Romania's Ministry of Transport blocked a key procedural step required for the listing of Bucharest Airports Company on the Stock Exchange (BVB) after opposing an item on the shareholders' agenda concerning the resumption of the auditor selection process. The vote took place at the end of November, following a request by Fondul Proprietatea, which holds a minority stake in the company and has long advocated for a public offering, Bursa.ro reported. 

The selected auditor would also have been responsible for preparing the company for listing.

Aeroporturi Bucureşti, which operates Henri Coandă and Aurel Vlaicu airports, is valued at RON 5.3 billion (over EUR 1 billion) based on Fondul Proprietatea's most recent reports, according to calculations published by Bursa.ro. 

For the first nine months of 2025, Bucharest Airports reported operating revenues of almost RON 1.23 billion, an increase of 20.3% y/y, supported by rising passenger traffic and higher commercial income. 

The net profit reached RON 609.4 million, up 31.7% compared to the same period of 2024. Last year, the company posted a net profit of RON 608.8 million. 

Fondul Proprietatea's stake in Aeroporturi Bucureşti accounted for 52.6% of its net asset value at the end of November, making it the fund's most significant holding. The fund has repeatedly warned that prolonged delays in the listing process limit value creation and reduce the company's access to capital needed for infrastructure development, particularly in the context of growing passenger numbers at Henri Coandă Airport.

The Ministry of Transport, which owns an eighty percent stake in the company, has not publicly explained its decision to reject the auditor selection item. 

iulian@romania-insider.com

(Photo source: BVB)