower
than the ones given by Cosmofon, says Micha-
el Lawrence, Chief Executive Director of T-mo-
bile, decisively. We would be satisfied if the
Agency for Electronic Communications took so-
me time off to reconsider its decision, and T-
mobile will announce its opinion after the dis-
cussions with its shareholders, he explained on
the presentation for comparison of the prices,
which they and their opponents have offered on
because of what they ask the Agency for
Electronic Communications to reevaluate the
decision for the license granting.
Actually, the additional remarks in T-
mobile`s offer, as explained by the director for
marketing and regulations, Branko Stanchev,
are the base for their qualification. - We did that
after the official sessions with the Agency for
Electronic Communications, during which we
asked for certain clarifications regarding the
Agency for electronic Communications
T-MOBILE OFFERED A LOW PRICE, BUT
AN OBLIGATORY SUBSCRIPTION
The offered price of 0, 9 denars per
minute of video or verbal call was condi-
tioned by T- mobile with 800 denars of
monthly subscription for the citizens, no
matter whether they have talked or not,
says the Agency for Electronic Commu-
nications. They claim that it was one of the
reasons the offer by T-mobile was rejected
on the public announcement for the third
generation of mobile telephony. The other
reason was the fact that T-mobile asked the
other operators to pay five denars for estab-

Y Europe in which only one company has

the 3G license. It is more logical the both
operators which participated on the tender to
receive license for the third mobile generation
which offers video telephony, is what T-mobile`s
- Macedonia management considers, whose
offer on the tender for 3G license was disquali-
fied by the Agency for Electronic Communicati-
ons.
The chief executive director, Michael Law-
rence announced that the granting of only one
license will not only damage the citizens, but it
will also have repercussion on the telecommu-
nications in Macedonia. Nevertheless, he
believes that this decision by the Agency for
Electronic Communications (AEK) is not going
to directly influence the work of the company
the tender for using radiofrequencies intended
for services from the 3G technology.
According to the presented data on the
chart, the prices from the referral package offe-
red by T-mobile for mobile services intended for
the citizens are 6, 9 denars, whereas Cosmo-
fon`s price is 17, 5 denars, the price for the in-
ternet is only one denar, opposite 1, 5 denars,
price offered by Cosmofon. T-mobile is also un-
satisfied with the fact that they have not been
concretely explained according to what criteria
they have lost to Cosmofon on the tender for
3G technology, or more correctly the com-
mission of the Agency for Electronic Communi-
cations informed them only from technical point
of view that their offer has been rejected, with-
out any precise elaboration of the decision,
lishing a call, as well as three million euros
per year (one million for mobile, for landline
and for internet services), no matter if their
subscribers will spend as much on conver-
sations.
tender, and we were told that our offer should
be as transparent as possible, without any con-
cealing, and that everything should be present-
ed as clear as possible".
Practically, T-mobile which on this tender
had offered a single compensation for receiving
an approval for using the 3G radiofrequencies
in amount of 10.000.100 euros, whereas
Cosmofon paid only 10.050.000 euros for the
same service, announced an appeal to the
Administrative Court.

COSMOFON claims

OUR OFFER FOR THE 3G TECHNOLOGY IS THE CHEAPEST

Cosmofon throws away T-mobile`s contentions that its offer for the 3G technology is non trans-
parent and with hidden costs, as well as that is three times more expensive.
The authorities from Cosmofon explain that these findings from their opponent which did not
received the license for the 3G technology are untrue and are not based on facts, which put the pub-
lic in misdirection.
We have fulfilled all the conditions assigned with the tender for the 3G technology, we gave the
best offer explicitly and transparently, and at the same time we did not conditioned it with limitations
and additional compensations which were not allowed in the tender, is Cosmofon`s opinion, pub-
lished in the media.
 Date 04.02.2008 number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
9
GLOBAL REPRESENTATION OF HEDGE FUNDS

FUNDS ALLOCATED IN EASTERN

EUROPE AND RUSSIA HAVE
HIGHEST INCOMES
According to the analysis of Euro Ekviti Invest Fond, the number of new hedge funds founded in Europe increases
rapidly in the past ten years, although at the moment it is characterized with a slower growth…
Most of the investors, approximately 75%, in the hedge funds come from Europe, while only around 20% come
from the USA…
A major part of the total number of hedge funds have their headquarters located in Great Britain, around 76%,
most of which are in London (70%)…

EUROPEAN HEDGE FUNDS TREND

he number of new hedge funds founded in Regarding the regions in which they were

T Europe increases rapidly in the past ten

years, although at the moment it is char-
acterized with a slower growth. The newly
formed funds have a better structure and are
especially focused on the risk management,
compared to the past. A working group of 14
leading hedge funds (HRWG) in London would
voluntary introduce stricter standards for
revealing of information and management,
especially in the part of risk management and
valuating the complex financial instruments, in
order to increase the trust in the stability of the
financial industry amongst the investors. The
main direction towards which the European
funds are developing is positive. There is an
increasing allocation of financial means to the
developing markets, as well as better consis-
tency and stability of the incomes by using
superior managerial talent.
Most of the investors, approximately 75%,
in the hedge funds come from Europe, while
only around 20% from the USA. If the euro
keeps its strong position towards the US dollar
and the Asian currencies, bigger allocation is
expected by the investors from the American
and Asian towards the European hedge funds.
A major part of the total number of hedge
funds have their headquarters located in Great
Britain, around 76%, most of which are in
London (70%). The participation of these funds
In Germany is the lowest, with around 1% of the
total number, mainly as a result of the strict reg-
ulations.
allocated, the globally invested European
hedge funds are dominant (58%) and their
number is increasing, while the number of
those focused in Europe (24%) is declining.
However, highest incomes (absolute and risk
adjusted) in the past year have the funds, which
are allocated in Eastern Europe and Russia, as
well those in Middle East and Africa.
wide range of complex strategies, however in
the past year, taking a short position on the sec-
ondary mortgage market has proven to be most
successful for the funds. For these funds, the
high degree of financial markets instability
offers profitable opportunities in the short-term
trading. This was the example of John
Paulson's Paulson & Co (USA) who made bil-
lions of dollars in profits by predicting the future
market trends correctly.
Regarding the investment strategy, most
European hedge funds are in stocks, around In comparison with the Asian and Latin
American, the European hedge funds show
lower incomes. However, compared to the
North American, last year they were leveled,
and even surpassed by the European, which
were in a subordinated position in the past nine
years. The interval in which the separate
European funds are varying is also tighter, com-
pared to the North American. This is an indica-
tor that it is easier to choose a wining fund in
Europe than in the USA.

