7.5m euros in Petrom shares traded

Shares in Petrom, the largest company to be listed on the Bucharest Stock Exchange, were traded for a total of 307bn ROL (7.5 million euros) on Tuesday, amid a significant rise in the trading price. Tuesday’s transactions represented about 0.33% of Petrom shares, which is almost 5% of the company’s free float held by small shareholders. Minority investors own 7% in Petrom. The remaining shares are held by the State, which will soon transfer part of its stake to Austrian OMV Group. Petrom closed trading at 2,480 ROL on Tuesday, the highest value since expiry of the registration deadline that allowed minority shareholders to buy 0.4906 new shares for every share held. The share price continued to rise on Wednesday, closing at 2,540 ROL, with trading of more than 16.5bn ROL “This is most likely a new investor entering the market, since an older investor would have had the right to subscribe during a capital increase,” a broker commented Tuesday. ZF