Balancing the objectives of social fairness and speed of reforms, in 1994 the Government adopted amendments to the Privatization Law which spelled out the principles of mass (voucher) privatization. In the beginning of 1996 every citizen over the age of 18 was entitled to buy 25,000 non-tradable vouchers, called "privatization bonds". The bonds could be used directly for the buying of shares of companies included in the Mass Privatization Program or they could be exchanged for the shares of privatization funds licensed by the Commission on Securities and Stock Exchanges (CSSE).

In the summer of 1996 seven companies combined their efforts leaded by Mr. Oleg Nedialkov and United Bulgarian Bank PLC (UBB) and founded DOVERIE United Bulgarian Privatization Fund PLC. The founders were UBB, State Insurance Institute, Darik Radio PLC, EVER Financial House PLC, Limex Trade Group PLC (specialized in education and alternative training and qualification), Andema PLC (editors of one of the Bulgarian specialized newspapers on business and economy) and CRESTA Consulting Ltd. (specialized in financial consulting services).

Based on a professional advertising campaign and a well-developed network of agents and representatives DOVERIE United Bulgarian Privatization Fund PLC attracted more than 260,000 shareholders who subscribed shares of 6.6 million Leva, thus establishing DOVERIE UBPF as the country's largest privatization fund, concentrating 9% of all issued investment bonds.

In the three centralized auctions, held in the fall of 1996 and in the beginning of 1997, a total of 6.5 million Bulgarian Leva were invested in stocks of 174 different companies.

Since 1997 the Company's activities were focused mainly on corporate governance and restructuring of strategic investments. The short-term investments were oriented to sales on the Stock Exchange aiming at achieving capital gains. DOVERIE was the most active player on the stock market in Bulgaria.


In 1998/1999 DOVERIE - United Holding PLC continued with its investment portfolio structuring. The stakes in a number of strategic companies were increased, while some of the shares in certain companies, considered to be short-term investments, were sold. DOVERIE - United Holding established a number of subsidiaries performing as sub-holding structures specialized in specific industries. The companies of the Holding concentrated their efforts on acquisition of shares of strategic companies in one particular industry in order to speed up restructuring and to improve financial and operational management.

In 2000 in order to improve the management of its portfolio and to decrease the administrative costs DOVERIE - United Holding PLC once again restructured its portfolio into two sub-holding structures - DOVERIE Industrial Holding PLC and DOVERIE CAPITAL PLC. Presently, DOVERIE CAPITAL PLC exercises control over the new investment projects and those companies in which DOVERIE - United Holding PLC has other strategic partners, while Industrial Holding DOVERIE PLC is in control of privatized companies.

The latest significant development in the Holding's history was the decision of the General Assembly of Shareholders of July, 2004 to increase the Company's registered capital up to 13,150,000 Bulgarian Leva.