FP wants to run a 600 million shares public offering

Proprietatea Fund (FP) has announced its intention to initiate a second public offering through which will redeem about 600 million shares from the fund's shareholders.

Both BCR and Wood&Company Financial Services will assist FP during this public offering process which would be the highest bid ever run by a company on the Bucharest Stock Exchange (BVB).

Franklin Templeton Investment Management, which administrates FP has already submitted the required documentation to the Financial Supervisory Authority(ASF). Although the approval is expected to be received within the next 10 working days, the FP's announce led to a 2.35% growth in shares price, reaching an historical maximum of LEI0.74/ share.

As ASF is likely to approve the public offering, it will cost FP around EUR99 million.