The Romanian Stock Exchange Investor Relations Association (ARIR) has successfully fulfilled, since its inception, the objective of becoming a relevant community of the capital market in Romania. During the 4 years of intense activity, the Association grew at a fast pace and managed to gather around it professionals in the field of relations with investors from companies listed on the stock exchange. For the good development of our capital market, the promotion of the best practices in this field, in our country, is essential and we are pleased that ARIR, through all the projects carried out over time, has taken a significant step in this direction and managed to raise awareness of the importance of investor communication within listed companies. Certainly the presence of ARIR within the Romanian capital market ecosystem has a positive impact on the increase in the value of listed companies and our stock market.
The Bucharest Stock Exchange (BVB), the fundamental institution of the capital market, is the only securities market operator in Romania. The Bucharest Stock Exchange, a company listed on its own market since 2010, is part of the BVB Group which also includes the Central Depository, the institution responsible for registry and settlement operations in Romania, and in October 2019 the central counterparty CCP.RO, institution which will take over the function of clearing transactions with securities in Romania and which will contribute to the relaunch of the derivatives market.
BVB manages two distinct markets, the Regulated Market and the Multilateral Trading System, on which a variety of financial instruments such as shares, bonds, fund units, certificates, structured products, pre-emptive rights are listed.
Romania was promoted to Emerging Market status by the global index provider FTSE Russell in 2020. Starting June 20, 2022, 12 Romanian companies will be included in one of the FTSE Russell indices dedicated to emerging markets. These inclusions help increase the exposure of foreign institutional investors through significant investments.
The results recorded in 2021 confirm the potential of the Bucharest Stock Exchange in attracting funding. Thus, 23 new companies were listed on the BVB in 2021, attracting 234 million euros. Along with these, 27 companies have listed 33 issues of corporate bonds totaling 942 million euros to which are added the FIDELIS state securities issued by the Ministry of Finance in the amount of 875 million euros. 2021 was a record year in terms of the total value of transactions with all types of financial instruments and for the first time the threshold of 20 billion lei was exceeded. In 2022, 10 new companies were listed on the AeRO market and 11 bond listings took place, the total amount raised being 617 million Euros. The capitalization of listed companies reached 211 billion lei in the middle of the year, of which 141. billion lei represents the capitalization of Romanian companies.
Daniela Maior (Șerban)
They say the hardest thing is to sell an idea. ARIR started bravely, with an almost impossible mission that hung on a decision at every step, but it took firm shape with every member who said YES at the founders’ table.
It established itself as a serious, professional and dynamic player by tripling the number of members in three years to almost 40 in a capital market that had already become emerging. Every discussion held about and within ARIR is a brick to the development of the capital market, the successes of the members are the successes of all and a plus brought to the Bucharest Stock Exchange.
I am grateful to every person who believed in this idea and who is part of the community. We are still open to new valuable members who put transparency in their value set.
Franklin Templeton is a global investment manager with assets under management of over 1.4 trillion USD and a history of over 75 years, which since September 2010 manages through the Bucharest branch, Fondul Proprietatea, an Alternative Investment Fund created in 2005 by the Government of Romania to ensure the financial resources necessary to compensate the people wrongfully expropriated by the communist regime.
As one of the founding members of ARIR, ALRO has proven its faith in the organization’s vision and mission since its inception. ARIR has demonstrated a substantial contribution to the implementation of best practices in investor communication and corporate governance, and the VEKTOR methodology is an extremely useful tool for any listed company to assess and improve its investor communication. In recent years, ALRO has been an active member and benefited from improved communication with the investor and analyst communities through ARIR, becoming a more visible company in the capital market, while also being recognized for its achievements at ARIR’s annual events.
ALRO is one of the largest vertically integrated aluminum producers in Europe by production capacity.
Tony Romani
Co-Founder, ARIR & BoD Member
Partner & Investment Director,
Invenio Partners
Investment Fund
ARIR has professionalized the relationship with investors of listed companies, emphasizing its importance, defining its evaluation methods and directly increasing the value of companies and the Romanian stock market.
Christina Verchere
CEO, OMV Petrom
We are glad to be part of ARIR. Being among the first listed companies in Romania with an Investor Relations department, we have always tried to be pioneers in terms of communication and involvement on the capital market and to continuously develop our IR activities, and in ARIR we have found a reliable partner for this purpose and not only. The intense and constant efforts of ARIR in the more than three years since its establishment have generated multiple benefits both for the members of the association and for the entire Romanian capital market: the development and implementation of the VEKTOR indicator which led to the increase of standards in communication with investors, the improvement of dialogue with the authorities and with local capital market analysts and investors, promoting sustainable business practices, prompt access to news about relevant international legislative developments as well as various news and analyses, facilitating access to trainings for specialists in the field, etc.
OMV Petrom is the largest energy company in Southeast Europe.
