Fondul Proprietatea - Securities Commission published a draft legislation paving the way for the secondary listing
Romanian Securities Commission (CNVM) has published yesterday a draft legislation which regulates the way Central Depositary operates. The announced changes will theoretically allow the establishment of a link between the depositaries in Bucharest and Warsaw. If the draft legislation is approved, it means that a major hurdle for the secondary listing of Fondul Proprietatea's shares has been removed. The draft of legislation will be open for public debate until mid January. We rate this piece of news as positive for Fondul Proprietatea’ s shares.
Government could approve a revised calendar for gas prices liberalization
According to the media, the Government plans to approve a slightly revised calendar for the liberalization of the domestic gas price. The sole change is apparently a one month delay of the start of the process, with the first price increase for industrial consumers expected to take place January 1, 2013 instead of December 1, 2012. So far there is no news on the windfall tax on the profit from gas price liberalization. We were expecting this delay so we see the news as neutral for OMV Petrom and Fondul Proprietatea, which owns stakes in both gas producers, OMV Petrom and Romgaz.