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Romanian Proprietatea Fund To List At Beginning Of ’09

Romania's investment fund Fondul Proprietatea, which was set up in December 2005 to compensate Romanians for the non-return of confiscated property, will be listed on the Bucharest Stock Exchange at the beginning of 2009, the fund’s general manager Dana Lulache said Thursday.
Romanian Proprietatea Fund To List At Beginning Of ’09
15 mai 2008, 13:34, English

Lulache also said Proprietatea would pick a fund manager in November this year.

The Romanian government had planned to list the fund in 2007, but the process has been delayed repeatedly since, as its laws were approved only in July last year, one year after lengthy talks.

Romania, through the Ministry of Economy and Finance, is the majority shareholder in Fondul Proprietatea.

Fondul Proprietatea has 96.5% of its shares in state hands while the rest were distributed to the persons whose properties were illegally confiscated during the communist era.

The fund has a capital estimated at around EUR4 billion, with stakes in large energy power companies like Petrom SA (SNP.RO), where it owns 20.22%.