Valentin-Norbert Țăruș
Director General, Remedia
ARIR contributes to aligning the behavior of the Romanian market with European and international standards by implementing the best practices in communication with investors based on communication vectors. Supports the implementation of European directives in the field of ESG, ESEF, Remuneration Policy and Report, eVote AGM. It facilitates interaction with issuers in the capital market and the exchange of experience among members by organizing events, monthly meetings and consultations in working groups. ARIR can become an important player in the capital market regulation process at the national level, by promoting solutions to the public authorities in the field, based on the practical experience of the issuers.
Farmaceutica REMEDIA has a key role in the health sector in Romania, being specialized in distribution, integrated sales, marketing and medical promotion for pharmaceutical products. Encouraging innovation, from 2021 it is the first distributor of automation solutions for pharmacies, warehouses and hospitals in Romania, Bulgaria and the Republic of Moldova, in partnership with BD Rowa™.
Ioan Nani
CEO, Antibiotice
ARIR membership facilitates our access to information and know-how regarding the capital market and the relationship with investors. This collaboration gives us the opportunity to meet and interact with investor relations professionals at home and abroad. By implementing the VEKTOR indicator, ARIR contributed to the application of the best practices in communication with investors and corporate governance, and with its evaluation we proved that our communication practices, transparency and responsibility are recognized.
ARIR is a facilitator in the relationship with capital market actors and service providers, constituting a single voice in the relationship with the authorities, which makes us better heard and better represented.
Antibiotice, the most important pharmaceutical company with Romanian capital, produces in Iași, on 8 production lines, 150 generic medicines for human use from 11 therapeutic classes, veterinary medicines, biocides and through a unique biosynthesis process in Romania, the active substance Nystatin – for which it is the world leader and international reference standard. The company’s continuous development and expansion on international markets were possible through investments and the implementation of quality standards, proving that even in Romania medicines can be manufactured to international standards.
ARIR este un facilitator în relația cu actorii din piata de capital și cu furnizorii de servicii, constituind o singură voce în relația cu autoritățile, ceea ce face să fim mai bine auziți și mai bine reprezentați.
Antibiotice, cea mai importantă companie farmaceutică cu capital românesc, produce la Iași, pe 8 fluxuri de fabricație, 150 de medicamente generice de uz uman din 11 clase terapeutice, medicamente veterinare, biocide și printr-un proces de biosinteză unic în România, substanța activă Nistatină – pentru care este lider mondial și standard de referință la nivel internațional. Dezvoltarea continuă a companiei și extinderea pe piețele internaționale au fost posibile prin investiții și implementarea standardelor de calitate, dovedind că și în România pot fi fabricate medicamente la standarde internaționale.
Iskander Abdibaitov
Chief Officer Corporate Development, Rompetrol
KMG International has extensive international operations in European and Asian markets, covering the oil and gas value chain through trading and supply chain activities, refining, retail, industrial services and EPCM. We interact with a diversity of local and international stakeholders and are committed to implementing the best practices and standards of corporate governance, ESG and permanent communication, transparency with all our partners and shareholders.
We have 2 companies listed on the Bucharest Stock Exchange, and together with ARIR, we want to contribute significantly to the development of the local capital market.
The role of ARIR and the community created by this association brings added value to the business environment by promoting solid principles of corporate governance, exchange of expertise and a debate platform for current global themes.
Rompetrol Rafinare (RRC), a member company of KMG International, operates 2 refineries – Petromidia, the most modern refinery in Romania, and Vega – with a history of over 110 years, combining new oil processing technologies with the experience of a team of professionals. The supply of crude oil from Kazakhstan is carried out through the port of Midia, located in the vicinity of the industrial platform, which can receive ships of up to 150,000 tdw, or through the port of Constanta. The refinery has a marine terminal and rail and road facilities for loading/unloading products.
Avem 2 companii listate la Bursa de Valori București, iar alături de ARIR, ne dorim să contribuim semnificativ la dezvoltarea pieței de capital locale.
Rolul ARIR și al comunității create de această asociație aduce plus valoare mediului de business prin promovarea unor principii solide de guvernantă corporativă, schimb de expertiză și o platformă de dezbatere pentru temele globale actuale.
Rompetrol Rafinare (RRC), companie membră a KMG International, operează 2 rafinării – Petromidia, cea mai modernă rafinărie din România, si Vega – cu o istorie de peste 110 ani, îmbinând noile tehnologii de procesare a petrolului cu experienţă unui echipe de profesionişti. Aprovizionarea cu ţiţei din Kazakhstan se realizează prin portul Midia, amplasat în vecinătatea platformei industriale, care poate primi vapoare de până la 150.000 tdw sau prin portul Constanţa. Rafinăria dispune de un terminal marin şi facilităţi de cale ferată şi auto pentru încărcarea / descărcarea produselor.
Eugeniu Baltag
Investor Relations Director, Purcari
The Romanian Stock Exchange Investor Relations Association has demonstrated since its foundation that it is an effective platform for evaluating and promoting the best international practices in the relationship with investors on the Romanian Capital Market. ARIR is a community of professionals operating in different industries, but who share the same visions of effective communication, transparency, governance and corporate ethics. This is where real action is taken to identify solutions to the problems that listed companies face in their day-to-day capital market activity.