40% of the total number, similar to the funds in

North America, but they are lower compared to
those in Asia (56% of hedge funds).
A crucial matter for the hedge funds is the
ability of the management to evaluate and pre-
dict the conditions on the capital market and to
choose the investment strategy of funds
resources. From the abovementioned it could
be noticed that the management is faced with a
10 berzNIK number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 04.02.2008

NOV PENZISKI FOND JSC SKOPJE

SAFE INVESTMENT - SAFE

PENSIONARY DAYS
- In times of turbulent movements on the domestic Stock Exchange, regional and world
stock exchanges, of great importance for our members is to have safe investment because the realization of a safe profit
eventually means safe pensionary days.
tarting February 1, NLB Nov penziski has exceeded the number of 1.4 billion denars, energy, pharmacy, cosmetics, and banking. The

S fond will charge its members with front-

end load of 6.9 percents. The commis-
sion, as the General Manager of Nov penziski
i.e. 23.3 million euros. Those are the funds at Fund follows the events on the foreign
Association`s disposal. Last year for the first exchanges alertly and at the moment we con-
time we have also achieved positive financial sider the fall of the foreign securities` indexes
fond Kristijan Pavlovski points out, will be result in the operation, Pavlovski underlined. - and values will stop, at that precise moment we
reduced for one percent, which is a result of the Even though it is a symbolic one, however, that will decide whether to invest or not, Pavlovski
MAPAS commission decrease of 0.5 percents was the reason to reexamine our policies vis-?- says.
vis the commission with which Although this year for the first time the
Starting February 1, NLB Nov we charge our members membership gets the opportunity to shift from
penziski fond will charge its mem- because the Nov penskiski one fund to another, we do not expect some
bers with front-end load of 6.9 fond, as part of the reputed considerable movements. As Association we
percents, which means NLB Group has always have elaborated a strategy with which we are
commission reduction of one declared the profit not to be the going to motivate our members to stay in our
percent. Namely, the net-value of only motive for our investment Fund. We hope that with this step of front-end
the company is about 23.3 million in Macedonia, but a determin- load reduction we will continue making high
euros, 55 percents of which are ing moment in creation of our yields of the Fund by working on a relation with
invested in bonds, 22 percents in policies will always be the the membership. The transparency and the
bank deposits, and 23 percents in social aspect as well. mutual communication with the membership
shares. The promoted conserva- are preserved so I do not expect any rational
tive investment policy of the moments to happen and make them replace
Fund, which principally has a our Fund with another. The shift procedure,
task to provide safety of the in- when someone from our Fund would go to
vestment funds, has resulted another will not be transparent at the moment
with yield of 7.48 percents, when the member decides to do that. This
which is definitely improve- means we will know that at the moment when
ment in comparison to 2006, MAPAS will give the information to us that the
when the funds` yield amo- member has signed temporary contract and will
unted 5.9 percents. In times of be shifted from our Association in the other one.
turbulent movements on the So far we have only heard about members who
domestic Stock Exchange, want to pass from the other association in our. I
regional and world stock cannot say the exact number but there are
exchanges, of great import- more than twenty.
ance for our members is to - I expect by the end of this year all front-
have safe investment because end loads to be exceeded because at the
the realization of a safe profit beginning they were very high. We are going to
eventually means safe pen- shorten this period with this tendency. I expect
sionary days, Pavlovski those expenses to be exceeded during this
emphasized. year and to make effective net yield.
For the first time in 2007, Last year was also charac- The positive effect of the Fund operation is
the members` money is teristic for Nov penziski fond by symbolical. On January 31 it will be final, and
invested into securities in the first investment abroad in unofficially it is now somewhere around 5.9 mil-
amount of approximately
200,000 euros. amount of 200 thousand lion denars. The portfolio structure in 2007 had
euros, which means that the around 55 percents in bonds, 22 percents in
towards all pension associations. - If we are members of this Fund are now owners of for- bank deposits, and 23 percents in shares.
positive in our operation and if all economic, eign securities of companies from the sectors: V.M.
political, and systemic assumptions remain the
same, we will continue reducing this commis-
sion and I expect by the end of this year to sur- HOW MANY MEMBERS HAVE NOT PAID CONTRIBUTIONS?
mount all front-end loads, Pavlovski announ-
ced. - According to the data at Fund`s disposal, approximately 15 percents of the members have
inconstant incomes. Around 20 percents of the clients we call non-functional and a smaller percent-
The Nov penziski fond, summarizing the re- age are members that have so-called zero accounts. Unfortunately, we have no information whether
sults of its two-year operation, assesses 2007 the people who have zero accounts are working or not. We assume that most probably they have
as a successful year in which their planned lost their job, or, perhaps, are receiving salary in other way just to be materially stimulated because
goals and expectations have been fulfilled. the employer is not regularly paying the obligations. Furthermore, we have appealed both to PDIRM
Namely, the membership number has been and MAPAS about this and we expect the country to take measures that will stimulate the employ-
increased for 15,500 new members, and at the ers to fulfill their obligations on time and pay employees` contributions. It means that this requires
time being the Fund has more than 77 000 implementation of more effective system by the country in order to preserve the rights of the employ-
members. ees.
- Our Fund, or the net-value of the Fund,
 Date 04.02.2008 number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
11
KB - FIRST PENSION COMPANY JSC SKOPJE

FIRST MACEDONIAN INVESTOR ON

FOREIGN STOCK EXCHANGES
The Fund that is managing KB First Pension Company completed the year with 27.7 million euros in assets. The total profit of the Fund in 2007 is 1.4
million euros. They invested around 84 percent in state bonds, about 16 percent in bank deposits and shares of 13 domestic joint stock companies, with
a 15-percent participation in the total assets. They invested the remaining five percents, which is the legal limit, abroad. This means that over 85 thou-
sand citizens of Macedonia are indirectly present on the world sock exchanges, and could say that in some way they own shares in the well-established
world companies like General Electric Co, Procter & Gamble Oracle, Cisco Systems, BMW, Total, Carrefour etc…

he Pension Fund, KB First open increasing the employment in the Republic of limit, abroad.

