In the four years since floating on the Bucharest Stock Exchange, Fondul Proprietatea's shares boosted their value by almost 85 percent, given the price on January 20, 2015, 0.85 lei per share (and by 78 percent at 2013 year-end), explained Greg Konieczny, the representative of Franklin Templeton, the Fund Manager of Fondul Proprietatea.
He further added that the Net Asset Value (NAV) also grew by 21 percent, while reducing the discount to the Net Asset Value Per Share (NAVPS) below 30 percent, on the same date.
As regards the fund's goals for 2015, Konieczny says that “We are going to keep our focus on maximizing returns to shareholders, on increasing the NAV, and on diminishing the discount to NAVPS. The corporate actions planned include the launch of the fifth buy-back programme in February, a cash distribution in the amount of 0.5 lei per share at the end of June, and the secondary listing on the London Stock Exchange which we hope to complete in the second quarter of the year”.
During the past four years, Fondul Proprietatea has been also actively involved in supporting initial public offerings of state-owned enterprises where it is part of shareholding by implementing higher corporate governance standards, hence contributing to the development of the local capital market and enhancing the fund's international visibility, as well as of the capital market through several road shows.
Listed on the Bucharest Stock Exchange since January 25, 2011, Fondul Proprietatea has a market capitalization of 10.57 billion lei