Romanian industrialist Malaxa's grand daughter sells Fondul Proprietatea shares worth EUR 11.4 mln

Georgia Palade van Dusen, the only individual who still owns a large share package in Romania's Fondul Proprietatea investment fund, sold 0.66 percent in the fund worth some EUR 11.4 million in February, based on a RON 0.55 price per share. Earlier this year, she sold 0.26 percent of her shares for some EUR 3.4 million, while in August lats year, van Dusen sold shares worth some EUR 2.6 million. She now owns 5.62 percent in Fondul Proprietatea.

Georgia Palade van Dusen is the grand daughter of Romanian industrialist Nicolae Malaxa, whose properties were confiscated by the communist regime. His heirs, Georgia Palade Van Dusen, her brother Philip Palade and Loreen Ellen Malaxa, the wife of a deceased nephew asked the Romanian state for compensation damages of EUR 310 million, on account of the confiscated properties. The compensation titles were changed into shares in Fondul Proprietatea, which was created to compensate the owners of properties confiscated during the communist period, when the compensation was no longer possible in kind. More about Nicolae Malaxa here. Fondul Proprietatea has been listed on the Bucharest Stock Exchange since 2011 and its shares are trading at RON 0.599. Other major shareholders in the fund are The City of London, with 7.21 percent in the fund, and Elliott Associates, with 13 percent of the shares. Fondul Proprietatea recently decided to sell stakes worth some EUR 500 million in energy companies which are not listed on any stock exchange, in order to create more value for its shareholders. Read about this here. editor@romania-insider.com