T Pension Fund - Skopje, made a deci-

sion for reducing the allowance from the
deposited contributions from 7.9 to 6.8 per-
cent, starting February 1st this year.
Reducing the commission for 1.1 percent
is a result of the 0.5 percent reduction
approved by MAPAS and the 0.6 percents
permitted by KB First open Pension Fund.
The main reason for reducing the commis-
sion, apart from the interests of its members,
as the director general
of this Fund, Jadranka We are pioneers on the market in Macedonia regarding
Mrshik explains is pro- investing and diversification on the foreign markets.
viding of a competitive
offer and better condi-
tions and safety for the
assets of the members
of KB First Open
Pension Fund. Actu-
ally, this is the ground
the activity of the Fund
is based on, where
they express their gre-
at satisfaction from the
results achieved last
year.
- The assets in
2007 increased 149
percent and now amo-
unt 1.7 billion denars
i.e. 28 million euros.
We invested about 95 percent on the financial
market in the Republic of Macedonia thus
becoming a significant player on this market.
In the frames of the legal limits, we invested
almost five percent on foreign markets, and
became the first Macedonian investors at the
foreign stock exchanges. We accomplished
our investment policy in 2007, and with expert
analysis and prognosis of the movements
and opportunities on the financial markets the
Fund made a profit of 83.5 million denars -
director Jadranka Mrshik points out.
In the past year the pension fund KB First
Open Pension Fund records increasing of its
membership. From the total of 34,622 new
members in the second pension fund, 19,122
decided to trust this Fund, which is a 29-per-
cent increase compared to 2006, so now KB
First Pension Fund has 65,746 members and
temporary allocated people, in total. - Our
expectations this year are that the trend of
Macedonia would continue, in accordance
with the support of the Government regarding
the new employment projects, and this is the
reason why we are planning to have almost
100 thousand members by the end of this
year and assets for managing in amount of
around three billion denars, i.e. around 48
million euros. In 2008 we will continue achiev-
ing our goal that is providing security for the
funds of our members and profit in order for
them to have a bigger pension - Mrshik says.
The policy of investing assets of KB Firs
Pension Company, according to the explana-
tion of Janko Trenkovski, second director
general, is based on the modern portfolio the-
ory, on the grounds of which decisions are
being made. In these turbulent conditions on
the markets we put the risk as number one
factor, which we evaluate and which has the
greatest influence over us when reaching
investment decisions. The Fund, which man-
ages KB First Pension Company, completed
the year with 27.7 million euros in assets. The
total profit of the Fund in 2007 is 1.4 million
euros. From the domestic investments,
Trenkovski says, we in accordance with the
Law and our possibilities invested around 84
percent in state bonds, about 16 percent in
bank deposits and shares of 13 domestic joint
stock companies, with a 15-percent participa-
tion in the total assets. We invested the
remaining five percents, which is the legal
That means that we are pioneers and
leaders on the Macedonian market in the field
of investing and diversification on the foreign
markets and we could gladly say that regard-
ing the risk, the portfolio of KB first Pension
Company and the Fund is rather conservative
and with this kind of policy we are making
good profit, i.e. good incomes.
Indirectly, over 85 thousand citizens of
Macedonia are present on the world sock
exchanges, and could
say that in some way
they own shares in the
well-established world
companies like Gene-
ral Electric Co, Procter
& Gamble Co, Oracle
Corporation, Bank of
America Corporation,
Cisco Systems Inc, 3M
Co, Genentech Inc,
Dell Inc, all from the
USA; BMW from Ger-
many, Total SA, all
from France; BHP Billi-
ton PLC from Great
Britain; Uncredito Itali-
ano SpA from Italy and
the Investment Fund
(ETF) iShares MSCI
Japan Index Fund, on
the New York Stock
Exchange.
Regarding the fact that the company
started making positive financial results, and
it is expected this year as well, from the pen-
sion funds KB First Open Pension Fund they
predict to cover their initial losses made in
2005 no earlier than 2009. If there is a possi-
bility, in case if the working expenses were
reduced, in the interest of the members, a
decision would be made for further reduction
of the commission.
In this pension fund they are making
preparations for introduction of the third pillar,
i.e. voluntary pension insurance. - We are
going to be involved, and will make a decision
for establishing a Voluntary Pension Funds
Management Company - Marushik explains.
Considering the fact that we are specialized
in managing pension funds` assets, it is logi-
cal that we are going to be involved and
mange voluntary pension funds.
12 berzNIK number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 04.02.2008

STOCK EXCHANGE NEWS… STOCK EXCHANGE NEWS…

AD GRANIT-PARTICIPATES IN NEW COMPANY FORMATION STOPANSKA BANKA BITOLA

MHE- JOINT INTEREST AND PARTNERSHIP COMPANY DEADLINE FOR FORMING PACKAGE
After reaching an agreement for setting up a consortium with the Turboinstitut from OF SHARES FOR SALE EXTENDED
Slovenia, Feroinvest DOO Veles and Toplifikacija AD Skopje, GD Granit AD bided on the
tender for construction of small hydro electric power plants and other additional facilities in For the purpose of gathering offers for
the Republic of Macedonia. purchasing the majority package of
The Government of the Republic of Macedonia has chosen this consortium as the best shares by interested foreign strategic
bidder for construction and concession of 15 small hydro electric power plants. For this pur- investors-foreign banks, Stopanska
pose, GD Granit had brought a decision for forming a new joint interest and partnership Banka AD Bitola extends the Contract`s
company - MALI HIDROELEKTRANI DOO SKOPJE, or MHE DOO Skopje in short, in deadline of 31.01.2008 until 30.06.2008,
which it is going to invest 20% of the initial capital. The company has the sole function of due to continuation of the ongoing activi-
making a contract for construction of these hydro electric power plants and concession for ties.
using water for electric power production. The tender documentation obliges the construc- All interested shareholders of
tion of the hydro electric power plants to be completed no later than three years, and pro- Stopanska Banka AD Bitola that want ad-
vides 20 year concession. ditional information about the Contract
can contact on the telephone numbers:
047 207 515; 207 556 and 207549;

