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Romania Proprietatea Fund Increasingly Likely To Be Floated In ‘10 – Fin Min

Romanian investment fund Fondul Proprietatea is “increasingly likely” to be floated on the Bucharest Stock Exchange this year, Finance Minister Sebastian Vladescu said Tuesday.
Romania Proprietatea Fund Increasingly Likely To Be Floated In ‘10 - Fin Min
09 feb. 2010, 15:38, English

Vladescu declined to comment on the exact date of the fund’s listing, but said the Finance Ministry has sent the parliament several amendments to the law regulating Fondul Proprietatea, aimed at simplifying listing procedures.

„In my opinion, the fund entered the final straight in the past month, with the signing of the contract with Franklin Templeton, due to be perfected sometime after the general shareholders’ meeting on February 10,” Vladescu told reporters at the opening bell of the Bucharest Stock Exchange.

Late January, the Romanian government gave the Finance Ministry green light to sign a contract with US Franklin Templeton Investments for the management of Fondul Proprietatea.

The fund, set up to compensate Romanians whose property was seized during communism, selected Franklin Templeton as manager last summer.

Romania’s Finance Ministry holds about 60% of Fondul Proprietatea’s shares, while the remaining shares are distributed among private stockholders. The fund owns shares in nearly 90 companies, including Transgaz, Transelectrica, Alro, Romgaz and several power distributors.