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BRK Financial Group to act as issuer market maker for Sphera Franchise

Jun 4, 2024, 1:31:21 PMArticle by Alexandru Cristea
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June 4 (SeeNews) - Romanian brokerage firm BRK Financial Group [BSE:BRK] will act as issuer market maker for Romanian fast food chain Sphera Franchise Group [BSE:SFG], the Bucharest Stock Exchange, BVB, said on Tuesday.

BRK Financial Group to act as issuer market maker for Sphera Franchise
Source: Sphera Franchise Group, LinkedIn

"We are pleased to announce the signing of a new partnership regarding market maker services for issuers, within which we aim to support the improvement of the liquidity of Sphera Franchise Group shares," BRK Financial Group operations director Paul Stiopei said, as quoted in a press release by the bourse.

"Our commitment within this partnership consists in quoting a minimum volume of 4,000 shares, both on the buy and sell side, at a spread of a maximum of 3%, and a presence in the market of at least 90% of the duration of the trading sessions," he added.

BRK Financial Group offers issuer market maker services for eighteen other financial instruments belonging to listed companies, as per the statement.

The contract for the issuer market maker services was signed for a duration of one year, to be automatically renewed unless terminated by the parties, Sphera Franchise Group said in a separate statement filed with the Bucharest bourse on Tuesday.

Since 2023, Sphera Franchise also benefits from issuer market maker services provided by Raiffeisen Bank International.

Sphera Franchise Group operates over 160 KFC, Pizza Hut and Taco Bell restaurants in Romania, Italy and Moldova, employing some 5,000 people.

Blue-chip Sphera Franchise's shares traded 1.44% higher at 35.2 lei ($7.67/7.07 euro) as at 1104 CET on Tuesday on the BVB.

Shares in BRK Financial Group changed hands 1.15% higher at 0.1315 lei as at 1111 CET on Tuesday on the Bucharest bourse.

(1 euro=4.9761 lei)

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