36 companies excluded from the Stock Exchange

Comisia Nationala a Valorilor Mobiliare (National Securities Commission – CNVM) endorsed the decision made by the Stock Exchange Board last month.

The decision specified that certain companies were to be excluded from the listed securities market of the Stock Exchange.

Thirty-six companies listed on the Stock Exchange will be suspended as of Monday and transferred to the unlisted securities section, except for those, which have already requested transfer to RASDAQ.

“We are planning to suspend the shares as of August 6, so that the trading in the unlisted securities section could be resumed on August 8,” Petra Alexandru, deputy general manager of the Bucharest Stock Exchange told Ziarul Financiar.

She added that three of the 39 companies excluded by Stock Exchange Board had filed complaints, which were sustained. Subsequently, Energopetrol Campina, Mopan Mures and Tomiris Iasi will remain listed on the Stock Exchange.

Several major companies such as Automobile Dacia Pitesti, Aker Tulcea (the Tulcea-based shipyard), Astra Vagoane Arad were excluded from the second category of the Stock Exchange, as they failed to comply with the requirement to make profit in the last year of activity or in two years over the past three years of activity.

In addition, many smaller companies were also excluded as they failed to meet the two million euro share capital requirement or register a market capitalisation higher than the share capital minimal level.

The decision made by the Stock Exchange last month was one of the harshest measures ever taken since the reopening of this market in 1995.

Similar decisions have been made in the course of time, with the most recent measure taken this year, but the reasons for excluding companies from the Stock Exchange were that they did not pay the necessary commissions for being kept in the listed securities category or they did not meet certain reporting requirements.