The Bucharest Stock Exchange (BVB) closed on the rise by 0.2% on a reduced liquidity market and the Romgaz sale offer – small investors’ segment – was oversubscribed by 22.6 percent after the placement of EUR 76.4 million in purchase orders. Before Friday 4.40 p.m., the fourth offering day, orders for 9.373 million 5 percent discount bonds and 1.26 million non-discount bonds were placed. Thus, the volume of shares subscribed and registered on the Stock Exchange exceeds the number of bonds in the small investors’ segment (representing 15 percent of all bonds for sale) by 22.6 percent, amounting to RON 340.27 million (EUR 76.4 million). Discounts are offered to small investors only for the first 10,000 subscribed shares, not for GDRs, and the price for the subscription is RON 32/share, the maximum possible. Transaction volumes for most shares on the BVB were reduced when the Romgaz offer opened, with the exception of days when SIF Muntenia purchased significant packages at Biofarm. In the shares segment, transactions amounted to RON 14.22 million (EUR 3.19 million) in transferred Erste Bank bonds (RON 4.02 million) and SIF Oltenia bonds (RON 3.03 million).