Stock Exchange to prevent de-listings by GMs

Majority shareholders will no longer be able to de-list their companies from the Stock Exchange by means of a simple vote in the General Meeting (GM) of Shareholders, according to the Stock Exchange Code which will be submitted for a vote by the Stock Exchange shareholders next week, says the general manager of the Stock Exchange, Stere Farmache. Stock Market regulations will practically annul the decisions of the National Securities Commission (CNVM) on de-listings. The CNVM had decided that a company can de-list by a simple decision of the General Meeting of Shareholders, but such a decision could be only made if regulations of the market where the company was listed allowed it. In order for the Stock Exchange Code to come into force, it also has to be approved by the CNVM. The CNVM allowed majority shareholders of listed companies to de-list from the market, with the minority shareholders having the option to ask the company to buy back their shares for a price set by an independent assessor. ZF