20th Annual Conference of the Macedonian Stock Exchange

Time Left To Conference :


Conference Program
Thuesday, 28  March 2019
Welcome cocktail 
Friday, 29 March 2019
08:30 - 09:30 
Registration for participants , Hotel Metropol lobby 

Introductory speeches 

Zoran Zaev
President of the Government  of the  Republic of North Macedonia

Nora Aliti
President, Securities and Exchange Commission 

Ivan Steriev
CEO, Macedonian Stock Exchange

Special Presentation

Geopolitics in the Western Balkans - what should investors expect?
Florian Bieber

Director, Centre for Southeast European Studies at the University of Graz, Austria

10:30 - 10:45 

Coffee Break

Supported by friends :

Panel 1 : Financing of corporate development
10:45 - 12:30 

Peter Righi
Global Director, CEED Global

Dejan Kalinikov
Managing Director, SEAF Macedonia

Tiziano Giovannetti
Director, Fintel Energija (First Serbian IPO)

Ivana Gažić
President of the Management Board, Zagreb Stock Exchange

Lars Olofsson
Corp CEO, Prio Startup, Sweden

Special Presentations
12:30 - 13:10 

Why we need local exchanges?
Tomas Carruthers

Chief Executive, Project heather -Scottish Stock Exchange

Mergers and acquisitions of financial institutions in the SEE region
Jost Dolničar

Member of the Management Board, Sava Reinsurance Company

13:10 - 13:30 

Coffee Break

Supported by friends :

Panel 2 :   2019 - Year of bonds!
13:30 - 14:45 

Vladislav Hadjidinev
Member of the Board of Directors and Executive Director, UNI Bank

Dejan Nikolovski
Head of the Department for International Financial Relations and Public Debt Management, Ministry of Finance 

Petar Trpeski
Head of Corporate Management Division, Sprakase Bank Macedonia

Jim Turnbull
Associate Director, Debt Capital Markets - Local Currency and Capital Markets Development, EBRD

14:45 - 16:00 
Lunch time
16:00 - 16:15 

"Crystal Bell" - for the most transparent listed companies for 2018

Awards for authorized participants on the Macedonian securities market for 2018

Trending ...

Moderator of the conference 

Igor Petrovski, Kapital 
Cuba Libre Beach, Ohrid


he Macedonian companies that have solid business and stable growth are mainly focused on financing their projects through banks. The primary securities market in this region has never had exceptional expansion. Actual Initial Public Offers, followed by the transformation of private into public joint stock companies are not yet registered. In our neighborhood, on the Belgrade Stock Exchange, after almost 80 years, the first IPO took place. What are the challenges facing the company in the preparation of the IPO. What is the role of the consultants? What is the impact of the traditional development pattern of companies, their life cycles, on the decisions to enter the market with new share issue for recapitalization in order to finance new projects and future more expansive growth? Why there are no initial public offers in our country? As an addition to the discussion, our guest from Sweden who recently registered his company in Macedonia will share its experience of investing in new companies and their growth.


Speakers :

Peter Righi

Global Director,CEED Global


Peter Righi is the co-founder and Global Director of CEED with over 14 years of experience working on economic development and private sector initiatives in emerging markets. Before launching CEED, Peter ran the Business Development Unit for SEAF which oversaw and implemented direct consulting and technical assistance for all of SEAF’s portfolio companies. Peter worked directly with investee firms to develop and sell value added products and services into Western export markets. Peter is a graduate of Middlebury College and American University’s School of International Service, where he focused on international economics and development. He speaks fluent Spanish and has a working knowledge of French. He spends most of his free time with his spouse raising their 3 young children, but he finds time to work with outreach organizations that aid and assist the homeless and ex-offenders to adjust back to the community in the Washington area.


Dejan Kalinikov

ИManaging Director of SEAF Macedonia and Managing Director of SPMG Capital


Dejan Kalinikov is a Managing Director of the US-based private equity fund SEAF Macedonia and Managing Director of SPMG Capital, a Macedonian fund management company managing two private equity funds, SIF and MIF. He has more than 10 years of experience with private equity investments in the region. His previous professional engagement includes positions of COO and BOD member in the telecom operator One (member of Telecom Slovenia Group), and various positions in Lucent Technologies, Macedonian Business Resource Center, and several IT companies in Macedonia. Mr. Kalinikov has an MBA degree with focus on strategy and finance from Emory University in USA, and a BSc degree in Electrical Engineering with focus on Computer Sciences from UKIM, Macedonia.


