Out of 15 companies on the stock market in 1995 and 1996, only seven are still listed on various markets of the Bucharest Stock Exchange today. Most were delisted after a strategic investor acquired them or went bankrupt and stopped trading.
For instance, Astra Vagoane Arad (ASV.RO), the largest railway freight car manufacturer in Romania with EUR180 million in revenue before the crisis, was trading in 1996. The company was delisted by businessman Cristi Burci in 2004 who then sold it to German investors. Car parts maker Apsa Baia Mare (APS.RO) and Carbid Fox Tarnaveni (CRB.RO), the only local carbide producer, went bankrupt and were therefore removed from the stock market.
Out of the companies that have been trading on the stock market since 1996 only real estate developer Impact Developer&Constructor (IMP.RO) and Uztel Ploiesti (UZT.RO) are still standing.
Both are struggling to survive as Uztel has gone insolvent because of the severe decline in orders after 2008 and Impact has been posting significant losses in recent years because of the crisis that caused the real estate market to shrink and Impact’s sales to fall.
Steel pipe maker TMK Artrom Slatina is the most valuable company of all those listed on the stock market seventeen years ago, with a capitalization of EUR33.8 million.
Artrom has not really suffered over the last few years because of the investment Russia’s TMK made in the plant. Therefore it continued to grow and develop. The pipe maker posted 46.6 million lei (EUR10.3 million) in net profit in the first nine months and saw revenue up 10% to RON707 million.
Artrom is rarely traded, however, because TMK has not paid any dividends over the last few years and the free float is low, because the majority shareholder owns 92.7%.
Automotive components manufacturer Uamt Oradea is another one of the few companies still on the stock market after almost two decades and has developed its business in recent years by shifting focus to exports. Its sales are even better this year than they were before the crisis, even though it is not backed by a significant shareholder, because its employees own 35%, and its chairman Ioan Stanciu owns 31.5%. The Uamt shares are rarely traded because of the low profitability and lack of dividends.
Foraj Sonde Craiova, one of the first companies listed on the Bucharest Stock Exchange was transferred to the RASDAQ as FOSB.RO and is now one of the biggest on this market, with a capitalization of almost EUR30 million. Meanwhile it was taken over by businessman Marius Cristescu and is one of the top three competitors on the drilling market in Romania.
A major wave of floatations on the Bucharest Stock Exchange took place in 1997. Less than half of the companies part of that wave are still listed.
The major issuers still trading on the stock market fifteen years from floatation include Oltchim Ramnicu-Valcea (OLT.RO), Alro Slatina (ALR.RO), Compa Sibiu (CMP.RO), Banca Transilvania (TLV.RO), Prodplast Bucuresti (PPL). Some of them can be found in the stock portfolios of most investors today and remain interesting for investors even after fifteen years.
Other important companies that are no longer available for investors to buy stock in are Dacia Pitesti, traded on the Bucharest Stock Exchange as DAC.RO, delisted in 2003 and Azomures Targu-Mures (AZO.RO), delisted at the end of this year.
The foreign groups that bought the two decided to delist them because they do not need to raise cash from the Romanian capital market, since the majority shareholders can provide the necessary funding.
(English version by Loredana Fratila-Cristescu)
First companies listed on the Bucharest Stock Exchange
| Symbol | Company | Business | Floatation date | Current status |
| SAN | Sanevit Arad | medical equipment maker | Nov 19, 1995 | delisted in 2000 |
| UAM | Uamt Oradea | automotive components maker | Nov 20, 1995 | Tier II |
| IAI | Iaifo Zalau | industrial fittings maker | Nov 20, 1995 | delisted on Aug 10, 2004 |
| CMF | Comelf Bistrita | environment protection equipment maker | Nov 20, 1995 | Tier II |
| CRN | Carne Arad | cold cuts producer | Nov 20, 1995 | delisted on Dec 10, 2001 |
| ART | Artrom Slatina | steel pipes manufacturer | Nov 20, 1995 | Tier II |
| FOR | Foraj Sonde Craiova | drilling services | Nov 20, 1995 | transferred to RASDAQ (FOSB.RO) |
| ALF | Mobila Alfa | furniture manufacturer | Nov 27, 1995 | Tier: unlisted |
| APS | Apsa Baia Mare | car parts maker | Dec 7, 1995 | delisted on July 20, 2007 |
| ASV | Astra Vagoane Arad | railway car manufacturer | Dec 21, 1995 | delisted on Feb 10, 2004 |
| AZO | Azomures Targu-Mures | fertilizer producer | Jan 16, 1996 | delisted on Dec 7, 2012 |
| IMP | Impact Bucuresti | real estate developer | Jun 7, 1996 | Tier I |
| ELC | Electroceramica Turda | ceramics producer | Nov 21, 1996 | delisted on Feb 11, 2010 |
| UZT | Uztel Ploiesti | oil equipment manufacturer | Nov 28, 1996 | Tier II, insolvent |
| CRB | Carbid Fox Tarnaveni | chemical producer | Dec 5, 1996 | delisted on May 29, 2007 |