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The beginning

On the grounds of a report, issued by the Minister of Commerce and Food dated March, 24, 1947, the Board of Ministers on their meeting held on April, 04, 1947, with Resolution No. 7 – Protocol No. 50, establishes the State Commercial Enterprise under the name “Chimimport” for import of chemical products.

The development

1947 - Importing basic chemicals, artificial fertilizers, pest protection preparations;

1949 - Starts importing medicaments, medical specialties and instruments;

1950 - Starts exporting activities – herbs, etheric oils and cultivated plant inputs;

1959 - SCE Chimimport merges with SCE Bulgarian Rose. Starts exporting rose oil;

1963 - Executes the first re-export deal – selling calcium soda from Belgium to Japan;

1969 - The nomenclature of Chimimport approves 70 export positions and 41 import stock groups;

1977 - SCE Chimimport, ECE Neftochim and ECE Lesoimpex merge to establish ECE Chimimport, which executes import, export and re-export of chemicals, chemical inputs, natural gas, petroleum, petroleum chemical products, cellulose and paper;

1981 - The export product list includes more than 125 positions;

1985 - The company reaches its highest ever turnover in its history - $ 8.5 billion;

1989 - On July, 21 a Foundation Contract was signed, and on October, 19, a General Assembly was held for all Chimimport JSC shareholders;

1990 - On the grounds of Order No. 56 Resolution No. 1 dated January, 24, 1990, company case No 2655/1989 Joint-stock Company named Chimimport was established with own capital to the amount of EUR 5.11 mln;

1992 - On September, 22, the General Assembly of shareholders increases the capital of Chimimport to EUR 26.14 mln through a non-cash contribution by the state of Bulgaria;

1993 - The state of Bulgaria transfers the shareholding participation of over 40 commercial and production enterprises to the newly established company Consolidcommerce. The company’s capital was increased to EUR 26.42 mln;

1994 - On October 5th, the Privatization Agency signs a contract with the company’s managerial team, united in Chimimport Invest JSC for the selling of 58.7% of the capital of Chimimport;

1995 - After concluding the sell of preferential shares, the shareholders capital of the company is distributed as follows: Chimimport Invest – 63.01%; physical entities – 15.70%; Consolid Commerce Ltd – 20.05%; other legal entities – 1.26%;

1997 - Chimimport is preregistered under Art. 277 of the Commerce Act as a holding company;

2000 - Completion of the first stage of restructuring of Chimimport – registering subsidiaries on the grounds of effective commercial directorates;

2001 - 23% of the capital of Central Cooperative Bank Plc was acquired at the BSE - Sofia JSC and a consortium for the Bank’s management was established together with the other main shareholder - the Central Cooperative Union;

2002 - Chimimport acquires from Bank Consolidation Company JSC the state share (32,77%) from the capital of Central Cooperative Bank Plc; Through the Privatization Deals Agency acquires 91,92% from the capital of Armeec Insurance JSC and the control over CCB Sila Pension Fund JSC from the Czech financial group Newton;

Through CCB Chimimport acquires the companies of three banks, declared their bankruptcy: Dobrudzha Commercial Bank JSC, Credit Bank JSC and Bank for agricultural credit JSC;

2003 - Balkan Hemus Group Plc (now Bulgarian Aviation Group Plc) was established with the purpose of unifying the future participations of the group in the airline industry.

Successful participation in the privatization of Hemus Air Ltd. and Oil and Gas Exploration and Production JSC;

2004 - Chimimport establishes a financial group, uniting its participation in the bank activities, insurance and pension insurance in the capital of CCB Group Assets Management Ltd. (currently CCB Group Ltd.);

Acquired shares of Central Cooperative Union in CCB (Central Cooperative Bank): 23.45% of Bank’s shares;

2005 - Established sub-holding structures: Bulgarian Shipping Company HIC for fluvial and maritime transport, and Chimimport Group HIC for commercial and production activities;

Chimimport’s share capital increased to EUR 30.13 mln;

Chimimport acquires 49.28% of the third in assets and market share Pension Insurance Company in Bulgaria – Pension Insurance Company Saglasie JSC;

Chimimport Group acquired Capital Bank and Crystal Bank as filed for insolvency through CCB;

2006 - Chimiport’s share capital increased by EUR 30.13 mln, amounting to EUR 60.8 mln; Chimimport acquired 99.13% of Bulgarian River Shipping’s assets (70% of which by privatization procedure); Accomplished merging of Chimimport Bimas into Bulgarian River Shipping’s capital simultaneously with merging company’s majority packages deriving from VTC AD and Mayak AD;

Chimimport’s subsidiary Lesport in its role of concessionaire stipulates a thirty-year contract for concession of Lesport port terminal, which is part of Varna port for public transport of national importance;

