Prague bourse plans to bid for Sofia exchange
PRAGUE – The Prague Stock Exchange (PSE) said yesterday it would bid for the Sofia bourse in an upcoming privatization. «We see great potential in the dynamically developing Bulgarian market, which we can further develop on the basis of our experience,» the PSE said in a statement. The Bulgarian government is offering 44 percent of the Bulgarian Stock Exchange, and plans to conduct the sale by the end of this year. The PSE said it believed its tailor-made trading system based on market makers who provide liquidity would be suitable for Sofia as well. Although the Sofia bourse saw its total market capitalization more than doubling in a year to 18.2 billion levs (-9.33 billion) in March, its trading volumes are still low, and initial public offerings are rare. The PSE had turnover of -30.9 billion last year, while Sofia had -1.7 billion. The Greek market operator Hellenic Exchanges, Deutsche Boerse, and Nordic and Baltic bourse operator OMX have held initial acquisition talks with Sofia for the stake. The exchanges in Nicosia, Warsaw, Vienna and Milan have also expressed an interest.