ADG MAVROVO HAS NO SHARES IN
MAVROVOINZENERING
The Management Board of ADG
Mavrovo, as a legitimate management or-
gan, which was also confirmed with the
report from the Central Register of the
Republic of Macedonia through the price
sensitive information delivered on the Ma-
cedonian Stock Exchange on 28 January
2008, would like to inform the public that
the company is not a partner of Mavrovo-
inzenering .
Mavrovo building company, on
29.12.2007 ceased being a partner i.e. it
does not own shares in Mavrovo-
inzenering DOO Skopje. Namely, the sha-
res of the joint stock company Mavrovo
Skopje in the trading company Mav-
rovoinzenering DOO Skopje were confis-
cated by the bailiff Antonco Kostanov on
March 14 2007 due to unsettled collection
of debt towards the creditor, BIM Sveti
Nikole, factory for bitumen insulation
materials, after the performed correction:
Verdict of Primary Court Skopje 1-Skopje,
the shares were sold to the company`s
partner, which is in compliance with the
Law on Execution of Sanctions.
TOPLIFIKACIJA IN MHE TOO
The Management Committee of the
company for production and distribution of
thermal energy, Toplifikacija AD Skopje, on
its 22nd held on 23.01.2008, reached a
decision for forming limited liability compa-
ny, MALI HIDRO ELEKTRANI DOO SKOP-
JE, Republic of Macedonia. Toplifikacija
AD Skopje participates with 20 percent of
the initial capital in the new company.
Toplifikacija AD Skopje will complete
the process of new company formation
together with its business partners:
-Turboinstitut-Slovenia
-Feroinvest DOO Veles-RM
-Granit Skopje, RM.
PUBLIC REPRIMAND FOR RZ RZ USLUGI HAS NO PLANS FOR COP-
INTER-TRANSPED AD SKOPJE PER PRODUCTION
Macedonian Stock Exchange Board of The information placed by certain
directors on its session held on 25 January media that in 2008 RZ Uslugi AD Skopje
this year reached a decision for passing will invest into production of copper and
public reprimand for the listed company RZ copper alloy for the purpose of increasing
Inter-Transped. The order was passes due its profit for 23.4 percent is simply not
to this company`s violation of the provi- true, the company says.
sions from paragraph 6.09 subparagraph With this announcement we would
5 from the Listing Regulations, which oblig- like to inform the shareholders that RZ
es the listed companies to announce a Uslugi AD Skopje has no plans in invest-
public call for holding shareholder`s meet- ing in this sector and that the article in
ing. Kapital is a rough mistake and disinforma-
tion.
The public call for shareholder`s meet-
ing is one of the basic obligations that co-
me from companies` listing on the Official
Market and the Stock Exchange and the
same to affect the investors` decisions and
the shares of the company on the stock
exchange market.
OHRIDSKA BANKA AD OHRID
NEW SUPERVISION BOARD AND AUDIT BOARD MEMBERS
Last week Ohridska Banka AD Ohrid held the 18th session of its Shareholders`
Assembly for the purpose of their harmonization with the Banking Law.
The Assembly proposed and adopted the changes in the Bank`s Status and elected
new Supervision Board and Audit Board members.
Newly appointed Bank`s Supervision Board members are:
Jean Didier Reigner, Head of Europe for Societe Generale`s international retail bank-
ing division, Perrin Marie Gilbert, Deputy Manager for Marketing and Sale Promotion in
Societe Generale`s international retail banking division, Philippe Guidez, President of the
Executive Board of Societe Generale Serbia-Belgrade, all as shareholders.
Newly elected independent members of this organ: Ratko Chadikovski, President of
the Supervision Board of Tikves Kavadarci vinery, and Koco Macan, President of the
Supervision Board of Tehnometal Vardar AD Skopje.
Newly elected members of the Bank`s Audit Board are the abovementioned
Supervision Board members from the shareholders and two independent members: PhD.
Vanco Uzunov from the law school at the University Ss. Cyril and Methodius Skopje, and
Rudi Lazarevski, business advice partner in RSB Konsalting -Makedonija, as competent
audit.
The members of the Supervision Board and the Audit Board have four year tenure.
 Date 04.02.2008 number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
13
31.01.2008 THURSDAY
1. SHORT REVIEW OF EVENTS

The European Bank for Reconstruction and
Development (EBRD) expects the countries from
Eastern Europe and the Former Soviet Union to
achieve good results despite the recent turbu-
lences on the global financial markets, which
would certainly influence the region - Vecher con-
veys.
- The region is in good state, however it is
going to be subjected to influences from the glob-
al financial markets. As a result, this year EBRD is
expecting smaller growth in the region for about
0.5 percentage points. In its last transition report
published in November last year, EBRD predicted
that in 2008 the average growth in the 29 coun-
tries in which EBRD operates (Central and
Eastern Europe, Russia, Ukraine, the countries
from the Caucasus region, Central Asia and
Mongolia) would amount 6.1 percent compared to
the 7 percent growth in 2007. Now they are
expecting this figure to be about 5.5 percent.
Today's newspapers convey the news about
the meeting of the leaders of the four leading
countries in the European Union - Great Britain,
Germany, France and Italy. They call on a more
active economic cooperation and demonstrated
unity in conditions of unstable global markets. As
BBC informed, they advised the banks and the
other financial institutions to improve the trans-
parency in all of their activities…
You can read more about the Macedonian
Stock Exchange in Biznis. According to the pre-
sented analysis on the Official Market, yesterday
most traded were the shares of Komercijalna
Banka, while the shares of Mavrovo recorded 9.2
percent appreciation. The bonds of Pro Credit
Bank were most traded on the Regular Market. A
total amount of 387 bonds was traded, while they
were purchased at 101.20 percent, and then
made a trading value of 22,952,160,00 denars.
The shares of Ohim Ges with 10 percent achieved
the biggest price change on this market.
In a block transaction, yesterday on the
Regular Market - free market, an amount of 393
regular shares of the company Pekabesko AD -
Skopje was traded. This represents 1,21 percent
of the company's principal. The value of the trans-
action amounts 7,860,000 denars. Stopanska
Banka-Bitola on the other hand prolonged the
sale deadline. This bank yesterday informed the
Stock Exchange that it extends the agreement
deadline for forming share-package for sale, due
to inviting offers of interested foreign banks, by
June 30th this year.
Almost all yesterday's newspapers convey
they news of KB First Pension Company regard-
ing the reduction of the allowance of the deposit-
ed members' contributions from 7.9 to 6.8 percent
starting February.
- We are now having 85.746 members, and
expect about 100 thousand policyholders by the
end the year. This company has increased its
assets for 149 percent in relation with 2006 and
now amount 28 million euros - the director of KB
First Pension Company, Jadranka Mrsic, told yes-
terday's press conference. The members of KB
First Pension Company are shareholders in
General Electric, Procter and Gamble, Cisco
Systems, the German BMW and other eminent
world companies in the field of information tech-
nology, trade, civil engineering, and pharmacy.
This kind of shareholding is a result of the fact that
last year KB First Pension Company invested five
percent of its members' money in these compa-
nies. The other 95 percent of the assets were
invested on the domestic market.
Utrinski Vesnik with scandalous news. For
almost half a year there is inflow of counterfeit
checks "American Express" in some Macedonian
banks. It is a matter of a well-worked canal for dis-
tribution of counterfeit travellers' checks with an
amount of 500 American dollars. Experts say it is
a matter of a Balkans canal that works perfectly,
allegedly, with a permission of some clerks in the
Macedonian Ministry of Interior. The U.S.
Embassy in Macedonia has been recently
informed about the counterfeited checks.
Amongst today's news on the subject embez-
zlement is the one regarding the arresting of the
former Deputy Minister of Justice Zoran
Stojanchik, who is suspected of illegally obtaining
33.5 million denars while being the liquidator of
Centro. Three judges were also accused in the
same case. The police from Prilep also filed new
criminal charges against the ex-director of the
Tobacco Industrial Complex in Prilep, Dimitar
Bogdan for the abuse of duty and authorization,
and the former director of the printing house 11
Oktomvri, Sasho Zafiroski, was suspected of incit-
ing criminal acts…

