Oil Company Sale Encourages Government to Increase Argentine Trade on International Stock Exchanges Erika Harding

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Oil Company Sale Encourages Government to Increase Argentine Trade on International Stock Exchanges Erika Harding

University of New Mexico UNM Digital Repository NotiSur Latin America Digital Beat (LADB) 7-29-1993 Oil Company Sale Encourages Government To Increase Argentine Trade On International Stock Exchanges Erika Harding Follow this and additional works at: https://digitalrepository.unm.edu/notisur Recommended Citation Harding, Erika. "Oil Company Sale Encourages Government To Increase Argentine Trade On International Stock Exchanges." (1993). https://digitalrepository.unm.edu/notisur/11091 This Article is brought to you for free and open access by the Latin America Digital Beat (LADB) at UNM Digital Repository. It has been accepted for inclusion in NotiSur by an authorized administrator of UNM Digital Repository. For more information, please contact [email protected]. LADB Article Id: 057460 ISSN: 1060-4189 Oil Company Sale Encourages Government To Increase Argentine Trade On International Stock Exchanges by Erika Harding Category/Department: General Published: Thursday, July 29, 1993 Argentine officials say that the sale of stock in the state oil company Yacimientos Petroliferos Fiscales (YPF) on the world's most important stock exchanges marks the "internationalization" of Argentina's capital markets. President Carlos Menem's administration is now considering launching shares in other state companies for sale on foreign exchanges as well. In June and July, Argentina placed 58.5% of shares in the YPF for sale on Buenos Aires, New York, London, and Tokyo exchanges the first time stock in a public firm has been offered for sale by Argentina on international capital markets (see Chronicles 06/03/93, 06/17/93, and 07/22/93). "The process of bringing our norms and regulating parameters in line with the international markets took more than two years, and now our stock market is comparable with the most important exchanges in the world," said Martin Redrado, president of Argentina's securities regulatory commission (Comision de Valores). "We need more marketable entities like the YPF, which places us under the gaze of international investors. The YPF has opened that door for us." Given the success of the YPF sale, Redrado says the securities commission is now studying more projects to increase Argentina's participation on foreign capital markets. According to Redrado, before year-end the Menem administration plans to offer foreign debt bonds for sale on European markets. In 1994, the government will also offer the 30% of stock that the government still retains in privatized gas and electricity distribution firms for sale on international stock markets. (Source: Agence France-Presse, 07/21/93) -- End -- ©2011 The University of New Mexico, Latin American & Iberian Institute. All rights reserved. Page 1 of 1.

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