The Financial Supervisory Authority (ASF) has approved the reduction in the subscribed share capital of the Fondul Proprietatea -Proprietatea Fund (FP) to 11.575 billion lei (1 euro = 4.4585 lei), due to the cancellation of a number of shares acquired by the FP in the third redeeming programme run in 2014.
According to a press release from the FP’s manager, Franklin Templeton Investment Management Limited United Kingdom Bucharest Branch, submitted to the Bucharest Stock Exchange (BVB), the ASF has approved the reduction in the subscribed share capital from 11,815,279,886.85 lei to 11,575,064,733.65 lei, following the cancellation of 252,858,056 FP shares acquired by the FP in the third redeeming programme held last year.
The reduction in the share capital is effective as of January 27, 2015. In this sense, as of January 27, 2015, the new value of the subscribed share capital of the FP is 11,575,064,733.65 lei, being divided into 12,184,278,667 shares with a nominal value of 0.95 lei.
Launched in December 2005, the FP was established to compensate the Romanian citizens whose properties were confiscated by the former communist regime. Following the international auction announced in December 2008, Franklin Templeton officially took over as investment manager and sole administrator of the Fund on September 29, 2010. The FP is a closed-end investment company, and its investment objective is to maximize yields and appreciation per share by investments mainly in Romanian shares and securities related to shares, informs Agerpres.