The recent statements of the Privatisation Authority (APAPS) about the sale of minority stakes through the capital market and turning Petromidia's historical debts into equity are keeping the Bucharest Stock Exchange officials busy with modifying the trading regulations of the BSE to accommodate the transactions of the State on the market.
Modifying the trading regulations will involve broadening the market segment previously reserved for public offerings or tender offers. This market segment should turn into a deal market to also include sales of residual stakes still held by APAPS and executions of the budgetary receivables or of the financial assets pledged as security.
APAPS early last month announced plans to sell its stake in Banca Rom=na pentru Dezvoltare (Romanian Development Bank- BRD), 7.35%, on the Stock Exchange. BRD is the second top company on the Stock Exchange in terms of market value. The Authority representatives were saying back then that the sale was supposed to be done in two steps, with a "probe stake" issued at first to test the market. The Stock Exchange officials say they have not received any signals from the Authority about the sale of other stakes, but consulted with APAPS on the modifications to be made in the trading regulations. Other listed companies in which the State holds minority interests include, besides BRD, Alro Slatina or Azomures, which might be joined by the companies in which the State holds the majority stake. APAPS has managed sell a number of residual stakes on RASDAQ, but such operations involving the shares of the companies listed on the Stock Exchange were conducted outside the market. An example in this regard is the sale of 25% in Bermas Suceava brewer to the company's employees this August.
"As far as the brokers are concerned, the transactions in which the State is involved will be easy to tell apart from the other transactions on the market," BSE manager Stere Farmache said. vlad.nicolaescu@zf.ro
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