Raiffeisen Capital & Investment, ING Bank and BRD win bid to intermediate Fondul Proprietatea listing

The consortium made of Raiffeisen Capital & Investment S.A, ING Bank and BRD - Groupe Societe Generale has won the bid for intermediating the Fondul Proprietatea stock exchange listing. The consortium got a score of 95. The winning offer ranked higher on the technical side, with a score of 100, while its financial offers got a score of 90. It scored high on the experience side – the same team intermediated the listing of IT company Flamingo. Raiffeisen Capital & Investment was also involved in the Transelectrica and Transgaz IPOs. The company had been previously selected to intermediate the listing of the Fondul Proprietatea – in a 2006 bid. BT Securities got a score of 78.5, although it had the lowest financial offer. The consortium made of KBC Securities, Unicredit CAIB Securities and UniCredit Bank received a score of 79. Intercapital Invest, BCR and Wood & Co. Financial Services got a score of 84. 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 is 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. The fund is administrated by Franklin Templeton which has won the bid to manage the fund, but is yet to be officially names fund manager. Franklin Templeton plans to float the Fund on several stock markets towards the beginning of next year, according to most recent estimations.