Shares in BRD-SocGen, the second-largest company on the Stock Exchange, will resume trading in the first days of next month, after having been suspended for more than two months.
The suspension, brought about by a capital increase by the bank, is causing quite a stir among brokers and investors on the stock exchange, who have not been able to sell or buy BRD stock during the period. In general, stock in companies operating capital increases is not normally suspended from trading for more than a week. Bank officials blame a series of new regulations by the National Securities Commission (CNVM). The new regulations, which came into effect at the beginning of July, stipulate a 30-day waiting period beginning with the day the capital increase is first registered with the Trade Registry, allowing shareholders to dispute the increase if they wish to do so. The capital increase can be registered with the CNVM and the shares can resume trading only after the 30-day period.
Adela Pascu, secretary general of the bank, told Mediafax news agency that the stock would probably resume trading on August 3.
"It is illogical to suspend the stock of a company for such a long period of time, all the more so in the case of a company such as BRD. Investors are calling us every day to ask what is going on and when trading will resume. The CNVM seems intent on making things increasingly complicated," says Razvan Pasol, chairman of brokerage company Intercapital Invest.
Over the past year, brokers have often expressed their dissatisfaction with the measures taken by the CNVM, which they blame for making it more difficult for them to work.
BRD-Societe Generale''s share capital is currently increasing by almost 280 million ROL (78 million euros), from the net reported profit and differences resulting from the foreign currency amounts.
The nominal value of one share is supposed to increase from 0.3 RON to 0.5 RON.
After this, the bank is scheduled to consolidate the nominal value of its stock by combining two shares with a nominal value of 0.5 RON to make one share with a face value of 1 RON. vlad.nicolaescu@zf.ro
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