The Premium and Standard tiers will replace, as of January 5, 2015 the 1st, 2nd and 3rd tiers of the regulated market managed by the Bucharest Stock Exchange /BVB/, a BVB release informs.
‘The new segmentation will contribute, along with the other changes implemented in 2014, to better identify the shares traded on the main market of the BVB. It is a good step for companies and investors. It also provides a better picture of the market for all those interested and it also contains a number of tools aiming higher quality of relations with investors,” said the BVB CEO Ludwik Sobolewski, quoted by Agerpres.
This new segmentation of the regulated market is part of a package of measures adopted by the BVB to increase the visibility of issuers, the liquidity and the market’s efficiency, thus contributing to the common objective of the stakeholders of the local capital market – promotion from the category of border markets to that of emerging markets, the BVB shows.
Selecting issuers for analysis to be promoted to the Premium tier is based on the following alternative criteria – their shares are among the 25 most liquid ones, in terms of liquidity ratio and the average free-float capitalization in the last three months exceeds 40 million euros.
Also applied, as of January 2015, for the companies included in the BET and BET-TR indices, will be new eligibility criteria related to transparency and the quality of the relations with investors. The criteria refer to reporting requirements in English, reporting under the IFRS, video-conferences / meetings with analysts and investors when quarterly results are published.