A new term for Property Fund listing: January 2011
The representatives of US group Franklin Templeton estimate
Fondul Proprietatea (Property Fund) will most likely be listed in
January, provided that the Fund's shareholders approve the
manager's mandate in September. "We have a stipulation in the
management contract to list FP within 90 days from management
takeover, and should the AGA (shareholders' meeting) appointing
Franklin Templeton as an administrator be held in September,
listing may be carried out in January 2011," said Greg Konieczny,
coordinator of Franklin Templeton's local office. The Americans
have started losing patience, as they have been waiting for more
than a year to take over the management of Romania's biggest fund,
with 2.8bn-euro assets. "We're losing patience, but we've learnt
that in Romania it takes patience to solve things. We are not
upset, but we'd like things to move faster," stated Mark Mobius,
the executive chairman of the emerging market investment unit of
Franklin Templeton. Mobius maintains the Fund's listing is
important as it will boost the visibility and liquidity of the
Romanian capital market and attract foreign investors.