Get real time updates directly on you device, subscribe now.
Bucharest Stock Exchange (BVB) operating the main stock exchange market in Romania on Wednesday Okayed “in principle” the merger with Sibex, the stock exchange in Sibiu, in the extraordinary meeting of the Shareholders General Assembly.
Several merger attempts of the two stock exchanges have occurred so far, mainly in 2006 and 2011, but they failed.
In June this year, Bucharest Stock Exchange (BVB) concluded a coordination agreement with SIBEX – Sibiu Stock Exchange S.A. that will allow carrying out of concrete steps in the following period toward the potential merger process between the two companies.
The agreement allows the implementation of critical elements for such a process, i.e. the phase of the evaluation of the companies. Teams of experts from both companies have been dedicated to this project in order to establish principles and conditions for collaboration, aiming at creating the fundamentals with regard to the potential merger.
“We are satisfied that one of the most challenging projects among those ran by the Bucharest Stock Exchange is getting a new impulse. We believe that the absorption of the SIBEX by the BVB may enhance the market infrastructure bringing only advantages for the stakeholders of the BVB and this is the goal BVB will uncompromisingly realize when progressing with this undertaking,” Ludwik Sobolewski, CEO of the BVB commented back then.
SIBEX – Sibiu Stock Exchange was founded in 1994, having as initial main activity commodities intermediation. Starting with 1997 the company focused on the development and the administration of financial derivatives, such as futures contracts. Currently, SIBEX is market operator and administrator of a derivatives markets and also operator of a cash regulated market and an alternative trading system. SIBEX is since 2010 a company listed on its own regulated securities market.
Sibex has recorded a dramatic activity decline in the past years, particularly after his former head, Cristian Sima, fled the country in 2012.
BVB has a market value of around EUR 49 M. It had 1,248 stockholders on November 30, 2016.
DONATE: Support our work
In an ever changing and challenging world, the media is constantly struggling to resist. Romania Journal makes no exception. We’ve been informing you, our readers, for almost 10 years, as extensively as we can, but, as we reject any state funding and private advertising is scarce, we need your help to keep on going.So, if you enjoy our work, you can contribute to endorse the Romania Journal team. Any amount is welcome, no strings attached. Choose to join with one of the following options:
Donate with PayPal
Donate by Bank Wire
Black Zonure SRLUniCredit Bank. Swift: BACXROBU
RON: RO84 BACX 0000 0022 3589 1000
EURO: RO57 BACX 0000 0022 3589 1001
USD: RO30 BACX 0000 0022 3589 1002