The Bucharest Stock Exchange is listing its shares on its ownmarket today. This is the first floatation after two years duringwhich there has been no new company on the BSE.
The floatation of the Bucharest Stock Exchange is being toutedas the most important event on the local capital market this year,which, however, reveals the rift between the stock market and thereal economy.
The Stock Exchange this way hopes to set an example and signalconfidence to private companies so as to make them come seek toraise cash on the capital market. The main purpose of the listing,however, is to make it easier to transfer shares for those lookingto sell or for investors looking to buy BSE shares betting on thedevelopment of the capital market. The floatation was approved byBSE's shareholders about three months ago and was brokered byIntercapital Invest securities firm.
"The listing will fundamentally change the way the StockExchange relates to the market and investors and will give a boostto the entire capital market by setting an example for thecompanies looking for funding," said Stere Farmache, chairman ofthe Bucharest Stock Exchange since its establishment fifteen yearsago.
The Bucharest Stock Exchange has not managed to position itselfas an alternative financing source for the economy in fifteenyears, despite a good start, stimulated by the floatation of majorstate-run companies. The government later forgot about the capitalmarket and the faulty legislation made it possible for many majorcompanies like Dacia and Sidex to delist, with few companies comingto the market afterwards.
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