Prodplast Imobiliare inaugurates the alternative trading system of the Sibiu Stock Exchange (Sibex)

• The Sibiu Exchange has contacted over 100 companies to begin their listing proceedings

It seems the first issuer listed on the Romanian alternative trading platform will be "Prodplast Imobiliare", after its shareholders have decided to list the company on the ATS of the Sibiu Exchange.

"The listing on the alternative trading system of the Sibex was approved, and it should take place by September 1st, at the latest. The General Shareholders" Meeting has decided that brokerage firm HTI Valori Mobiliare will draw up the prospectus for the IPO", the chairman of the Board of Directors, Tudor Ciurezu, said, according to Mediafax.

Since the launch of its spot market (ed. note: January 2010), the Sibiu Exchange has contacted over 100 companies in order to convince them to get listed on the regulated market or on the ATS, with negotiations being in various stages of completion, according to Darius Cipariu, the deputy general manager of Sibex.

He confirmed that the list of companies that Sibex wants to have listed includes "Prodplast Imobilare", with the completion of the process depending on the moment when the company will submit the needed documentation to the Exchange. "The concrete steps that Prodplast Imobiliare is making towards the listing on the Sibex prove that the new spot market of Sibiu is competitive in terms of the conditions that companies have to meet to get listed. The alternative trading system will soon feature its first issuer", Mr. Cipariu said.

SIF "Oltenia" holds 11% of "Prodplast Imobiliare".

The company will be listed on the alternative trading system because it does not meet the requirements for the regulated tier of the exchange.

Prodplast Imobiliare was created by spinning off the real estate assets of Prodplast (PPL), a Bucharest-based plastics producer. The new company received 77.5% of the assets of Prodplast: the plots of land and the buildings of Prodplats located in Bucharest, which were appraised at 206.3 million lei in August 2008.

Shareholders received stock in Prodplast Imobiliare on a proportional basis to the number of Prodplast shares held. The company"s largest shareholder is businessman Florin Pogonaru, who holds 27.6% of Prodplast through a company called Nord Bucureşti. Broadhurst holds a 12.7% stake, while SIF Oltenia holds 11%.