OMV Petrom has officially delisted from the London Stock Exchange, the company reports. These are Global Depository Receipts (GDRs).
What is the reason for the decision:
“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 company said recently.
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 in order for the company to have access to a larger investor base, as well as due to low liquidity and restricted access on the Bucharest Stock Exchange.
Source: Hot News
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