Raiffeisen becomes OMV Petrom's second Market Maker

Raiffeisen Bank International has become the second provider of Market Making services for OMV Petrom (SNP), according to a report by the oil and gas producer published yesterday on the Bucharest Stock Exchange (BVB) website.

"Raiffeisen Bank International will display and maintain, during trading sessions, in its own name and account and at its own discretion, on the BVB's main market, firm bid and ask quotes for OMV Petrom shares, at a minimum volume of 0.75 million shares of the company for each party, with a maximum spread of 0.75%,” the company's report states.

OMV Petrom has a Market Making services contract in force with Wood & Company Financial Services since September 2020. The contract with Raiffeisen entered into force on September 9.

The oil and gas producer reported sales revenues of 17.03 billion lei in the first half of the year, 1% below those achieved in the first half of last year, while net profit amounted to 2.1 billion lei, down 21%. The company's board of directors will decide this quarter whether to propose a special dividend to shareholders. This year, the company has paid dividends of about 2.75 billion lei, respectively a unit allocation of 0.0444 lei, equivalent to a net yield of 5.7%, compared to the average share price on the last day when investors could buy SNP securities to benefit from dividends. OMV Petrom has paid additional dividends to shareholders in each of the last three years.

The oil and gas producer is the second most valuable Romanian company on our stock exchange, with a valuation of about 53 billion lei, while Hidroelectrica has a valuation of approximately 55 million lei. The Austrians at OMV own 51% of OMV Petrom.