Sirma Group Holding Signed Market Maker Agreement on the BSE

Sirma shares trade on the BSE

Sirma Group Holding signed a market maker contract with ELANA Trading for its issue of shares on the Bulgarian Stock Exchange (BSE).. The brokerage house has been approved and registered by the BSE as a market maker of Sirma on Jan 25, 2016. At the moment ELANA Trading is the only broker on the Bulgarian stock market that provides this service, and Sirma is the only issuer with a market maker in Bulgaria.

“This is a next credible step, and we are sending a very strong message to our current and prospect investors – Sirma went public in order to speed up its growth. We want to continue to stand out from the crowd of other issuers on our stock exchange, aiming to ensure liquidity of Sirma’s shares”, said Tsvetan Alexiev, CEO of Sirma Group Holding.

As a market maker, ELANA Trading is obliged to provide minimum liquidity of Sirma Group Holding position through its own funds. The trader must maintain “buy” and “sell” quotations with a minimum amount of 2500 leva (BGN). The maximum spread of quotations of market makers should be 5% and the contract between Sirma Group Holding and ELANA Trading commences from February 1, 2016.

Investors Benefits

The market-making of shares of securities is a widespread practice in developed stock markets and its role is to secure adequate liquidity of these securities.

This step of Sirma Group Holding is another proof that the new public company continues to provide a sound foundation for making investment decision of its present and prospective investors. Last year Sirma (as a technology company) was the company which implemented online webinars with its investors. Webinars for 2016 are already scheduled and will be carried out regularly after the company became public. Sirma aims to set example for other public companies in Bulgaria how to have an open communication with all investors and full transparency of its operations.

Shares trading of Sirma Group Holding on BSE was launched on November 23, 2015. After a successful IPO 11.5 million BGN new capital was raised. The IPO was the biggest on the local market since 2008.

Market makers on the BSE

The Bulgarian Stock Exchange introduced rules for registration and operations for the role of market makers in 2006. So far, only six financial institutions carried out that function and none of them currently operates under contract commitment.

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