Longest day at Fondul Proprietatea

Fondul Proprietatea (Property Fund – FP) shareholders made history yesterday, with the day of September 6 set to remain the date when FP, the most valuable company in the economy, was transferred from domestic management into the hands of an internationally renowned manager, Franklin Templeton. The 1.1bn RON dividends, among the biggest rewards paid by a Romanian company, are also linked to the importance of the moment.

Convened to approve the appointment of Franklin Templeton British firm as the sole manager of FP, over 200 shareholders, accounting for above 70% in voting rights, yesterday attended the General Meeting. It is not just the number of attending shareholders that was a first, but also their quality.
As previously announced, the top objective for Franklin Templeton is to start distribution of the 1.1bn RON dividends overdue in October, with listing on the Bucharest Stock Exchange coming second, an event most likely to take place early next year.
About floatation on the London Stock Exchange, Mark Mobius, one of the most influential professionals on financial markets, and executive chairman of Franklin Templeton, stated it would most likely take place in late 2011.