Romania's OMV Petrom Plans Secondary Listing in London

Romania's top oil and gas group OMV Petrom said on August 19 it plans to list its shares on the London Stock Exchange via global depository receipts (GDRs).OMV Petrom's shareholders will vote on the proposal at an extraordinary general meeting scheduled forSeptember 22, the company said in a statement filed with the Bucharest Stock Exchange.

GDRs, which representinterests in existingshares,are intended to be admitted to listing on the official list of the United Kingdom Financial Conduct Authority and to be admitted to trading on the London Stock Exchange's main market for listed securities, such approval being valid until end-2016, the company said.

OMV Petrom, majority owned by Austria's OMV,is Romania's largest oil and gas group. Its shares were trading 0.18% up at0.3797 lei ($0.095/0.086 euro) by 0907 CET on the Bucharest Stock Exchange.

In a separate announcement, Romanian investment fund Fondul Proprietatea [BSE:FP], which is also listed on the London Stock Exchange,said on Wednesday it is consideringreducingits stake in OMV Petromto below 15% in a bid toincrease value for shareholders and improveportfolio liquidity.

Several other Romanian companies, like state-controlled natural gas producer Romgaz [BSE:SNG] and power distributor and supplier Electrica [BSE:EL],are alsolisted on the London Stock Exchange.

Source: SeeNews