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Farmache gets four more years at the helm of BSE

21.02.2010, 21:15 11

Stere Farmache (53) was re-elected chairman of the BucharestStock Exchange for a new four-year term, but the main winner of theelections was Daniel Tepes, the majority shareholder of HTI ValoriMobiliare (HTI Securities), who managed to get six of the othereight members of the Board of Directors elected.
It was precisely the support of Tepes that got Farmache his victoryin the first round, with 57% of the votes, market sourcessay.
The BSE elections could therefore reveal a change in the strategyof the Bucharest Stock Exchange given that Tepes and his allies areamong the biggest shareholders of the Bucharest Stock Exchange andof the Sibiu Exchange, and most brokers want the two operators onthe market to merge, after having been on opposite sides over thelast four years.
The new Board of Directors will decide the path the Bucharest StockExchange will take, which posted 22 million RON in revenues lastyear and 8 million RON in net profit. Among the main issues thefuture management will have to address are boosting liquidity andattracting new issuers.

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