Romgaz share volume traded on BVB exceeds by 67 percent GDR transactions in London
The Bucharest Stock Exchange (BVB) is the main market for Romgaz shares and their volume traded on BVB in the period November 25 – December 10 exceeded by 67 percent the trading volume of the global depository receipts (GDRs- one GDR represents one Romgaz share) on the London Stock Exchange, according to BVB, which quotes the London Stock Exchange website and the Reuters data.
‘After the effervescence of the first day of trading after the Romgaz listing, when all investors wanted to mark their profits following the significant discounts obtained in the subscription period, the trading volume of the Romgaz shares on the Bucharest Stock Exchange exceeded the GDRs trading volume on the London Stock Exchange. The larger liquidity on BVB is supported by the retail investors’ activity and by the fact that the capital market of Romania is closer to the basic activity of the issuer,’ shows a BVB release remitted to Agerpres.
‘The retail investors are liquidity suppliers, important not only to the stock market, but also to the issuers who want a solid investor base in case they want to increase their share capital in the future. A state-owned company’s listing should enable it to turn into a modern, efficient and profitable company, capable to successfully compete with other similar companies in the region. And it can only do this in its origin country, where it conducts its basic activity and where its customers are. The higher trading volume on the stock market of Bucharest shows that BVB is the main market for Romgaz shares,’ BVB GM Ludwik Sobolewski said.
Romgaz is the second company with majority state capital whose initial public offering was conducted this year (in the period October 22 — 31), after Nuclearelectrica (in the period September 9 — 20), being included in the stock market privatisation calendar announced by Romania’s Government. This year, the secondary public offering of Transgaz company shares also took place, a company listed on BVB since 2008.