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June 25, 2021

FP to sell shares in gas and electricity companies

The Proprietatea Fund (FP) plans to sell, this year, part of the shares it holds in natural gas or electricity companies, FP manager Greg Konieczny said yesterday. “We will make an announcement when it will be the case,” Konieczny said during the event that celebrated one year of FP presence on the Bucharest Stock Exchange (BVB). The most important assets held by FP are in electricity and gas companies, such as Enel Distributie Muntenia, GDF Suez Energy Romania, Nuclearelectrica, Hidroelectrica, OMV Petrom, Transgaz and Romgaz.

The executive president of Franklin Templeton Emerging Markets, Mark Mobius said he does not expect the offers, which will be launched by the Romanian state on the stock exchange this year, to be negatively affected by the current economic crisis in Europe. According to Mark Mobius, the offers conducted by Romania will not run into trouble, because European leaders will find a solution to the present problems. The company official does not believe that the situation existing in Europe is as bad as alleged by media. “The EU is strong and the Euro will be stronger. At global scale, the money supply available for investments has increased,” Mobius said, adding that there is a crisis of opportunities, rather than cash.

At the same time, Konieczny mentioned that the interval provided for listing FP on the Warsaw Stock Exchange remains the first half of this year, although the process is delayed by talks with CNVM on legislation issues. “Warsaw was the most dynamic bourse of these years, and this is what we want for FP. We can achieve success here, in Romania, only if the market develops,” he said.

On the other hand, Konieczny explained that the relation between FP and the government has improved last year. In his turn, the president of Templeton said that the shares of FP are a bargain, as they trade on the bourse at a quotation that is 60 pc under the net asset per share.

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