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February 3, 2023

Fondul Proprietatea wants secondary listing in London in December

Fondul Proprietatea wants to be floated secondarily on the London stock exchange in December and hopes to obtain its shareholders’ approval for a new buyback of shares, FP Manager Greg Konieczny stated, Reuters informs.The listing has been prepared for some time now, and Konieczny was hoping back in April that it will take place in September or October. Nevertheless, the Financial Supervisory Authority (ASF) is yet to approve Fondul Proprietatea’s listing in London. On Friday, Fondul Proprietatea had a market capitalization of approximately RON 11.6 bln (USD 3.29 bln) on the Bucharest stock exchange. “It all depends on the ASF’s agreement. I hope it will come sometime in mid-November,” Konieczny stated in an interview for Reuters. He pointed to early December as the most likely moment for the listing, pointing out that the Fund will need a new agreement from shareholders if the floating on the London stock exchange is postponed for 2015. Fondul Proprietatea, administered by Franklin Templeton, was set up in 2005 in order to pay damages to the Romanians whose properties were confiscated by Communists and it holds minority share packages within state-owned companies, some of them not floated on the stock exchange.

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