Romanian Fondul Proprietatea ’07 Pft Up 4.3-Fold At RON313.1M

The fund might pay RON90 million dividends, representing 28.7% of the profit.

Fondul Proprietatea revenue rose fivefold in 2007 at RON410.5 million, from RON81 million in 2006, while its expenses also rose 10.4–fold at RON92.4 million.

In 2007, Fondul Proprietatea participated in the share capital hike of Romania’s state-owned gas pipeline operator Transgaz, to maintain its 15% stake, buying 207,572 shares worth RON39.8 million.

Late 2007, the fund’s assets were worth RON14.4 billion, down 13.57% compared with 2006 assets.

Late May, Fondul Proprietatea exercised its preference right in the share capital hike of Romania’s regional power distributor Electrica Muntenia Sud, buying shares worth RON14 million.

The fund was set up in December 2005 to compensate Romanians whose properties were confiscated during the communist regime.

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

The fund owns stakes in 88 companies.

The company’s representatives said the fund’s listing on the bourse, initially scheduled for 2008, might take place in the first half of next year.