Romania’s Proprietatea Fund To Be Listed By Yearend - Board Member

Romanian investment fund Fondul Proprietatea will be listed on the Bucharest Stock Exchange by the end of the year, head of privatization authority AVAS and member of the Fund’s Board, Mircea Ursache said Monday.

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Last week, the fund’s president and general manager Dana Lulache said the manager selection process at Fondul Proprietatea should be completed by early July, when the eight bids expire.

She added the fund’s listing is less probable, as the listing procedures are in "stand-by" until the Government drafts a decision on the stake to be subsequently sold on the Bourse. The listing should take place after a secondary public offering, Lulache said.

Fondul Proprietatea investment fund, majority owned by the Romanian Finance Ministry, was created in December 2005 to compensate Romanians whose property was seized during the communist regime. The fund’s portfolio includes stakes in 88 of the largest companies in Romania, such as Transgaz, Transelectrica, Alro, Romgaz, several power distributors, Hidroelectrica, Petrom.

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