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. FORMER DEPUTY MINISTER SUSPECTED FOR ROBBERY OF CENTRO (****)
2. COUNTERFEIT CHECKS AMERICAN EXPRESS IN MACEDONIAN BANKS (**)
DNEVNIK p.9 THE LEADING FOUR EUROPEAN COUNTRIES TOGETHER
p.2 FORMER DEPUTY MINISTER SUSPECTED FOR ROBBERY AGAINST THE ECONOMIC RISKS
OF CENTRO p.10 NEW CHARGES AGAINST FORMER DIRECTOR OF TUTUNS-
p.5 KB PRVO PENZISKO DRUSTVO ALSO REDUCES ALLOWAN- KI KOMBINAT
CES p.10 COUNTERFEIT CHECKS AMERICAN EXPRESS IN MACE-
p.6 MBI 30-01-2008 DONIAN BANKS
p.7 FREE OPENING MESSAGE FOR THE VOICE MAIL p.10 FORMER MINISTER OF JUSTICE AND CENTRO LIQUIDATOR
BIZNIS - APPREHENDED
p.3 COMMISSION REDUCED TO 6, 8 % VECER
p.3 309 BASE STATIONS OF MOBILE OPERATORS FACING FAIL- p.1 FORMER DEPUTY MINISTER OF JUSTICE - APPREHENDED
URE? p.2 FORMER DEPUTY MINISTER OF JUSTICE - APPREHENDED
p.3 NEXCOM PLACES TWO WIMAX BASE STATIONS p.6 STOPANSKA EXTENDS SALE DEADLINE
p.12 MBI 30.01.2008 p.7 THE REGION HOLDS TOGETHER WELL, DESPITE THE
p.12 BUY-BACK AND NON-TRADING TRANSFERS OF SHARES CRISES ON THE WORLD MARKETS
p.12 TRADED-393 ORDINARY SHARES OF PELABESKO SKOPJE p.7 THE COMMISSION DEPRECIATED FOR 0, 6%
p.12 SHARES OF KOMERCIJALNA BANKA - MOST TRADED p.11 BOGDAN WRITES OFF DEBT OF PRINTING HOUSE 11 OK-
p.12 MBI-10 UP FOR 19, 12 INDEX POINTS TOMVRI
p.13 DATA FOR THE MACEDONIAN STOCK EXCHANGE INDEX VREME
p.13 DATA FOR THE COMPANIES LISTED AT THE MBI-10 INDEX p.4 FORMER DEPUTY MINISTER OF JUSTICE ARRESTED
p.13 THE TEN MOST LIQUID LISTED COMPANIES p.6 PENSION FUNDS REDUCE COMMISSION
p.15 UNITY IN TIME OF UNSTABLE MARKETS VEST
p.18 THE TOBBACO FACTORY DAMAGED FOR 28 MILLION- p.2 KB PRVO PENZISKO DRUSTVO REDUCES COMMISSION
DENARS p.11 THE BROKER FROM SOCIETE GENERAL INVOLVES HIS
UTRINSKI VESNIK CHIEFS AS WELL
p.8 COSMOFON ASSERTS ITS 3G OFFER TO BE THE BEST NOVA MAKEDONIJA
p.8 FOREIGN SHAREHOLDERS AS MEMBERS OF KB PRVO p.9 KB PENSION ASSOCIATION REDUCES COMMISSION
PENZISKO DRUSTVO p.9 FREE T-MOBILE VOICEMAIL
p.8 IS THE INFLATION WAVE GOING TO STRIKE THE INTEREST p.9 MBI-10 IN CORRECTION OF ONE PERCENT, TURNOVER OF
RATES? 37 MILLION DENARS ON THE STOCK EXCHANGE
p.8 STOPANSKA BANKA - BITOLA DELAYS THE SALE`S TERM SPIC
AGAIN p.6 ARRESTED FORMER DEPUTY-MINISTER STOJANCIK
p.9 MBI 30.01.2008 p.7 STATE BUSINESS-CREDITS FOR UNEMPLOYED
p.9 SOCIETE GENERAL COULD EASILY BECOME A CATCH FOR p.8 ACCEPTED THE RESIGNATION OF THE HEAD OF TELEKOM
THE MAJOR BANKS p.8 FREE T-MOBILE VOICEMAIL
14 berzNIK number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 04.02.2008

1. SHORT REVIEW OF EVENTS
The headline in the today`s newspapers is
the decision of the Anti-corruption Commission
related to the case of Petar Gosev. Upon the deci-
sion, the Governor Petar Gosev was acting legal-
ly during the liquidation of Makedonska Banka,
reported Vecer. After the series of examinations
and checking of the documents, the officials in the
Anti-Corruption commission concluded that the
decision for liquidation of Makedonska Banka was
adopted on the basis of the provisions within the
Law on Banks. Utrinski Vesnik also wrote that the
decision for liquidation of the bank was passed
under the Law on Banks and that all the undertak-
en measures are in accordance with the legal
authorizations which enable the Governor the
right to bring decisions concerning this matter.
The credit write-off and the suspicious trans-
actions occurred even before Jaka 80 became a
stockholder in Makedonska Banka. This was stat-
ed by the Initiative Board for salvation of the bank.
According to the Director of Makedonska Banka,
Stefan Mickovski, apart from the credit write-off
received by the 3M company in 2005, other debts
were also written-off such as the debts of Bujoto
Mobil Arte and Dai tech.
Vecer announced the news about the newly
established company Small Hydro Power Plants
formed by the Skopje`s Granit, the Slovenian
Turboinstitute, Feroinvest from Veles and the
Skopje`s Toplifikacija. These four companies in
joint consortium participated and won the tender
for construction of 15 small hydro power plants in
the country. The function of this company is to
conclude an agreement for construction of these
hydro power plants and to acquire concession to
use water in the production of electricity. The con-
struction of these hydro power plants, in accor-
dance with the Tender Commission, is projected
to end in three years, while the concession is eli-
gible for a period of 20 years.
The smeltery to be displaced, and the loca-
tion to be rearranged in a residential zone and a
small-scale industry area. This was the point of
the decision adopted by majority votes of the
counselors in the Municipality of Veles supporting
the initiative of the Green Coalition for amending
and supplementing to the General Urban Plan in
the area where the smeltery is placed.
The liberalization of steel export is elaborated
in details in Utrinski Vesnik. To our greatest export
trump this would mean the abolishment of the
double control for export of steel and steel prod-
ucts. In other words, this would mean that the
licenses which were granted to the companies by
the Ministry of Economy, and were necessary for
the realization of export, starting from today their
acquisition will not be needed anymore.
The decision for abolishment of the double
control for export of steel was adopted by the
Joint Council for Stabilization and Association
between the European Union and Macedonia,
which furthermore represents abolishment of the
01.02.2008 FRIDAY
measure that was introduced by EU as a preven-
tive mechanism agreed in the time of concluding
the Stabilization and Association Agreement with
EU ten years ago.
EU sends another advice, to increase the
prices of the phone services. Vest revealed that till
April this year the prices of the local phone calls
will appreciate, whilst the international will depre-
ciate, as part of the process of regulation of retail
prices. In their opinion, the price rebalance is rec-
ommended by the European Union, whose com-
petent Commissions estimate that one denar per
one minute phone call duration in Macedonia is
too low in relation to the European average.
Gjorgji Popov from Skopje won the automo-
bile MINI which was awarded by the mobile oper-
ator VIP in the prize-giving game - Win me. The
prize trip to the Dominican Republic for two peo-
ple was won by Argon Selimi from Struga, while
Atanas Donevski from Kocani will speak one year
free-of-charge through the VIP network.
UNI Bank in humanitarian mission, it will
donate 130,000 denars for completion of the con-
struction of the "Lord`s Holly Transfiguration"
Monastery in Krusevo, which was started by our
passed away megastar Tose Proeski. The man-
agement board of the bank decided to donate
100,000 denars for completion of the construction
of the Monastery, while 30,000 denars were
raised by the employees…

