Fondul Proprietatea shareholders meeting today, could finally appoint Franklin Templeton fund manager

The Fondul Proprietatea shareholders could approve Franklin Templeton fund manager on Monday, at the general shareholders meeting. The shareholders are also expected to approve the Bucharest Stock Exchange listing for the fund, as well as the listing on other financial markets, and the distribution of dividends for 2008 and 2009. Franklin Templeton's representatives have previously said the fund could be listed in January next year, if the company takes the actual management of the fund in September. The Proprietatea fund is a closed investment fund created to compensate former owners whose properties were confiscated during the communist regime and which cannot be redeemed in nature. The Fund has participations in 88 companies, most of which in the energy sector. The Fund’s listing on the stock exchange has been delayed one year to another. Listing 20 percent of the Fund’s shares should attract $ 500 million, according to Franklin Templeton representatives. The main shareholders in the fund are the Finance Ministry, with 56,98 percent of the shares, 3,469 individuals, who have 31,62 percent of the shares and other firms, with 11,39 percent. romania-insider.com