The Macedonian Stock Exchange and the European Bank for Reconstruction and Development (EBRD), in line with the recently signed Memorandum of Understanding, and with the goals of promoting capital market financing opportunities for companies and strengthening the connection between the domestic corporate sector, financial intermediaries and investors, organized an event under the motto “Financing Through the Capital Market!”.

In his opening remarks, the Chief Executive Officer of the Macedonian Stock Exchange, Ivan Shteriev, stated: “The lack of initial public offerings is the key issue for the further development of smaller capital markets. Our efforts in this area, including this event, aim to encourage domestic companies to seriously consider this opportunity and take that step. Through the signed Memorandum with EBRD, the Macedonian Stock Exchange has secured a strong partner in these strategic efforts. In the coming period, both institutions will work jointly and with dedication to provide concrete support to domestic companies that decide to finance through the market.”

Attila Tóth, Principal for Capital Markets Development at EBRD, delivered a presentation on the topic “Financing Through the Capital Market”, explaining the key benefits, prerequisites, and steps companies need to take for successful market-based financing through the issuance of shares or bonds. Mr. Tóth emphasized that the capital market offers sustainable growth opportunities, reduced operational risks, increased transparency, and improved trust in companies, while a successful IPO marks the beginning of disciplined and responsible company development and a confirmation of its long-term business strategy.

A panel discussion titled “What Kind of Companies Do We Want to Invest In?”, moderated by Mr. Shteriev, featured the participation of Vasko Mitev, Executive Director of Ilirika Investments AD Skopje; Goran Markovski, Chief Executive Officer of KB Invest AD Skopje; Marijan Nikolovski, Management Board Member at Triglav Pension Company AD Skopje; and Vlado Bojadzhievski from the local EBRD office in Skopje. The panel engaged in a meaningful discussion about the potential of the Macedonian market to support and absorb equity and bond issuances, the criteria for investing in such securities, and the current readiness of domestic companies for this complex process. The discussion highlighted key insights on the timing of security issuance, the significance of comprehensive internal preparations and appropriate external expertise, as well as the importance of transparency and sound corporate governance in building investor confidence.

The event, held on April 29th 2025, concluded with a presentation by EBRD representatives showcasing their offering for Macedonian companies, with a focus on programs for process analysis, restructuring, and support aimed at more efficient operations and easier access to financing.