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. PETAR GOSEV WAS ACTING LEGALLY IN THE CASE MAKEDONSKA BANKA (****)
2. ESTABLISHED COMPANY FOR CONSTRUCTION OF 15 HYDRO PLANTS (***)
DNEVNIK ERTY AND ASSETS
p.3 GOSEV WORKED LEGALLY BUT HIS PROPERTY IS UNDER p.4 PUBLIC REVENUE OFFICE TO INVESTIGATE GOSEV`S PROP-
INVESTIGATION ERTY AND ASSETS
p.5 THE SMELTER DISLOCATES FROM VELES p.6 VELES SMELTER LOCATION - RESIDENTIAL AND SMALL
p.10 MBI 31.01.2008 BUSINESSES ZONE
p.10 SDSM DENIES THE RESPONSIBILITY FOR THE PROBLEMS IN p.8 STARTING FROM TODAY, THE STEEL TO BE EXPORTED
REK BITOLA WITHOUT LICENSES
p.10 ELEM AND ESM-EVN WITHOUT A MEDIATOR p.8 BULGARIANS ANNOUNCED BID TO PURCHASE SILEKS
p.11 SEMOS TO TAKE LEGAL ACTION AGAINST MEMBERS OF THE BANKA
TENDER COMMISSION p.8 ESTABLISHED COMPANY FOR CONSTRUCTION OF 15
p.11 EU TO INTRODUCE DUTY FOR THE EXPORT OF SILMAK HYDRO PLANTS
BIZNIS p.9 JAKA DID NOT WRITE OFF DEBTS WHEN IT OWNED MAKE-
p.1 GOVERNOR WARNS ASSEMBLY CHAIRMAN DONSKA BANKA
p.1 JEROME KERVIEL - THE CHE GUEVARA OF FINANCE p.9 GJORGJI POPOV FROM SKOPJE WINS MINI AUTOMOBILE
p.2 FOREIGN CURRENCY RISK MANAGEMENT-MANDATORY FOR VECER
BANKS p.2 PETAR GOSEV WAS ACTING LEGALLY IN THE CASE MAKE-
p.2 GOVERNMENT TO RESPECT VELES CITIZENS` WISHES DONSKA BANKA
p.4 GJORGJI POPOV WINS MINI COOPER p.6 GJORGJI POPOV WILL DRIVE MINI COOPER
p.5 GOVERNOR WARNS ASSEMBLY CHAIRMAN p.6 THE VOICEMAIL IS FREE-OF-CHARGE
p.6 A DONATION FOR THE LORD`S HOLLY TRANSFIGURATION
p.5 SITE IN GEVGELIJA AREA IS CLEAN MONASTERY
p.5 THE WRITTEN OFF 139 MILLION EUROS ARE NOT DURING p.6 MHE WILL BUILD 15 HYDRO POWER PLANTS
JAKA 80 p.10 30-DAY CUSTODY FOR THE LIQUIDATOR OF CENTRO
p.5 THE GOVERNOR WILL ANSWER TO THE PARLIAMENT VREME
p.7 THE MOBILE PHONES DID NOT INFLUENCE THE AGREE- p.3 GOSHEV CLEAN ABOUT THE LOANS, THE LAND IS INVESTI-
MENT BETWEEN T-MOBILE AND THE ASSEMBLY GATED BY MOI
p.12 MBI-10 AND MBID WITH AN INCREASE p.3 REPRESENTATIVES OF MAKEDONSKA BANKA REACT TO
p.12 MOST TRADED THE SHARES OF STOPANSKA BANKA BITOLA GOSHEV`S ACCUSATIONS
p.12 GD GRANIT WITH EQUITY TO PARTAKE IN MALI HIDRO ELEK- VEST
TRANI p.1 THE PHONE WILL RISE IN VALUE
p.12 MBI 31-01-2008 p.3 THE PHONE WILL RISE IN VALUE
p.13 THE REGION TO BE AFFECTED BY THE GLOBAL FINANCIAL NOVA MAKEDONIJA
MARKETS P.8 EVN TO GIVE CONSENT TO THE DETAILED URBAN PLANNING
p.13 INVESTBANKA WITH SIX NEW SUBSIDIARIES (DUP)?!
p.18 STOJANCIK EMBEZZLES 10 MILLION EUROS SPIC
p.21 JEROME KERVIEL - THE CHE GUEVARA OF FINANCE p.6 ANTICORRUPTION COMMISSION SAID THAT GOSEV HAS
UTRINSKI VESNIK CLEAN HANDS
p.1 PUBLIC REVENUE OFFICE TO INVESTIGATE GOSEV`S PROP-
 Date 04.02.2008 number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
15
02.02.2008 SATURDAY
1. SHORT REVIEW OF EVENTS

