In order to attract new issuers and increase transaction volumes, the Romanian capital market needs to find adequate instruments, able to turn our country into a genuine regional market. This was pointed out at the seminar “ Listings on the capital market. Benefits and challenges ”, organized by Muşat & Asociaţii in partnership with The Bucharest Stock Exchange.
“The Romanian capital market needs to reinvent itself and to adapt to the best practices employed by the more mature Western markets. As regards dual listings, one should keep in mind that they may be approached from a double perspective: on the one hand, they allow local issuers to be listed on foreign markets, and, on the other hand, they create opportunities for foreign issuers to enter the local capital market. In this context, in order to prevent the lack of liquidities, the Romanian capital market needs to also implement global accounts, as well as to operate a series of other adjustments, including technical ones, to facilitate foreign investors’ access to the companies listed on the Bucharest Stock Exchange and local players’ access to foreign financing sources”, said Miruna Suciu, Partner Muşat & Asociaţii. “Further listings are an essential pillar for increasing Romania’s visibility among top international financial institutions, which have already proven their openness for the energy and infrastructure projects launched by the Romanian authorities. Together with Poland, Romania could be regarded as an anchor for Europe, with a high potential for growth, including through the capital market”, declared Miruna Suciu.
After the successful sale of 15% of the Transelectrica shares and in light of the announced privatization projects, the officials attending the event emphasized the strategic importance of the Bucharest Stock Exchange in the further development of the Romanian economy as a whole. “The listing of Transelectrica is definitely a key moment that must not be overlooked, as it marks a major development opportunity both for the Stock Exchange, and for the overall market and economy”, stated Ionut Bohalteanu, Partner Muşat & Asociaţii.
The event, attended by important national and international companies, was honored by the representatives of the Bucharest Stock Exchange, the Office of State Ownership and Privatization in Industry (OPSPI) and by Mihai Bogdan Chetreanu, Commissioner National Securities Commission (CNVM), Calin Popescu, Manager Central Depository and by various officials of State-owned companies. In addition, Tom Attenborough, Managing Director CSEE Banking Citibank London, Verender S Badial, Managing Director Equity Capital Markets Societe Generale London, Laurent Cassin, Managing Director Equity Capital Markets Societe Generale, Dan Weiler, Executive Director Corporate Finance & Investment Banking BCR and Nicolae Moroianu, Executive Director BT Securities were speakers at the event.
Currently, Muşat & Asociaţii provides legal assistance to most of the significant projects implemented on the capital market, such as the secondary sale of a 15% stock in Transgaz, the launch of the initial public offer for the sale of 20% of Tarom and also for the implementation of the primary public offer for the sale of 10% of the share capital in Hidroelectrica. Furthermore, Muşat & Asociaţii has assisted OPSPI in the secondary public offer for the sale of 15% of Transelectrica, successfully closed at the end of March.
The firm is recognized for its constant involvement in high-profile transactions on the capital market, among which we will only refer to the public takeover offer conducted by Rompetrol Group for Rompetrol Rafinare, SABMiller taking-over and delisting Beer Azuga or assisting Sanofi-Aventis with respect to the take-over bid for Zentiva on the local market.