According to Mediafax news agency, the intermediary has to advise the government on the price and date of the secondary sale of shares on the main market of Bucharest Stock Exchange. The Ministry of Economy, Mr.Daniel Chitoiu stated previously in June that the sale should take place by the end of July but acknowledges that delays are possible. The state needs to sell a 15% stake in accordance with the agreement with the IMF.
We think the market was expecting delays in the program of SPOs and IPOs. We view the news as neutral.