Recently after its incorporation, Prodplast Imobiliare wants to be listed on the ATS trading system

• The company is in talks with the BSE and with Sibex

Prodplast Imobiliare, a spin-off of Prodplast Bucharest, is negotiating with the officials of the Bucharest Stock Exchange as well as with those of Sibex, a possible listing on the Alternative Trading System (ATS).

Tudor Ciurezu, the chairman of the board of the company, yesterday said that the company does not yet meet the requirements for being listed on the regulated markets of the Bucharest Stock Exchange or on Sibex. "Perhaps at the end of 2010 or in the beginning of 2011 we will consider listing the company on a regulated market", he said, claiming that the company is currently in talks to see which market would prove the most beneficial for the company.

SIF Oltenia, which is led by Tudor Ciurezu, holds 11% of Prodplast Imobiliare. The latter may be the first company to be listed on the alternative trading systems of the two exchanges. The quoted source said it wants to do it this way because some of the company"s shareholders want to sell their stakes.

Prodplast Imobiliare was created by spinning off the real estate assets of Prodplast, 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 valued at 206.3 million lei in August 2008.

The spin-off was challenged in court by Broadhurst Investment Limited, the major shareholder of Prodplast, but the trial ended in 2009 and the spin-off has remained in effect. 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 the company called Nord Bucureşti. Broadhurst holds a 12.7% interest, while SIF Oltenia holds 11%.