Romanian investors should have priority over foreign ones in Petrom offering

Romanian individuals should entirely receive the shares they will subscribe in the future stock sale offering the state will carry out at Petrom, while for the other categories of investors shares should be allotted in line with the subscribed sum (pro-rata), maintains the Association of Capital Market Investors (AIPC).
“Thus, the state will support the development of Romania’s capital market by favouring the shaping up of a mass of domestic investors, who will this way see the stock exchange as an alternative to banking deposits,” says Dumitru Beze, AIPC chairman, in a notice sent to CNVM (National Securities Commission) and the Economy Ministry.
He has in recent years turned into a genuine “Robin Hood” of the domestic capital market, supporting small investors’ interests in the face of abuse by majority shareholders in some of Bourse and RASDAQ market companies and urging CNVM to improve investor protection regulation.
AIPC also proposes CNVM not to allow subscription on the basis of letters of bank guarantee, so that all investors should be offered equal opportunity.