OMV Petrom to float on the London Stock Exchange by 31 December 2016

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OMV Petrom shareholders have approved the secondary listing of OMV Petrom on the London Stock Exchange, through the issuance of certificates of deposit backed by stocks. The approval is valid until 31 December 2016, according to the report remitted to the Bucharest Stock Exchange (BVB).
OMV Petrom’s Board of Directors has been mandated to take all measures necessary, depending on the market’s favourable conditions, in order to achieve this secondary listing, to sign the intermediation contract and any other contracts if need be as well as to appoint a depositary bank and to sign the depository contract and to choose any consultants or subcontractors if needed. The shareholders have decided that October 9 should be the date of registration.
Mariana Gheorghe (Chairwoman of the Board of Directors and CEO) and Andreas Matje (Member of the Board of Directors and Financial Director) have been empowered to sign on behalf of the shareholders the decisions of the Extraordinary General Assembly of OMV Petrom Shareholders, as well as to sign any document or fulfil any legal formality in order to register the General Assembly’s decisions.
According to the company, the secondary listing is expected to lead to the diversification of the pool of shareholders, a rise in visibility, the expansion of coverage by international brokers and the improvement of the company’s trading liquidity.
OMV, the largest industrial company listed in Austria, owns 51.01 per cent of OMV Petrom shares. The Romanian state owns 20.64 per cent of the shares, through the Energy Ministry, the Property Fund owns 18.99 per cent and 9.36 per cent of the shares are traded freely on the Bucharest Stock Exchange.