Yesterday the focus of all Macedonian media
was occupied with laying the cornerstone of ERA
City Skopje at Skopje's Fair, which should be the
biggest and most modern business, shopping and
entertainment centre in the region. This is a priori-
tised project of ERA Group, in which it will invest
around 150 million euros in the next five years,
and the entire investment is expected to open
around 800 new vacancies.
The construction of the structure's corner-
stone was symbolically began by Prime Minister
Nikola Gruevski, Slovenian Minister of Foreign
Affairs Dimitrij Rupel, and the president of the
Management Board of Skopje's Fair and the pres-
ident of the management of ERA Group, Gvido
Omladik.
In the multi-purpose complex, ERA is going to
build the biggest shopping centre in the region,
which would include an underground parking lot,
ground floor and one upper floor, with a total area
of 85,000 square meters.
Despite the beginning of the construction of
ERA City in Macedonia, the construction of two
centres for purchase of agricultural products in
Strumica and Rosoman was also announced.
Saturday's editions of the daily newspapers also
inform that the Croatian company Agrokor is going
to invest 40 million euros in Macedonia for the
construction of two centres for purchase of agri-
cultural products. The building of the first pur-
chase centre should begin in May this year, and
the purchasing of the fruit and vegetables would
start in March next year, when the construction of
the facility should be finished. According to Prime
Minster Nikola Gruevski, the centres are expected
to reach a purchase of 100,000 tons of agricultur-
al products from the region of Strumica annually,
in a period of five years, which is almost a half of
the total production of this region.
The Italian corporation CPL Concordia Gro-
up, with a main office in Modena, announces in-
vestments in the energy sector from 50 to 60 milli-
on euros.
Yesterday representatives of this company
were supposed present their business activities
before the Government and the experts in the field
of energy, but also expect to be precisely intro-
duced with the business climate in our country
and to find partners for cooperation. Concordia
Group is interested in gasification of the munici-
palities, construction of factories for recycling of
city garbage, and its transformation into useful
garbage, as well as in the construction of wind-
mills with a capacity of one to three megawatts.
Bernard Koening, first general manager of
Ohridska Banka in his interview for Vecher claims
that there will not be any consequences for the
bank in Macedonia from the scam in Societe
Generale. According to him, everything is in its
usual order. There will not be any consequences
because Ohridska Banka is completely separated
with a dominant shares ownership of Societe
Generale with 58 percent. - We are working same
as before and we are going to continue develop-
ing according to the plan, and maybe even further
than that. The second reason is that despite the
great scam, thanks to the complete financial
power and the diversificated business strategy,
Societe in 2007 made a profit from 0.6 to 0.8 bil-
lion euros. Societe decided to increase the capital
for additional five billion euros, guaranteed by two
investment banks. In the interview, Koening says
that the central management of Societe Generale
should remain in position until the situation stabi-
lizes, he also says that the broker worked in a
manner never practiced by the bank, and that in
the 104-year history the bank has never left a
client without his deposit, even in a state of war or
crisis.
The general repairs of PE Macedonian
Railways (MZ) would be conducted by two do-
mestic companies. This is the official explanation
of the enterprise, which follows as an answer to
the anonymous accusation that Macedonian Rail-
ways allegedly chose two companies for procur-
ing materials and maintaining of the railway infra-
structure without a tender. As it stands in the
accusations, the public enterprise plans to pay
over one million euros to the domestic company
Remont for maintaining transformer stations, gen-
eral repairs and installation of optical fibre cables.
From MZ they inform that the two companies
Remont and Kolska were established by the state
and are the only companies in Macedonia that
could work on maintaining and repairing the rail-
way.