Tiziano Giovannetti

Director, Fintel Energija


Tiziano Giovannetti is the CEO of the Company since 2007, and since April 2018 he has been a member of the Board of Directors and the Executive Director of the Company. He has extensive experience in developing wind power projects and he is the CEO of the following companies: MK-Fintel Wind a.d. Beograd, MK-Fintel Wind Holding d.o.o. Beograd, Vetroparka Kula d.o.o. Beograd and Energobalkan d.o.o. Beograd. In the Republic of Italy, he is the founder, member of the Board of Directors and Executive Director of Fintel Energia Group S.P.A, while in Agroenergie societa agricola SRL, he holds the position of Chairman of the Board of Directors. In the companies GIGA S.R.L., MinIeolica Marchigiana S.R.L., Bore Chienti S.R.L., Pollenza sole S.R.L. and Civita Energy SRL, Energogreen Renewables S.R.L. and Fintel Gas e luce SRL, he performs the functions of the Executive Director. 


Ivana Gažić

President of the Management Board of Zagreb Stock Exchange


Ivana Gažić started her career in 1998 at Pliva Plc. where she served until 2003 as a Head of Capital Market Operations. Since 2003 till 2005 she worked at Lura Plc. as a Head of strategic financing project and the assistant to CEO.In 2005 Ivana joined Société Générale - Splitska Bank Plc. where she worked as a Deputy Head of Corporate Department and a Head of Structure Finance Department. In 2007 she continued her career in Hypo Alpe-Adria-Bank Plc. taking the position of Executive Director in the Investment Banking Unit responsible for financial markets, private banking, corporate finance, asset management and investment funds. Since May 2010 she is the President of the Management Board of Zagreb Stock Exchange. She is the President of the Supervisory Board of the SEE LINK Skopje, a legal entity founded in 2014 with the aim to establish regional order routing service between Bulgaria, Macedonia and the Zagreb Stock Exchange. She was a speaker, lecturer and participant in numerous conferences and professional gatherings on the subject of banking, finance and capital markets.


Lars Olofsson

ИCorp CEO, Prio Startup


Education: Master of Law and MBA from university of Lund, Sweden Career: CEO EXPERT LTD Sweden, Sr. President of EXPERT Int. AG Schweiz , Funded what is now Prio Startup LTD in 1990. Have helped 700+ companies of all sizes and businesses all over the world with business development and scaling up businesses. Now focusing on Startups and combine investment and business development according to the Prio Startup support program. Member of the board of directors of the SME Association in Sweden.


Special Presentation

Geopolitics in the Western Balkans – what should investors expect?


Speaker :

Florian Bieber

Director, Centre for Southeast European Studies at the University of Graz, Austria


Florian Bieber is a political scientist and historian working on inter-ethnic relations, ethnic conflict and nationalism, focusing on Southeastern Europe. He is a Professor in South East European History and Politics and director of the Center for South East European Studies at the University of Graz. He coordinates the Balkans in Europe Policy Advisory Group. He is also a Visiting Professor at the Nationalism Studies Program at Central European University and edits the open access journal Contemporary Southeastern Europe. He studied at Trinity College (USA), the University of Vienna and Central European University (Hungary) and received his M.A. in Political Science and History and his Ph.D. in Political Science from the University of Vienna, as well as an M.A. in Southeast European Studies from Central European University (Budapest).


PANEL 2:   2019 - YEAR OF BONDS!

This panel is about :
Whether the 2019 for Macedonian Stock Exchange is a year of the bonds? Is the fact that continuous government bonds became listed at the MSE in December last year represents a new quality for this instrument and whether this implies potential increased interest of investors in this instrument? How come that the MSE got its first corporate bond listing after two decades? Why domestic banks recently issued new bonds (one perpetual and one convertible)? What is the strategic vision and experience of the EBRD in its countries of operations in this regard, considering its activities for developing innovative products - especially fixed income instruments?


ГSpeakers :

Vladislav Hadjidinev

CFO and Member of the Management Board, UNI Bank


Before that Mr. Hadjidinev was part of First Investment Bank AD Sofia, Bulgarian National Bank and Advi Corp. in London. Throughout his career he has gained experience in the private banking, investment portfolio management and trading in securities. The responsibility of Mr. Vladislav Hadjidinev within the Bank is related to the operation of Risk Management Division, Non-performing Loans Management, Complaints Division, Finance and Accounting Division, Information Technology Division, Loan Administration Department and Treasury, Dealing and Securities Division.


Dejan Nikolovski

Head of the Department for International Financial Relations and Public Debt Management, Ministry of Finance of the Republic of Macedonia


ДHead of International Financial Relations and Public Debt Management Department Dejan graduated in Economics from the Faculty of Economics at the University of Saints Cyril and Methodius University of Skopje. He is part of the Ministry of finance since 2005 and since 2011 he is head of International Financial Relations and Public Debt Management Department. Dejan has attended several seminars and workshops on topics like financial markets, financial instruments and debt management.