Through Port Balchik JSC, Chimimport Group has gained a 25-year concession over Port Terminal Balchik: a territorial distinguished zone of Varna port for public transportation of national importance;

Chimimport acquired a status of public company on the grounds of Art. 110, para. 2 of the Public Offering of Securities Act on 29.09.2006, when the Sofia City Court entered in the Commercial Register an increase of the company capital, executed through initial public offering of 11,083,914 shares. The company shares are registered for trade on the official market, segment B of the BSE - Sofia JSC 30.10.2006. Chimimport Group has accomplished the licensing procedures on two joint-stock special purpose investment companies (JSSPIC), e.g. CCB Real Estate Fund, and Capital Management, being experts respectively in securitization of real estates, and securitization of receivables;

2007 - The Financial Supervision Commission issues a license to the CCB Assets Management Ltd management company;

Chimimport acquired 51.81% share capital of Ship Machine Building JSC, Varna;

On the grounds of a resolution, issued by the Board of Directors of BSE - Sofia JSC Chimimport was listed in the main bourse index SOFIX, and since 26.02.2007 the company was included in the base of the bourse index BG 40;

Central Cooperative Bank JSC acquired the insolvent enterprise International Bank for Commerce and Development;

Chimimport won the tender for privatisation of the national air carrier Bulgaria Air JSC, acquiring 99.99% of its capital. The Bulgarian state keeps a golden share;

The major shareholder of Chimimport – Chimimport Invest acquires 84.60% of the capital of the Pension Insurance Company Lukoil Garant - Bulgaria JSC with the purpose of later transfer of this stock participation to Chimimport or any of its subsidiaries;

On a Chimimport Managerial Board meeting, a resolution was made for increasing the capital from EUR 66.47 mln to EUR 76.69 mln. The capital increase, executed according to the conditions set forth in the law on Public Offering of Securities, is accomplished successfully, as a result new 19,999,984 shares with nominal value of EUR 0.51 and issue value of EUR 5.62 were registered and paid. As a result of the closure of the subscription list of the capital increase, the company raised EUR 112.48 mln.
Bulgarian Aviation Group Ltd concluded an agreement concerning the establishment of a joint venture with Lufthansa Technik AG. The company is functioning as a Limited Liability Company and its activities are the maintenance, repair and painting of aerial devices.

The project, aiming at consolidation the grain business of the Group has been concluded on November 26, 2007. By merging 8 companies: Slanchevi Lachi Bulgaria JSC, Sofia (a public company in the sense of the law on Public Offering of Securities), Zarneni hrani Trade JSC, Sofia, Back International JSC, Sofia, Zarneni hrani – Valchi Dol JSC Sofia, Zarneni hrani Balchik Ltd Sofia, Zora JSC Ruse, Prima agrochim Ltd, Dobrich and Chimimport agrochemicals Ltd, Sofia the new company Zarneni hrani Bulgaria JSC was established, which was their universal legal successor.

The issue of shares, issued by Zarneni hrani Bulgaria, was registered for trading on BSE - Sofia JSC (Bulgarian Stock Exchange) in December, amounting to over EUR 87.32 mln distributed in 170,785,600 shares with nominal value of EUR 0.51 each.

Increasing the capital of CCB Plc from EUR 37.20 mln to EUR 42.52 mln, by means of issuing 10,394,313 ordinary book-entry shares with a right to vote, with a nominal value of EUR 0.51 each;

The end of 2007, the Life Insurance Company CCB Life Ltd and Health Insurance Company CCB Health Ltd were established and licensed by the Financial Supervision Commission;

2008 - In the first quarter of 2008, Central Cooperative Bank Plc concluded the operation for acquiring the major package of shares in the Macedonian bank Silex Bank JSC - Skopje, Macedonia;

After obtaining an autorisation from the Commission for Protection of Competition, Chimimport acquired 100% of the share capital of BМ Star (currently Airport Services Ltd) – the company, owning 40% of the capital of the civil a irports concessionaire in Varna and Bourgas – Fraport Twin Star Airport Management JSC.

The group of Chimimport, through its subsidiary - Bulgarian Aviation Group Ltd, started a large-scale joint venture together with the Republic of Tatarstan for implementation of reconstruction and expansion of the Kazan Airport;

Bulgaria Air JSC reached at contractual agreements with the national air carrier of the Republic of Tatarstan to set up operative leasing on airplanes owned by the company, which shall serve the Tatarstan airlines;

2009 – Bulgarian Aviation Group Ltd completed the procedure for acquisition of sole-owner participation in thecapital of Air Ban airline carrier;

Zarneni hrani Bulgaria acquired 100% of the capital of Goliama Dobrudzhanska Melnitsa Ltd - the third biggest mill in Bulgaria;

The major shareholder of Chimimport – Chimimport Invest JSC acquired following trade offers majority stock holdings of Assenova krepost JSC and Holding Assenova krepost JSC.

