The oil & gas company OMV Petrom’s secondary listing on the London Stock Exchange would be a clear indication that the local capital market is underdeveloped, said Ludwik Sobolewski, president of the Bucharest Stock Exchange (BVB). On a normal and efficient market, global investors prefer shares instead of GDRs.

In this situation, the Financial Supervisory Authority, the state, and the BVB should increase their efforts to transform the Romanian capital market into a normal market. The big transactions should be carried out only through shares sold to the local and international investors, Sobolewski said, cited by local Mediafax.

Investment fund Fondul Proprietatea suggested OMV Petrom shareholders to list the company on the London bourse, via certificates of deposit (GDRs).

editor@romania-insider.com