Speaking at a news conference, Ludwik Sobolewski said the bulk of Romgaz’s shares should be traded in Bucharest to help increase market liquidity and attract new investors.
However, some investors might hesitate to participate in the offering unless the stock is also available on an international exchange, Sobolewski said.
Romania’s Economy Ministry wants to obtain EUR600 million from selling a 15% stake in Romgaz Medias in November and is considering a cross listing of the company’s shares, as the local exchange could be too small to raise the desired amount.
The announcement has stirred protests from local brokers, who said a dual listing would negatively affect the development of the Bucharest exchange.