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BCR: The failure of Petrom shares suggests that, for the Romanian authorities, the development of the domestic equity market is not a key objective

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2011-07-31 11:42

The Romanian president disclosed that it was a political decision of the government to not sell Petrom shares in the SPO below the minimum price of RON 0.37 per share, in spite of the fact that the brokerage syndicate recommendation was for a reference price of RON 0.33, it is said in a BCR report. rnrnHe (Presedinte Basescu n.r.) agreed with the government’s position, saying that Romania is not at all pressed to sell its assets at large discounts to finance the payment of pensions and wages in the public sector.rnrnThis official position is disappointing, because it clearly suggests that, for the Romanian authorities, the development of the domestic equity market is not a key objective, sais the report.rnrnThe failure of the Petrom SPO is an indication that the country’s risk profile and undeveloped equity market (with liquidity of only EUR 10mn per session) prompted large foreign investors to require substantial discounts.

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