Tuesday, November 30, 2010

Romania property fund plans listing in Jan

Romanian investment fund Fondul Proprietatea, which analysts say could offer impressive returns, may be listed on the stock exchange in late January, its manager was quoted as saying. The fund, set up by the government to compensate Romanians whose properties were seized under communism, holds minority stakes in several Romanian companies including energy groups Petrom (SNPP.BX) (OMVV.VI), Transgaz (TGNM.BX) and Transelectrica (TSEL.BX).

"The estimated date of the listing on the Bucharest bourse is January 25," Greg Konieczny, portfolio manager at Franklin Templeton, was quoted as saying by Ziarul Financiar on Tuesday. Proprietatea is seen as a prized asset in eastern Europe, where investors may soon get a chance to snap up bargains in areas such as energy and banking as the region's governments unload assets to rescue their budgets.

The fund, which holds assets worth about 3.2 billion euros, targets a 207 million lei ($63.34 million) net profit next year against 195 million in 2010. The Romanian government holds a 43 percent stake in Fondul Proprietatea. ($1=3.268 Lei)



















News source: Reuters link: article

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