7.9 C
December 3, 2021

Stock Exchange up 1.7 pc, driven by Proprietatea Fund

The Bucharest Stock Exchange (BVB) gained 1.73 pc, in a market driven to a three-month liquidity peak by the shares of the Proprietatea Fund (FP), after news surfaced about the state losing the control in FP’s General Assembly of Shareholders (AGA), while buy orders increased the price of its shares by 3.3 pc, Mediafax reports.

According to data released by the National Authority for Property Restitution (ANRP), the state lost the control position in the AGA of FP, after conversion titles for 10.1 pc of the Fund shares have been issued last week and sent to the Central Depositary – five times more than in the first three weeks since the conversion resumed.

Following last week’s conversions, the stake held by the Finance Ministry dropped to 24.54 pc, so the state cannot impose AGA decisions anymore. Under the FP statute, the state has control over the AGA as long as it owns more than 33 pc of the Fund shares.

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