2. TOP NEWS - IMPORTANCE BY NUMBER OF PUBLICATIONS

1. CONSTRUCTION OF ERA CITY IN SKOPJE STARTS (*****)
2. AGROCOR BEGINS WITH AN INVESTMENT OF 40 MILLION EUROS (****)

DNEVNIK p.8 CONCORDIA DRUP TO INVEST 60 MILLION EUROS

p.9 MBI 01.02.2008 p.11 CRIMINAL CHARGES AGAINST DIRECTORS OF COOKING
p.11 THE ITALIAN COMPANY ANNOUNCED INVESTMENT OF 60 OIL FACTORY
MILLION EUROS VREME
p.11 AGROCOR BEGINS WITH AN INVESTMENT OF 40 MILLION p.6 A CITY TO BE BUILT IN FRONT OF SKOPJE`S FAIR
EUROS p.6 AGROKOR ENTERS MACEDONIA
p.17 SKOPJE WILL HAVE THE BIGGEST COMMERCIAL AND BUSI- VEST
NESS CENTER IN THE REGION p.9 THE SLOVENIANS STARTED BUILDING ERA CITY
UTRINSKI VESNIK p.10 AGROKOR TO BUILD PURCHASE CENTRES IN STRUMICA
p.9 MBI 01.02.2008 AND ROSOMAN
p.9 TWO DOMESTIC COMPANIES TO PERFORM REPAIRS IN MR p.13 MICROSOFT ANNOUNCED AN OFFER FOR BUYING THE
p.9 CONSTRUCTION OF ERA CITY IN SKOPJE STARTS INTERNET BROWSER YAHOO
p.10 MICROSOFT OFFERS 44.6 BILLION DOLLARS FOR YAHOO NOVA MAKEDONIJA
p.10 THE ITALIAN CONCORDIA WANTS TO INVEST IN MACEDO- p.4 AGROKOR TO BUILD TWO PURCHASE CENTRES
NIA p.5 CORNERSTONE OF ERA CITY SKOPJE SET
p.10 CROATIAN AGROKOR INVESTS 40 MILLION EUROS IN p.5 DIRECTOR OF SOCIETE GENERALE TO REMAIN ON HIS
MACEDONIA POSITION
VECER SPIC
p.5 WE GUARANTEE FOR THE MONEY AND SHARES OF OUR p.3 MICROSOFT OFFERS BILLIONS FOR YAHOO
CLIENTS p.4 ERA CITY IN SKOPJE
p.8 AGROKOR TO INVEST 40 MILLION EUROS p.4 CROATIAN AGROKOR COMES WITH 40 MILLION EUROS
p.8 THE ERA CITY TO MARK OUT THE ROAD TO EU
16 berzNIK number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
1. SHORT REVIEW IN THE WEEKLY MAGAZINES
GLOBUS
"Invest in Macedonia" is issued by the Ministry of Economy and
will be under Prime Minister`s control
P. 36 AGENCY FOR INVESTMENTS - GOVERNMENT`S
ATTACHMENT
DIRECTION The dirigible called Investment in Macedonia will be
brought before the Assembly, demanding only a formal exclusivity for the for-
eign investment hunters
The team of the Prime Minister Gruevski enters into its third cal-
endar year of power. Nominally, it is, however, only 18 months, within the
period of August 2006 - January 2008, and at which duration most frequent-
ly used words have been - foreign investments.
What is the aim of the newest modification of the Law on Agency
for Foreign Investments?
"IN PLEDGE" According to the Government, the purpose of
adopting this act is achievement of financial independence and institutional
strengthening of the Agency - the name, Management Board structure, the
way of assigning a director, the direction of account are going to be
changed…
WAY OUT There is no doubt that in the public cannot be felt any
other atmosphere for a different treatment of the foreign investments problem
but the one - let`s see whether some well-heeled person will support us in the
next round. Hence, the possible political-legal bearers of the case will not co-
me across any other redirection. The public sees the way out only in the so
often mentioned Greenfield Investments and "addicted" to that optimism is
waiting for its reward - for himself/herself, for the children, for the grandchild-
ren.
It is true that in many developing countries, especially those in
transition, there are many examples where precisely such agencies have
given good results. One of the examples is the Czech Republic, where in this
way, through Greenfield Investments in amount of eight billion euros have
been opened over 70 thousand working positions "straggling" in Greenfield
Investments of 2,000 "conquered" hectares. However, the professor Metodija
Nestorovski from the Faculty of Economics in Skopje says that "the more
active approach is better, but insufficient". This is also indicated by numerous
discussions and written materials, and such is the position of the last-week
panel discussion, organized by the President of the country Branko Crven-
kovski, where was said that one dissatisfied investor who leaves Macedonia,
out of any reason, is worse promotion for Macedonia than the good image
brought by all big money in the ads of the foreign newspapers. In that con-
text, just to mention that with "unfinished business" left Siemens, the Dutch
ING, the giant Hilton… and took with them "the negative of the movie
Macedonia", which could not be easily covered even be hundreds of positive
criticisms about such "movies".
- It is not so important for the foreign investor whether there will
be plus or minus five percents of the planed profit, compared to whether we
will have effective judiciary, whether his ownership is guaranteed, and how
easily it could be protected, believes the professor at the Faculty of Law,
Vanco Uzunov, in the interview he gave for Radio Free Europe these days.
Ilijancho Gagovski of the Microsoft Affiliate speaks, also, about the fear of
courts of the foreigners, while the former director of ASI, Viktor Delov, says
that that fear should be glued next to the fear of crisis that is known for
Macedonia as part for the region.
FORUM
p.30 MACEDONIA IN GOLDEN STRAIT - JACKET
The last Thursday, on 24th January, Ohridska Banka held a
shareholders meeting, among the other things, with purpose of electing new
members of the managing bodies. Of course, main impression left the pres-
ence of high functionaries of Societe General from Paris, from recently the
main shareholder of the company, who came on working visit in Ohrid.
p.33 UNBELIEVABLE INCREASE OF MAVROVO FOR 48.08 PER-
CENTS
The awakening of the Stock Exchange, as Forum announced,
happened. The situation is also confirmed by the positive stock exchange
parameters. Judging only by the made turnover, which last week was dupli-
cated compared to the previous one, there is no room for negative preju-
dices. The made purchase deals compared on week basis produce a posi-
tive change of 59.90 percents.
KAPITAL
Date 04.02.2008
28.01. -02.02.2008 MONDAY-SATURDAY
p.9 GOVERNMENT ESTABLISHES COMPANY NAFTOVOD DOOEL
Naftovod DOOEL is the new company, which the Government has
finally established in order to enter into the management with the oil pipeline
Thessalonica - Skopje. Even though this right has been arranged with the
sale of OKTA in 1999, the company was established now (in the middle of
January).
p.10 BINGO FOR THE STATE
The national lottery of Macedonia is the new company formed by
the Government, and which will organize games of chance, such as bingo
and lotto. The company is registered as a shareholders company, hundred
percents property of the state, and the members of the Supervisory Board
have been appointed last year. The Government does not say when the new
company will start working.
p.10 COSMOFON RECEIVED APPROVAL FOR 3G
p.32 NIKOLIC, KOSOVO AND CRISIS IN USA DESTROY STOCK
MARKETS!
After last week abrupt decline of Macedonian and other stock
markets in the region, domestic investors are more and more concerned for
their portfolios. You can see fewer smileys faces like in time of last year stock
market "boom" in circles of stock market investors and analysts in Skopje.
p.34 CONSTRUCTION COMPANY MAVROVO
What happened with the share of the construction company
Mavrovo last week is far from the healthy logic having in mind the momen-
tary situation in the company. While is waited on the court outcome of the
scandal regarding the non-announcement of the price sensitive information,
and seeing that until recently the share was suspended of trading, last week
suddenly we see a major increase of almost 50%, and trade of almost 50 mil-
lion denars (highest on the Stock Exchange) for 30.000 shares, which is 14,
2 of the basic assets.
p.34 KOMERCIJALNA BANKA
Last week, this share was traded for 31, 9 million denars, which is
an increase for 86% compared to the previous week. Slowly, but certainly the
"the form of this share is strengthened out", at least what refers to the amount
of the traded shares, which cannot be said about its average price.
p.34 FMG FUNDS ENTERS MACEDONIA
FMG Funds, the world-leading group for private investment funds man-
agement, accesses the Macedonian capital market through the domestic pri-
vate fund management company, Mak Assets Management, Kapital discov-
ers
p.34 ALKALOID
Shares owned by "Alkaloid" was among the four most traded in the last
week again, this time with 28.6 million denars turnover, which is 3.3 times
more than two weeks ago, when this share was one of the least traded in
several past months.
p.35 GRANIT
Shares owned by "Granit" are among the most traded after two
weeks of break. Last week turnover reached 14.6 million denars. That is
enormous growth compared to previous week, when it stopped on 2.5 million
denars.
p.37 INDEXES
p.37 DOUBLE TURNOVER - INDEX FALL FOR 4.3 PERCENTS
In the week from 21 to 25 January the turnover on the
Macedonian Stock Exchange was 256 million denars, which is for almost 90
percents more compared to the previous stock exchange week. Eighty four
percents of these four million euros were the turnover on the Official Market.
MAKEDONSKO SONCE
p.34 WE WROTE OFF "BELENE" - WE ARE NOT WRITING DOWN
THE GAS
While there has been a "war" going on in the region and wider for
increasing the electricity production capacities, the experts and concerned
parties in Macedonia are preparing to make a request for the Constitutional
Court to reexamine the modifications of the Law on Energy, if the
Government, despite the strong criticisms by Brussels, decides to adopt
them.
p.24 HOW ARE WE GOING TO SURVIVE THE WINTER?
The drafted amending of the Law on Energy, with which the
Government light-mindedly and bull-headedly insisted the state electricity
production company AD ELEM to establish new monopoly, expectedly didn`t
get the support from Brussels.
Date 04.02.2008 number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
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WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGE
period 28.01. - 01.02.2008 year
18 berzNIK number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
Date 04.02.2008

Movement of MBI-10 for the period of 28.01.-01.02.2008

Movement of MBDI for the period of 28.01.-01.02.2008

Movement of OMB for the period of 28.01.-01.02.2008

Date 04.02.2008 number 8
DAILY STOCK EXCHANGE REVIEW OF PRINT MEDIA EVENTS
berzNIK
19
WEEKLY REVIEW OF MACEDONIAN STOCK EXCHANGE
period 28.01. - 01.02.2008 year