Romanian investment fund to sell stakes in Engie, Enel

Local investment fund Fondul Proprietatea has started a competitive procedure, which can lead to the sale of its minority stakes in the three subsidiaries operated by the Italian group Enel in Romania and in Engie Romania. The fund’s stakes in these companies amounted to 18.93% of its total assets owned at the end of July. The fund’s net asset value reached EUR 2.35 billion. This means that Fondul Proprietatea could get EUR 411 million from the sale of its stakes in these companies. Ithuba Capital AG will coordinate the sale. The company is also the fund’s exclusive financial consultant for these transactions. At the end of July, the state-controlled electricity holding Electrica announced that it would acquire the 22% stakes owned by Fondul Proprietatea in four of its subsidiaries for RON 752 million (EUR 165 million). Investment fund Fondul Proprietatea sues Engie Romania editor@romania-insider.com