	History		Management
	Structure

History

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, 5, 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” EOOD – 20.05%; other legal entities – 1.26%;

1997 - “Chimimport” is pre-registered under Art. 277 of the Commerce Act as a holding company;

2000 - Completion of the first stage of re-structuring 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 Central Cooperative Union;

2002 - “Chimimport” acquires from “Bank Consolidation Company” JSC the state share from the capital of “Central Cooperative Bank” Plc, through the Privatization Deals Agency the share of DZI JSC in the capital of “Armeec” Insurance JSC and the control over “CCB - Sila” Pension Fund JSC from the Czech financial group Newton;

2003 - Successful participation in the privatization of “Hemus Air” EAD 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” EAD (currently “CCB Group” EAD);

2005 - Completion of the second stage of re-structuring of the participations of “Chimimport”, through establishing sub-holding structures – “Balkan Hemus Group” EAD (currently, “Bulgarian Aviation Group” EAD) for aviation transport and “Chimimport Group” EAD for commercial activity; “Chimimport” acquires 49.28% of the third in assets and market share Pension Insurance Company in Bulgaria – Pension Insurance Company “Saglasie” JSC;

2006 - “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” acquired 99.13% of the capital of “Bulgarian River Shipping” JSC;

2007 - The Financial Supervision Commission issues a license to the “CCB Assets Management” EAD management company.

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.

“Chimimport” won the tender for privatisation of the national aviation transporter “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 Public Offering of Securities Act, 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” EAD 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 Chimimport 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 Public Offering of Securities Act), “Zarneni Hrani Trade” JSC, Sofia, “Back International” JSC, Sofia, “Zarneni Hrani – Valchi Dol” JSC Sofia, “Zarneni Hrani Balchik” EAD Sofia, “Zora” JSC Ruse, Prima agrochim EOOD, Dobrich and “Chimimport agrochemicals” EOOD, 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 CB “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” EAD and Health Insurance Company “Health Insurance Company CCB” EAD were established and licensed by the Financial Supervision Commission;

2008 - During 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 a license from the Competition Protection Commission, “Chimimport” acquired 100% of the capital of “BМ Star” EOOD – the company, owning 40% of the capital of the civil airports concessionaire in Varna and Bourgas – “Fraport Twin Star Airport Management” JSC.

“Chimimport” successfully placed an issue of secured convertible bonds at a value of EUR 65 mln with a 7-year term to maturity, convertible for already issued regular “Chimimport” shares, traded on the “BSE - Sofia”. The bonds are issed by “Chimimport Holland B.V.”, a subsidiary of “Chimimport”, entirely owned by the latter, established and registered in Holland. The net revenues from the emission were granted as a loan from “Chimimport Holland” to “Chimimport”, as the latter shall use them for financing its expansion through realizing strategic acquisitions and for general corporative purposes.

“Zarneni Hrani Bulgaria” JSC acquired 100% of the capital of “Goliama Dobrudzhanska Melnitsa” EOOD – the third largest mill in Bulgaria. The main activity of the company is aimed at purchasing and processing of wheat with bread-baking qualities.