“Franklin Templeton Investment Management Ltd. United Kingdom Bucharest Branch, in its capacity as sole administrator and fund manager on behalf of Fondul l Proprietatea, would like to inform shareholders that, as part of its ongoing commitment to increase value for shareholders and improve the liquidity of the assets in the Fund’s portfolio, the Fund is reviewing strategic options to potentially reduce its ow nership interest in OMV Petrom to below a 15% holding, subject to appropriate market conditions and required approvals. Our review is in its early stages and there is no defined timetable for any decision. Further announcements will be made as and when relevant,” the company said in a press release.
Fondul Proprietatea currently holds a 19% stake in OMV Petrom, representing 33.66% of the fund’s net assets at the end of January.
In May 2013, Fondul Proprietatea sold 1.11% of Petrom shares, for RON246.6 million.
Petrom reported a 22% increase in its net profit to a record RON4.82 billion in 2013, fueled by favorable crude oil prices and lower costs. The company’s sales fell 8% on the year to RON24.2 billion, largely due to lower sales of crude and oil products. The decline was partly offset by higher electricity sales.
In the last two weeks, a fund managed by Franklin Templeton sold a 0.026% stake in OMV Petrom for RON6.6 million (EUR1.5 milion), after Franklin Templeton funds had been the main buyers of OMV Petrom in the last years.
On the Bucharest market Wednesday, OMV Petrom closed 0.46% higher, at RON0.44 a share. (EUR1=RON4.5123)