BUSINESS

Fondul Proprietatea shares reach new all-time high



Fondul Proprietatea (Proprietatea Fund) shares recorded a very slight fluctuation in the first hour after they were traded on Bucharest Stock Exchange (BVB), continuing their trend toward the record value reached on November 7, when prices were RON 0.8165/share at certain moments. According to zf.ro, this all-time high value was reached again on Tuesday, 11.45 a.m. Around 12.25 p.m., Fondul Proprietatea shares set a new transaction record of RON 0.817/share. In mid-session, these shares were rated RON 0.8155, 1.04 percent over the closing price on Monday. Investors concluded 425 transactions with Fondul Proprietatea shares amounting to approximately RON 9 M (EUR 2 M), more than half of the liquidity market of only RON 16.8 M (EUR 3.7 M). The stock exchange flow is 35 percent lower than the RON 26 M (EUR 5.8 M) value reported in the first half of the previous session. The BET index of the ten most liquid shares increased by 0.72 percent in the first part of the session, while the BET-NG index of enegy company bonds was 0.51 percent above the level recorded on Monday. The BET-FI index, which includes shares of the five SIFs and Fondul Proprietatea bonds, went up by 0.45 percent to 1.23 percent, while Fondul Proprietatea shares increased by 1.94 percent.
With originally slogan “Fondul Proprietatea is of the shareholders”, meaning the former owners whose properties were abusively seized by the communist regime, came to be now controlled in a proportion of 67.2 percent by foreign investors, reveal capital.ro estimates. According to the shareholders structure as of October-end, foreign institutional investors held 59.14 percent of the subscribed and paid share capital at the end of October (13.413 billion shares) and individual foreign investors held 5.93 percent, while the Romanian institutional investors appeared with a share of 8.69 percent and local retail investors with 22.03 percent. Also, the shares already repurchased represented 4.19 percent of the subscribed and paid share capital. At the same time, on November 14 , the public offer to repurchase 600 million shares of FP came to an end, for which the allocation index was 5.70 percent, or a share for 17.5 subscribed (overall, 10.52 billion shares were subscribed, representing 78.4 percent of the entire Fund ). Assuming that all foreign investors fully subscribed, as well as the Romanian institutional ones, due to the attractive price 20 percent higher than the one in the market, it would result that, currently, the foreign institutional investors hold 7.48 billion shares, and non-resident individuals – 750 million shares. Local retail investors would own a share of 23.83 percent (2.92 billion shares) and the Romanian institutional investors – 8.97 percent (1.1 billion shares). An insignificant share, of 0.02 percent, would be owned by the MFP.

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