Petar Trpevski

Head of Corporate Management Division, Sprakase Bank Macedonia


Petar has a Bachelor’s degree in Economics from the Faculty of Economics, University St. Cyril and Methodius, Skopje and an MBA in finance from the City College, Sheffield University, Thessaloniki. He started his career at the Agency for Fully Funded Pension Insurance, Macedonia. In the period from 2008 until 2011 he was the Managing Director of Auktora & Hita Brokeri AD Skopje. Since 2012 he was part of Stopanska Banka Skopje as Head of the Branch Network and Small Banking Business. In 2014 he continued his career in Sparkasse Bank Makedonija, and since 2017 he is the Director of the Head of Corporate Management Division in Sparkasse Bank.


Jim Turnbull

Associate Director, Debt Capital Markets - Local Currency and Capital Markets Development (LC2), EBRD


Associate Director- Debt Capital Market for the Local Currency and Capital Markets (LC2) Initiative Jim joined EBRD in 2011 and he also co-ordinates LC2 Team activities in Bulgaria, Romania, Greece, Cyprus, Turkey and the Balkans. He has over 30 years’ experience in investment banking, pensions investment and funds management. He has also managed foreign exchange, derivatives and treasury exposures in both emerging and developed markets. As MD of Triarii Advisors, Jim acted as an independent advisor to several hedge funds specializing in emerging market investment. He currently sits on the Board of the Depozitarul Central in Romania.




Presentation 1 : Why we need local exchanges?


Tomas Carruthers

Chief Executive, Project heather -Scottish Stock Exchange


Tomás Carruthers initiated Project Heather as a platform to progress the social finance vision he developed whilst CEO of the Social Stock Exchange. Bringing over 25 years experience and a reputation as a pioneer in his field, Tomás draws on his previous entrepreneurial successes, including CEO of Interactive Investor. As a recognised thought leader in the Social and Ethical finance sector, Tomás has been a prominent name on the global stage, speaking at over 80 events and chairing multiple working groups with the OECD. Tomás was educated at Newcastle, Edinburgh and Cambridge, where he also helped to start Electronic Share Information, the first website to publish share prices, in 1994. He is married, lives in Edinburgh and enjoys drawing and calligraphy.

Presentation 2 : Mergers and acquisitions of financial institutions in the SEE region


Jošt Dolničar

ember of the Management Board, Sava Reinsurance Company


Jošt Dolničar (1972) has been with Sava Reinsurance Company since 2006 as Senior Executive responsible for the management of subsidiaries and since December 2008 as Member of the Management Board responsible for Group Support of Primary Insurance Subsidiaries, Risk Management, Actuarial Affairs and Processes & IT. Before joining Sava Reinsurance Company, Jošt Dolničar worked for Zavarovalnica Triglav – in his last appointment as Executive Manager of Non-life Business. Jošt Dolničar graduated in law from the University of Ljubljana. Through much of his life, he has been actively involved in sports. He is still a licensed rowing trainer, a member of the Legal Committee and an arbitrator with the arbitration court of the Slovenian Olympic Committee.

  • Official conference languages: Macedonian and English.
  • The organizer will provide a simultaneous translation throughout the conference.
  • The conference will take place in hotel Metropol in Ohrid.


For early payments (before March 15, 2017): 90 EUR (VAT included)
For payments made after March 15, 2019: 105 EUR (VAT included)
За уплатена котизација по 15 Март 2019 година: 6.500 денари (со вклучен ДДВ)

The registration fee includes:
- attendance to the conference, materials for the conference, coffee, welcome cocktail

The registration fee does not include:
- accommodation, transportation to Ohrid and other expenses

Group Discount

- 3 persons from same company / institution:  -10%

- 4 or 5 persons from same company / institution:  -20%

- More than 5 persons from same company / institution:  -30%

Payments details

Makedonska berza AD Skopje
IBAN: MK07250000000005252
Bank Account: 5062608
Deponent Bank: Sparkasse Banka Makedonija AD Skopje

Deponent Bank Address: 9-11 Makedonija SRT MK-1000 Skopje
Aim: Registration fee for MSE conference


For accommodation of the participants, Macedonian Stock Exchange has booked double and single rooms in Hotel Bellevue , under following conditions:
  Single room  Double room
Hotel Bellevue 49 Eur per day 35 Eur per day


The prices are for full board. Accommodation payment is done by the participants of the conference on hotels reception desks. Hotel reservation is valid through Macedonian Stock Exchange.

Напомена :

The number of participants is limited. For cancellations before March 15, the fee is refunded up to 50%. There is no refund for cancellations after March 15. Macedonian Stock Exchange retains the right to change the agenda without previous notification
Gold Sponsor


Silver Sponsor









Media Sponsor