Proprietatea’s 14.99% stake in Transgaz is valued on the bourse at 335.98 million lei (EUR75.16 million).
“Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as sole administrator and fund manager of the fund, would like to inform shareholders that in line with its commitment to explore ways to increase value for shareholders and improve liquidity of the assets in the Fund’s portfolio, it has appointed Citigroup Global Markets Ltd, Raiffeisen Capital & Investment S.A. and Wood & Company Financial Services as advisors to evaluate its strategic options relating to a part or all of the fund’s 14.99% stake in Transgaz SA,” Fondul Proprietatea said in a statement sent to the Bucharest bourse Wednesday.
In May, Proprietatea sold a 1.1% stake in oil company OMV Petrom (SNP.RO) for RON246.6 million, to obtain funds for a share buyback program.
Proprietatea bought back 7.13% of its shares this year, for RON862.2 million.
The shares of Proprietatea hit a record high of RON0.868/unit Wednesday. The fund closed down 0.7% Tuesday, at RON0.8545 a share. Considering this price, it has a market capitalization of RON11.77 billion. (EUR1=RON4.4715)