Bucharest Bourse GM Doesn’t Want Proprietatea Fund Listed On Other Mkts

„From my point of view, I don’t want to have Fondul Proprietatea listed on other stock exchanges and that’s why I’ve insisted for the introduction of international mechanisms,” said Ionescu at a seminar.

„We want to consolidate the Bucharest stock exchange by increasing liquidity and diversifying products. We need consolidation so that large companies don’t migrate to other markets,” he said.

Mark Mobius, the executive chairman of Franklin Templeton Emerging Markets, the fund’s manager, sad on January 25 the fund’s secondary listing could be made in London, Vienna or Hong Kong.
Romania’s securities commission approved early January the use of global accounts and short selling for FP stock.

Created in 2005 to compensate individuals whose properties were abusively seized under the communist regime, Fondul Proprietatea has net assets of some RON13.5 billion.

Shares of the fund closed at 0.63 lei (EUR1=RON4.2632) Friday, 0.79% below the reference price.