Mark Mobius, executive chairman of Templeton Asset Managementand one of the most influential figures of financial markets, saysthe listing of Property Fund (Fondul Proprietatea) cannot takeplace this year because the government has not approved thenecessary legislative changes so far. He maintains the listing ofthe Fund through a 500m dollar offering, and not directly as thecurrent management proposes. Mark Mobius' comments come tostrengthen the ever smaller chances that the Fund would be listedthis year, considering the legislative changes enabling FranklinTempleton to take over the Fund's management are still on thegovernment's table. In the absence of the new articles ofincorporation for the Fund and the government's and thenshareholders' approval, Franklin Templeton cannot take over themanagement position. That happens even as Franklin Templetonofficials have already started valuing the Fund's assets and openeda temporary office in Bucharest made up of 11 experts. "(...) If wecan make the Fund operational, we hope we can help curb the impactof pension and wage reductions, because one of the first things wewant to do is pay dividends," Mark Mobius said.
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