Green light for the transfer of Concefa to the main tier of the BSE

The Commission for the Admission to Trading of the BSE has given the go-ahead for the transfer of Concefa Sibiu from the Rasdaq market to the main tier of the BSE.

The operation will only be completed after its approval by the Board of Directors of the Stock Exchange. The shareholders of Concefa Sibiu had approved the move of the company"s stock from the Rasdaq to the BSE since May, but the Romanian National Securities Commission only approved the operation in December. The transfer will be intermediated by brokerage firm Confident Invest.

Concefa is controlled by businessman Horaţiu Cercel, who together with his mother Maria Cercel, owns 71.37% of the company. In the first nine months of 2010, the profit of the company increased six times over the previous year, from 396,500 lei to 2.39 million lei, whereas the company"s turnover increased 30%, from 45 million lei to 58.6 million lei.

The Commission for the Admission to Trading of the BSE has also approved the listing of a bonds issue of the Council of the County of Bihor, worth 77.9 million lei. The bonds have a 17-year maturity, with an interest calculated based on the 6-month interbank lending interest rate plus 0.4 percentage points.

The funds raised were needed for the payment of a loan taken in 2007 from BCR, for the rehabilitation and modernization of four county roads and for the repairs of the new location of the Ţara Crişurilor museum of Oradea. The prospectus states that BCR pledges to buy the bonds left at the end of the offer.