Mobius wants to raise 500m dollars from Property Fund floatation

Mark Mobius, executive chairman of Templeton Asset Management and one of the most influential figures of financial markets, says the listing of Property Fund (Fondul Proprietatea) cannot take place this year because the government has not approved the necessary legislative changes so far. He maintains the listing of the Fund through a 500m dollar offering, and not directly as the current management proposes. Mark Mobius’ comments come to strengthen the ever smaller chances that the Fund would be listed this year, considering the legislative changes enabling Franklin Templeton to take over the Fund’s management are still on the government’s table. In the absence of the new articles of incorporation for the Fund and the government’s and then shareholders’ approval, Franklin Templeton cannot take over the management position. That happens even as Franklin Templeton officials have already started valuing the Fund’s assets and opened a temporary office in Bucharest made up of 11 experts. “(…) If we can make the Fund operational, we hope we can help curb the impact of pension and wage reductions, because one of the first things we want to do is pay dividends,” Mark Mobius said.