OMV Petrom is starting the process of delisting its Global Depository Receipts (GDRs) from the London Stock Exchange, the company announced on the website of the Bucharest Stock Exchange (BVB).
What is the reason:
“The development of the Bucharest Stock Exchange over the years, the company’s inclusion in the FTSE Russell Emerging Markets indices and the issuer’s market-making services, which the company signed in September 2021, have made shares traded on the Bucharest Stock Exchange more attractive, in terms of liquidity , compared to GDRs traded on the London Stock Exchange”
The relevant decisions regarding the approval of delisting were adopted by the extraordinary General Meeting of the Company’s shareholders on April 26, 2023.
In terms of the actual situation, GDRs were admitted to trading on the Main Market on October 20, 2016.
At the time, a listing on the London Stock Exchange was considered so that the company would have access to a larger investor base, as well as due to low liquidity and restricted access on the Bucharest Stock Exchange.
An application has been made to the Financial Conduct Authority to delist GDR from the Financial Conduct Authority’s Official List and to the London Stock Exchange to cease trading in GDR, both from 26 October 2023.
The last day of GDR trading on the London Stock Exchange is expected to be October 25, 2023.
Source: Hot News
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