Romania's Fondul Proprietatea doubles profit, pins London Stock Exchange listing to September-October

Romania’s largest investment fund Fondul Proprietatea doubled profit in the first half of the year to EUR 237 million, on asset sales. The fund’s revenues increased by two thirds, to EUR 327 million. While dividends from the companies in its portfolio were only slightly up and interest revenues dropped to less than half compared to the same period of 2013, revenues from asset sales tripled as the fund sold its stakes in Austrian banks Raiffeisen and Erste and a 5% stake in Romanian gas producer Romgaz. The fund’s net assets at the end of July were EUR 3.34 billion of which EUR 268 million were cash. The fund has a market capitalization of EUR 2.56 billion. It is listed on the Bucharest Stock Exchange and plans a secondary listing in London this fall, end of September or beginning of October. Romania’s Fondul Proprietatea sells stake in Transelectrica for EUR 48.5 mln editor@romania-insider.com