Romanian Court Allows Rompetrol Rafinare Delisting, Appeal Pending

Thus, the court cancelled the CNVM decision blocking Rompetrol Rafinare's delisting and decided the regulator should pay moral damages, but no material damages. Rompetrol had also requested material damages worth $50 million.

The court's ruling can be challenged by the CNVM in the High Court of Justice within 15 days. People close to the matter told MEDIAFAX that the securities commission has already appealed the decision.

The Rompetrol Group recently upped its stake in Rompetrol Rafinare to 95%, thus gaining the right to delist the company.

The CNVM blocked late-July the delisting of Rompetrol Rafinare, since the Romanian finance ministry said the operation would cause losses to the state. Romania stands to collect some $600 million form Rompetrol, and the debt was to be converted into stock. As such, delisting would not have allowed adequate evaluation of shares, according to the finance ministry.

Rompetrol owner KazMunayGas decided last year to convert the overall debt into a 44.69% stake, thus enabling Romania to become a shareholder in Rompetrol Rafinare.

If you liked this story, please follow MEDIAFAX.RO on FACEBOOK »

The content of mediafax.ro is for your information only. Republishing or using this content is forbidden without express consent of MEDIAFAX. For this consent, please ask for it by mail at vanzari@mediafax.ro.