Lisbon stock exchange – three companies delist in 2019
According to Euronext data, in the last 10 years, the number of companies in the Portuguese regulated market decreased from 54 in August 2009 to 42 in July this year.
Three more companies left Lisbon’s stock exchange in 2019 – Transinsular, Compta and SAG – and Toyota Caetano announced its intention to exit, a trend recorded in the “majority of world stock exchanges” in recent years, according to Euronext Lisbon.
“It is wrong to think that this is a national or recent phenomenon. Most of the world’s stock exchanges have seen the number of listed companies decline in recent years. And this accompanies the effect of the concentration of some companies, extinction of others and management decisions”, indicated Euronext Lisbon’s official source, to Lusa.
According to Euronext data, in the last 10 years, the number of companies in the Portuguese regulated market decreased from 54 in August 2009 to 42 in July this year.
Compared to “markets comparable to Portugal”, the Luxembourg market registered a 40% decrease in the number of listed companies in the period under review and a 50% reduction in market capitalisation, while the Athens market lost 37% of the listed companies, registering a 58% decrease in market cap.
“In Portugal, although we have 22% fewer companies in the last 10 years, this is reflected in a decrease of only 2.5% in the market cap”.
In January of this year, the CMVM approved the exit of Transinsular – Transportes Marítimos Insulares from the stock exchange, following the annual general meeting of shareholders held on May 9 last year.
A few months later, on July 30th, SAG Gest – Soluções Automóveis Globais delisted following the takeover bid launched by Pereira Coutinho.
On August 30, the shareholders of Toyota Caetano, which produces automobiles at the Ovar plant, district of Aveiro, unanimously approved the withdrawal of the company from the stock exchange, in an extraordinary general meeting that had that single point on the agenda.
More recently, on November 15, the CMVM also approved the withdrawal of Compta from the stock exchange, which had been requested by the company following the general meeting of shareholders held on July 26.
To Lusa, Euronext Lisbon stressed that “companies should look at the capital market as one of the tools that they can use to finance and promote their growth or ensure the support of their shareholders”, adding that “an alternative that should also be considered is the use of debt instruments”.
