Chisinau, December 15, 2025 – The Public Property Agency, acting as the main representative of the state and shareholder in the structure of the International Stock Exchange of Moldova (ISEM), announces the official registration of the Stock Exchange with the Public Services Agency. The official registration marks the transition of ISEM to an institutional stage, with a legal foundation and an operational mandate for the development of Moldova’s capital market.

The Stock Exchange creates the conditions for diversifying companies’ sources of financing, increasing access to investments, and strengthening economic ties with financial markets in the region. The institution contributes to the development of the private sector and to the creation of a predictable framework for long‑term investments.

The management of the International Stock Exchange of Moldova (ISEM) consists of professionals with local and international experience in public administration, financial markets, banking, and investments, as follows

Veronica Arpintin is the Director General of the International Stock Exchange of Moldova. She previously held the position of State Secretary at the Ministry of Economic Development and Digitalization, where she was responsible for business environment development. She has expertise in financing and developing the private sector within an international financial institution with the highest credit rating. Ms. Arpintin will lead the strategic process of building and consolidating the institution.

Andrian Iastremschi is the Deputy Director General of the International Stock Exchange of Moldova. He has extensive experience in financial markets, banking, and investments, having worked within international financial institutions and Moldova’s capital market structures. He holds the European Financial Advisor (EFA) certification. Mr. Iastremschi will oversee the operational management and the development of the Exchange’s trading infrastructure.

The strategic decisions of the International Stock Exchange of Moldova are ensured by the Board of Directors, composed of representatives of the shareholders and one independent member, listed below according to the shareholding structure.

Paul Dogaru is a member of the Board of Directors, representing the Bucharest Stock Exchange (BVB). He serves as the Registry Operations Director within the BVB Central Depository. He contributes technical expertise in capital market infrastructure and facilitates the transfer of know-how from the Romanian model to the Moldovan market.

Dorin Recean is a member of the Board of Directors, representing the Public Property Agency. He previously served as the Prime Minister of the Republic of Moldova and currently holds the position of Special Envoy of the President for Development and Resilience. He has extensive experience in public policy, institutional reform, and international cooperation. Mr. Recean contributes to the strategic direction of the Stock Exchange and to strengthening dialogue with external partners.

Alexandru Sonic is a member of the Board of Directors, representing investors from the lending sector. He serves as Deputy Chairman of the Management Board of maib (Moldova Agroindbank), in charge of the corporate segment. He brings extensive experience in investments, finance, corporate governance, and risk management—both in an international context within a top-tier bank and in the Republic of Moldova. Mr. Sonic contributes to strengthening the institutional capacity and sustainability of the Exchange’s financial framework.

Andrei Plamadeala is a member of the Board of Directors, representing investors from the non-lending sector. He serves as Chief Financial Officer and member of the Board of Directors at Donaris Vienna Insurance Group. Mr. Plamadeala provides the perspective of institutional investors and potential corporate issuers, contributing to aligning the Stock Exchange’s development with the needs of the broader business community.

Dumitru Vicol is an independent member of the Board of Directors. He is a capital markets specialist with a career built within some of the world’s most prestigious financial institutions. He has extensive experience in board governance and financial analysis. Mr. Vicol contributes with an objective perspective, free from potential conflicts of interest, analytical rigor, and a strong commitment to transparency and good governance.

The management team and the Board of Directors bring together complementary expertise in economic policy, stock exchange operations, banking, investment, and international relations. This structure ensures stability, credibility, and the capacity to build a functional institution aligned with European standards.

With the official registration and full establishment of the management team, the International Stock Exchange of Moldova enters a phase of operational preparation and regulatory authorization. The immediate priority focuses on completing the technological platform, setting internal rules and procedures, and preparing all documentation required for applying for a market operator license with the National Commission for Financial Markets. The submission of the application is planned for March 30, 2026.

The International Stock Exchange of Moldova is established as a joint-stock company. Its shareholding structure brings together financial institutions and strategic investors, reflecting a shared commitment to developing regional economic cooperation. This partnership model ensures knowledge transfer, solid governance, and the integration of the Stock Exchange into European capital market networks.

Shareholding structure of the International Stock Exchange of Moldova:

Bucharest Stock Exchange, 26,67%

Public Property Agency, 20%

Donaris Vienna Insurance Group, 11,67%

maib, 10%

GRAWE Carat Asigurări (Insurances), 10%

Moldindconbank, 6,67%

MK Kredit Company, 5%

OTP Bank Moldova, Moldcell and Premier Energy PLC, 3,33 % each.

The International Stock Exchange of Moldova is being developed as a modern trading platform and as the core of the capital market infrastructure in the Republic of Moldova. The institution’s mission is to facilitate investment, support the development of the private sector, and strengthen the country’s economic integration by providing efficient and predictable access to capital.

The Public Property Agency will continue to provide strategic coordination and ensure the transparent and efficient operation of the Stock Exchange.