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Franklin Templeton Investment Limited starting today became the sole administrator of the Proprietatea Fund, as the Official Journal carried the decision made by the shareholders' General Assembly on September 6.
Greg Konieczny is in charge with the Proprietatea Fund from the Franklin Templeton company. He stated on September 6 that by December 22 the Fund has to file with the National Securities Commission, or CNVM, its documentation for listing the Fund on the Bucharest Stock Exchange. Konieczny estimated that the Propritatea Fund would be publicly listed by February 2011 at the latest.
At the same time, Mark Mobius, president and general manager for Franklin Templeton, stated that the Proprietatea Fund may be listed on the London Stock Exchange by the end of 2011.
The most recent data from the Central Depositary said the Fund equity stayed at 13.77 billion lei, and was owed by 4,437 shareholders, with the Ministry of Finance the biggest of them, at 44.7% of the stock.
Natural persons own 5.39 billion shares, or 39.15% of the stock value. The remaining 16.13% of the share capital goes to legal persons.
The Proprietatea Fund was built initially as a closed investment fund aimed at paying damages to persons who had their properties confiscated by the communist state and are unable to redeem them in kind.
Translated by AAP
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