Considering Tuesday’s price, of RON30.6 a share, the stake bought by the EBRD is worth RON11.7 million (EUR2.64 million).
“The Bucharest Stock Exchange aims to act as a catalyst in financing the country’s economy. As a shareholder, the EBRD will assist in the further development of corporate governance at the bourse and in listed companies. We will work to establish the Bucharest Stock Exchange as the preferred exchange for Romanian issuers and traders, as well as for investors with an appetite for Romanian stocks and other financial instruments,” EBRD First Vice President Phil Bennett said in a statement.
The EBRD’s investment in Romania’s capital market infrastructure is part of the Bank’s long-term strategy to advance the development of local capital markets through investment, technical advice and support for reforms.
In Romania, the bank has invested in the recent IPOs of electricity distributor Electrica (EL.RO) and natural gas producer Romgaz (SNG.RO), and has also participated in all bank bond issues in the last two years under a dedicated framework. The EBRD is also working with the market operator to improve its Corporate Governance Code for listed companies.
The Bucharest Stock Exchange has been listed on its own market since 2010. As of September 2014 it listed 83 companies including the largest corporation in Romania, OMV Petrom, as well as Romgaz, Fondul Proprietatea, BRD Groupe Société Générale, Banca Transilvania, Electrica and Transgaz. The total market capitalization is almost EUR30 billion.