The capital increase procedure of Chimimport stock from EUR 76.69 mln to EUR 122.71 mln successfully completed by issuing new 89,646,283 preferred non-materialized, non-voting shares, and 9% fixed dividend, guaranteed equity share, convertible into ordinary shares of face value EUR 0.51 each, and issue value of EUR 1.14. As a result of this increase a cash resource amounting to EUR 101.75 mln was collected;

The national air carrier, Bulgaria Air JSC, acquired 45% of the company leader on the Bulgarian reservation services market - Amadeus Bulgaria Ltd (a subsidiary of the Spanish Amadeus IT Group);

2010 – In the beggining of the year the merger by acquisition of the Lukoil Garant-Bulgaria JSC Pension Insurance Company into CCB Sila Pension Insurance Company was completed, and as a result of that, all pension funds under management of Lukoil Garant-Bulgaria JSC Pension Insurance Company, merged into the respective fund types managed by CCB Sila Pension Insurance Company;

Central Cooperative Bank, following tender offer to the rest of the shareholders, acquired 93,72% of the capital of the Macedonian Stater Banka JSC, Kumanovo;

The subsidiary company Oil and Gas Exploration and Production JSC acquired 100% of the share capital of a company, which builds and develops a gas-station chain branded as Chimoi;

The parental company, Chimimport Invest, acquired 85% of the M Kar Ltd’s stock, which is the authorized agent of BWM automobile company for Plovdiv, Stara Zagora and Haskovo.

Chimimport Invest acquired about 10% of the stock of Private Entrepreneurial Bank Texim JSC;

2011 – In the beginning of 2011 was completed the unite of the Macedonian trade banks, owned by the Group - through the flow of Stater Bank JSC Kumanovo into Central Cooperative Bank JSC Skopje;

Companies belonging to the Group become associates of the business-oriented television channel Bulgaria On Air;

On 15 March 2011 Bulgarian River Shipping JSC and Navigation Maritime Bulgare JSC set up a joint company Varnaferry Ltd. for conducting ferryboat shipment along the direct railway-ferry route “Varna – Caucasus”;

The procedures for the capital increase of Assenova krepost JSC and Holding Assenova krepost JSC were leaded successfully – through public offering of new shares. The authorized capital of the companies increased repeatedly, the accumulated funds amount to EUR 5.11 mln and 6.41 mln respectively;

Bulgarian Airways Group finalized the establishment of two international projects in the Russian Federation. The constituent documents of the joint companies ZAO ТАТ АVIA implementing the large-scale project on the reconstruction and development of Kazan International Airport, as well as the documents related to the establishment of ZAO ТАТ АЕRO – a managing company involved with the development of ОАО – Airlines Tatarstan, have been signed;

Bulgarian Airways Group SPJSC has increased by 4,9% the right to vote and the right to participate in the equity of the associated company Lufthansa Technik Sofia Ltd with a cash installment amounting to EUR 326,530;

Companies belonging to the Group are involved in the process of transformation through merger of their two subsidiaries – Chimsnab JSC, David 202 JSC, Myth 2003 SPLL C and Sofgeoexploration SPLL C in the capital of the receiving company – Chimsnab Bulgaria JSC;

The Group takes part in the capital increase of CCB JSC with EUR 22.82 mln;

The Group receive approval by the Commodity Exchange Commission to acquire 75% of the share capital of Plovdiv Commodity Exchange JSC;

On December 2011 Fraport Twin Star Airport Management started construction and realization of new international passenger terminals at Varna Airport and Burgas Airport. Besides the construction of the new terminals, which are expected to be completed for the start of the 2013 summer season, Fraport Twin Star Airport Management JSC started construction activities on several major infrastructure projects at Bourgas Airport - a new administration building, a new cargo terminal and a fire station building;

2012 – On 29 February 2012 Airport Services SPLL C (owning 40% of the capital of Fraport Twin Star Airport Management) was merged into the sole proprietor of the company Molet SPJSC, the name of the latter being changed to Airport Services – Bulgaria SPJSC;

On 4th of March, 2012 was held the official opening ceremony and the inauguration of a fully renovated runway at the Varna airport. In the preparation and implementation of the project for rehabilitation, which was made by Fraport Twin Star Airport Management, were invested nearly EUR 20 mln;

The plans for 2012 include carrying out a process of transformation through merger of Holding Asenova Krepost JSC into Asenova Krepost JSC, where the newly established company will be a part of the sub holding company of the structure of Chimimport, combining efforts in the ‘Production and Commercial Operation’ sector;

Starting the process of transformation in which Chimimport Group Joint-Stock Company LTD will merge into Zarneni hrani Bulgaria JSC. The implementation of this procedure will lead to consolidation of the processes in the sub-holding company - Zarneni hrani Bulgaria, and will contribute to better coordination, more effective control and effective management decisions.

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