Purcari Wineries Public Company Limited is one of the largest wine and brandy groups in the Central and Eastern Europe region, with over 1350 ha of vineyards under management and five production platforms in the Republic of Moldova and Romania.
Ion Sterian
CEO, Transgaz
The decision to join ARIR supports our goals to offer investors a high degree of transparency, proactive communication and corporate governance according to the best practices in the field. Maintaining effective communication with investors and all other interested parties, improving Corporate Governance practices are strategic objectives of corporate communication.
SNTGN Transgaz SA is the technical operator of the National Natural Gas Transport System (SNT) and ensures the transport of over 90% of the natural gas consumed in Romania. Transgaz – a responsible company, a company of the future!
We joined the ARIR community just a few months after our listing, as we believe in the association’s mission to promote the adoption by issuers of the highest standards of transparency, corporate governance, and proactive investor communication. Collaborating with members of the listed companies community has been a natural and essential step for TTS, allowing us to benefit from valuable expertise while also demonstrating our openness to jointly build a capital market that is attractive to investors.
Achieving listed company status has marked a firm commitment on our part to investor responsibility and to adopting practices of consistent and proactive market communication. From the very first months of our presence on the Bucharest Stock Exchange, we implemented tools to support transparency and easy investor access to information. At the same time, we chose to evaluate our investor communication practices and received a VEKTOR by ARIR score of 8.5 out of 10, placing us among the top listed companies
Transport Trade Services (TTS) is one of the largest freight transport operators on inland waterways in the Danube basin. The Group’s activity is structured around three main segments: international freight forwarding, river transport, and port operations. TTS (Group) owns the largest river fleet in the Danube basin, consisting of river units with a total capacity of over 800,000 tons, floating cranes, as well as its own port terminals in Constanța and in seven Danube river ports.
TTS shares were admitted to trading on the Main Market of the Bucharest Stock Exchange (BVB) in June 2021 and were later included in both the BET index, BVB’s main index, and the FTSE Global Micro Cap index, dedicated to emerging markets.
Constantin SEBEȘANU
CEO IMPACT Developer & Contractor
We believe in the local capital market. For us, its benefits have already proven themselves, which is why we decided to actively engage in the ARIR community, alongside the largest listed companies, in order to contribute to the development of the market.
We are among the first companies listed on the stock exchange, and for us, the capital market is an important tool for financing new projects in the affordable housing segment, which we are currently developing in major urban centers across the country.
We have committed to continuously improving our interaction with investors and to creating long-term value for shareholders, and we are therefore open to adopting tools that support our objectives.
At the same time, we consider institutional support essential for streamlining processes for issuers and increasing the attractiveness of the capital market. As such, we are among the members who chose to join the High-Level Working Group, with the aim of creating a unified and efficient mechanism for institutionalized dialogue with authorities relevant to the capital market, and to act as the single professional voice of issuers in their relationship with the authorities.
Becoming a listed company represented a firm commitment for us in terms of investor responsibility and the adoption of consistent and proactive market communication practices. From the very first months of our presence on the Bucharest Stock Exchange (BVB), we implemented tools that support transparency and easy access to information for investors. At the same time, we opted to assess our investor communication and obtained a VEKTOR score of 8.5 out of 10, calculated by ARIR, thus placing us among the top listed companies.
IMPACT is the first real estate developer and among the top three companies listed on the Bucharest Stock Exchange. The company has over 30 years of experience in developing landmark real estate projects and is a pioneer of the Romanian market. In March 2022, IMPACT shares were included in the Global Micro Cap category of the FTSE Russell indices dedicated to emerging markets.
By 2021, IMPACT had developed 17 projects in Bucharest, Constanța, and Oradea, with a total built area of over 500,000 square meters. Currently, the company holds a valuable land portfolio in major cities such as Bucharest, Iași, and Constanța.
IMPACT’s mission is to develop communities through sustainable projects, built to BREEAM Excellent quality standards and nZEB-certified, both in Bucharest and in major cities across the country.
We are listed since November 2021 and we committed to gradually implementing tools that ensure easy access for investors and stakeholders to relevant information about our company, aiming for a fair value of our shares. We started as an entrepreneurial business, became a leader in our industry, and we intend to continue our development, the active presence in the capital market being essential to our plans. Shortly after listing, we were included in the BET index, the main index of the Bucharest Stock Exchange, and later in the FTSE Russell Global Micro Cap index, dedicated to emerging markets. We are joining ARIR for a new step in consolidating our Investor Relations activities, and we are confident that, together with the members of the community, we can contribute to the development of the capital market.
ARIR is the promoter of the Investor Relations (IR) concept in Romania and we believe that by following standards of transparency, corporate governance and proactivity in communicating with investors, our members will benefit from added value, attract funding more easily, have the reputation and trust necessary for the continued development of their business.
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