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January 21, 2022

FP after first month since listing – over 1.6 billion stocks traded

In the first month after Fondul Proprietatea’s listing, over 1.6 billion FP stocks were traded at the Bucharest Stock Market (BVB), accounting for 11.8 pc of the Fund’s capital, is stated in a press release by Franklin Templeton, investment manager and sole administrator of FP. FP stocks have been listed at the Bucharest Stock Exchange since January 25. The value of FP stocks transactions amounted to over RON 1 bln, and their total number was over 27,191 in the first month. At the same time, Fondul Proprietatea boasts the highest free-float value, of RON 5.2 bln (EUR 1.2 bln), and is the most liquid stock traded at BVB. The Bucharest Stock Exchange’s capitalization rose by RON 8.2 bln (EUR 1.9 bln) due to Fondul Proprietatea’s listing. This led to a trebling in the average daily value of transactions, compared to 2009 and 2010, with an average value which accounts for 59 pc of the total value traded at BVB.

“Our main priority is focusing on boosting the value of companies in the Fund’s portfolio by an active management of investments. In time, this process will yield results positively reflected by the Fund’s value and the price of stocks,” FP’s fund manager, Greg Konieczny, stated.

According to Franklin Templeton representatives, the process of boosting the Fund’s value will focus on several directions in the near future, including the introduction of fair corporate governance procedures and enhancing the effectiveness of decision-making within companies in the portfolio, ensuring fair corporate governance practices are abided by within the companies in the portfolio, by appointing FP representatives on the Boards of Administration of over 20 companies or providing consultancy to the boards by taking measures to enhance efficiency, profitability and transparency within state-owned companies (for instance, encouraging the Government to modify existing plans regarding the two energy giants, Electra and Hidroenergetica).

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