According to the documents filed at the Bucharest Stock Exchange, the ministry proposes that the procedure be a new, simplified, transparent, and efficient” one, with a maximum duration of 150 days and costs should be capped at RON1.5 million.
Additionally, the selection criteria would include an eligibility condition, pertaining to which the proposed alternative investment fund manager and sole director must have under management assets which are at least equal to the value of Fondul Proprietatea’s assets, now standing at EUR500 million.
Also, the ministry requests that eligible candidate proposales put forward by any shareholder of FP, should be subject to the evaluation by the Bord of Nominees, with the evaluation results to be presented to the shareholders as a comparative report.
The official justification is that such a procedure „is an indispensable step in guaranteeing professional and responsible management of Fondul Proprietatea, in the interest of all shareholders”.
The Finance Ministry’s move comes a week after a group of FP minority stakeholders submitted a similar request, a sign that the push to change the current manager is intensifying.
Fondul Proprietatea, listed at the Bucharest Stock Exchange and in London, has a RON1.4 billion capitalization.
(English version by Catalina Apostoiu)