* Patrick L.Young, the potential CEO of Sibex, claims that the Sibiu Exchange could be worth 50 million Euros in five years, but only as an independent entity
The former manager and his potential replacement at the helm of Sibex are sending mixed signals on the merger with the Bucharest Stock Exchange, on which the two shareholders are called to decide in about three weeks. The current chairman says he supports the merger, and the candidate he proposed as his replacement would like to delay it.
Patrick L. Young, the Irishman proposed by Teodor Ancuţa to take over the executive management of the Sibiu Exchange, yesterday said that a potential merger between the Sibex and the BSE would not benefit the domestic capital, at the moment. Patrick Young yesterday praised the accomplishments of the management of Sibex up to this moment, and he expressed his conviction that under his management, the Sibiu exchange could be worth about 50 million Euros in five years, as an independent entity and could reach a value of about 100 million Euros in another ten years. At the moment, the Sibiu Exchange is being valued at 51 million lei (12.47 million Euros), based on the price of 1.53 lei/share.
"At this moment, I don"t think it would be in the best interest of the domestic capital market to have a merger between the exchanges of Sibiu and of Bucharest", Patrick L. Young said yesterday, in a press conference, and he added: "Monopolies aren"t good in capitalism. If I were to use biology as a comparison, I would say that marriages between cousins are harmful to their offspring. Still, it is not my mandate to discuss the intentions of the two exchanges.
At this moment, I see the Sibiu Exchange as having a huge potential for growth, but I also see that this potential is not reflected in the current price of its stock". The Irishman said that he has begun buying
