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BVB head: State forgot about BCR listing

The state forgot about the listing on the stock exchange of the Romanian Commercial Bank (BCR) and Erste group (the bank's majority shareholder) does not want this listing because an evaluation of the shares market would plunge BCR right now to a value much lower than that paid in 2006, the privatization moment, Bucharest Stock Exchange (BVB) managing director Valentin Ionescu told a conference on the shares market on Wednesday.

The Romanian Commercial Bank managing director Dominic Bruynseels is looking for all subterfuges to avoid BCR listing, Ionescu said, targeting the statements made by the BCR official, who had said that the BVB liquidity was not enough for the bank's listing, and the Proprietatea Fund listing proved it was an unfavourable moment for large companies, their price settling somewhere below the initial listing price.

'The reasons they bring are just because they do not want this listing. Why not? BCR was purchased for a certain price back in 2006. A correct evaluation on the shares market might set BCR at a value much below that of 2006, which would impair Erste interests,' Valentin Ionescu added.

He said that Erste Group does not list its subsidiaries on the stock exchange as a rule. As in Romania, the same in the Czech Republic, Erste is listed on the stock market, and its subsidiary is not.

According to the privatization contract, Erste should have listed BCR on the Bucharest Stock Exchange in 2009, and the deadline was postponed until October 2011, the BVB manager said. 'I have no idea of the extent to which the Government is still able to force the BCR listing. In my opinion, the major Romanian bank must be listed on BVB. I cannot help but notice that the state forgot about BCR listing. If I were a state official, I would try to see what is going on,' the BVB managing director added.

As regards the Proprietatea Fund listing, Ionescu said it was a success and that the current trade price, although it reports a significant discount compared to the net asset value, is nevertheless much bigger than that of the previous transactions outside the controlled market, by shares ceded at the Central Depositary. He believes that the discount of some shares that are traded on BVB was determined by the inauspicious economic background, by the political context and by the lack of fiscal predictability.

Sursa: http://www.actmedia.eu

Tags: listing bcr erste shares market stock state about bvb forgot

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