BVB suspends 33 companies

Bucharest Stock Exchange (BVB) yesterday suspended from trading 33 companies that did not report their first semester financial situation by August 7, as required.

“The Stock Exchange decided to stop ignoring such situations, as investors need the information while it is actual, not later on, when nothing else can be done,” BVB general manager Stere Farmache told Ziarul Financiar.

Among the 33 companies suspended yesterday there are first tier performers, such as Arctic, Azomures and Otelinox. As to second tier companies, BVB suspended, among others, Astra Vagoane Arad, Electroputere Craiova, Mopariv Ramnicu Valcea, Panegrano Cluj-Napoca, aantierul Naval Constata (Constanta Shipyard).

These companies have been suspended following BVB’s decision to strictly enforce the regulations regarding investors’ protection.

The first measure of this kind was taken by BVB about a month ago, when 56 companies were suspended for not having reported their financial results after the first quarter of the current year.

“Unlike the measures adopted for not having reported the results after the first quarter, when companies had 14 days to settle their affairs, this time we believe that ten days are quite enough.

In case there are companies that do not report for this period either, BVB will conclude that there is not any interest displayed in quotation and will act as such,” Farmache said. The Stock Exchange can decide the shares’ suspension, demotion or even elimination from trading operations.