Delisting - a business to thrive on

Although few people could have anticipated it a year ago, RASDAQ has turned out to be a major stream of income for brokerage companies in 2003. This was not due to new companies floating (as almost none did), but to delisting. The transactions induced by the tender offers in view of delisting in the first eight months of this year accounted for over 90% of the total transactions brokered by securities firms on RASDAQ. The top RASDAQ brokers throughout January – August 2003 are precisely those companies that had the most valuable delisting offers: Target Capital and ING Baring Securities. The number one broker, Target Capital brokered 710.2bn ROL’s worth in transactions in the first eight months, more than 90% of which, i.e. 665.23bn ROL account for tender offers in view of delisting. Its most significant offers brokered were for the delisting of Moldocim Bicaz, Casial Deva and Romcif Fieni, all of which put out by German HeidelbergCement group. Such offers were also very important for the top two broker, ING Securities. It brokered 479.32bn ROL’s worth in the first eight months, with tender offers in view of delisting accounting for more than 90% in the total again, i.e. 448.86bn ROL. ING Securities Romania brokered the delisting of Lafarge Romcim cement producer and of brewer Brau Union Romania. ZF