A group of shareholders of Fondul Proprietatea (FP), holding more than 8% of the fund’s share capital, has requested the addition of new items to the agenda of the general meetings scheduled for February 26, including the independent valuation of FP’s stake in Bucharest Airports Company (Aeroporturi Bucureşti) and a capital return to investors. The request was disclosed in a report published by fund administrator Franklin Templeton on the Bucharest Stock Exchange (BVB) website.

The shareholders propose appointing Deloitte Consultancy to prepare a valuation report for Fondul Proprietatea’s 20% minority stake in Aeroporturi Bucureşti, which accounts for around 58% of FP’s net asset value, Bursa.ro reported.

The valuation is intended to support a potential sale of the stake to the majority shareholder (the state). The proposed maximum fee for the valuation services is EUR 28,000, excluding VAT.

According to the justification submitted, valuation reports prepared specifically for sale purposes provide an objective assessment of market value and help ensure a competitive, fair, and accurate transaction price. The report would be prepared in line with international valuation standards and those issued by ANEVAR.

The request follows a decision taken on January 9, 2026, when the Extraordinary General Meeting of Shareholders of CN Aeroporturi Bucureşti approved, with the votes of the majority shareholder (the Ministry of Transport, holding 80%), the intention to repurchase the minority stake held by Fondul Proprietatea. In this context, the shareholders argue that a dedicated valuation is mandatory in order to properly determine the market value of the airport operator.

In its latest monthly report, Fondul Proprietatea valued its 20% stake in Aeroporturi Bucureşti at RON 1.37 billion, up 28.5% (RON 303.2 million) from the RON 1.06 billion valuation recorded in mid-2025. The valuation reflects discounts applied for lack of control and liquidity.

iulian@romania-insider.com

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