It has been two years since a major state-run company was last listed on the Bucharest Stock Exchange (BSE), yet Prime Minister Adrian Nastase says floatation of "strong" companies is being now considered by the Government.
While attending the dedication of the new Stock Exchange headquarters on Friday, Nastase did not mention any of the companies "considered" and even avoided including the banking sector among those targeted, in spite of the more and more frequent talk of a BCR (Romanian Commercial Bank) listing lately.
"The listing of strong companies interesting to all sorts of investors on the Stock Exchange is one step that's being considered by the Government, as well. Companies dealing in energy, communications, public utilities can and need to accept transparency conditions, be listed on the Stock Exchange and make use of the capital market opportunities to raise cash by issuing shares and bonds," Nastase said. He officially opened the trading session on Friday, as invited by the Stock Exchange management.
Sergiu Oprescu, BSE chairman said the Stock Exchange had reached a new stage, which should lead to the Bourse becoming representative for the real economy and attaining international recognition.
Oprescu included banking among the industries mentioned by Premier Adrian Nastase.
The largest Romanian company in this industry, Banca Comerciala Romana (Romanian Commercial Bank - BCR) is about to be privatised and brokers say having it quoted would be a major step towards the development of the Romanian capital market.
The Cabinet head said the National Securities Commission (CNVM) had to enact the necessary regulations so that the Stock Exchange and all the other regulated capital markets could become economic growth drives. Adrian Nastase estimates CNVM's efforts should target a quick acquis communautaire adoption and eliminating corruption, by ensuring transparency, particularly "now that the Government has taken responsibility for a set of anti-corruption laws before Parliament."
The Stock Exchange relocated from the premises provided by the National Bank of Romania to the IBC Modern building in downtown Bucharest two weeks ago.
The building belongs to businessman Dan Adamescu, who controls MegaConstruct construction company, Astra insurer and other business centres through his Nova Trade Company.
The lease is valid for four years; the Stock Exchange pays $14/sqm in rent every month. The space rented is 890 sqm wide, so that the Stock Exchange is paying about 130,000 dollars a year for its headquarters. vlad.nicolaescu@zf.ro
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