Fondul Proprietatea to be listed on the Bucharest Stock Exchange in January 2011

Investment fund Fondul Proprietatea will be listed on the Bucharest Stock Exchange on January 25 next year, according to investment manager Franklin Templeton. The listing prospect will be submitted on December 3 with the National Securities Commission (CNVM). The fund will be promoted locally and internationally between January 10 and 31 next year. The Fund will recommend a 100 percent rate of dividend distribution to its shareholders. This year's dividends will include the profit for 2008 and 2009. Fondul Proprietatea's net assets were worth EUR 3.1 billion at the end of October this year. Its portfolio was mainly made of shares – 88.7 percent and bank deposits, 10.6 percent. The fund's portfolio includes 83 companies, out of which 29 listed and 54 unlisted. The most important five companies are Petrom, Hidroelectrica, Romgaz, the National Airports Company and Nuclearelectrica. Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were confiscated during communism. Romanian Finance Ministry holds 52.84 percent of the fund’s shares, while the remainder is distributed among private stockholders.