Item 3 rejected by the shareholders says: “The Fund Manager is authorized to fulfil and the EGM approves and ratifies any legal acts or actions necessary, useful and / or appropriate with respect to the sale of all of the shares of Engie Romania S.A. owned by Fondul Proprietatea at the date of the resolution including, but without being limited to, negotiating, approving and establishing the terms and conditions of any transaction, act or operation authorized under this item of the agenda, negotiating, approving, signing and implementing any documents related to the matters authorized according to this item on the agenda, fulfilling any formalities and authorizing and/or executing any other actions necessary to give full effect to the operations, transactions and acts authorized in accordance with this item on the agenda and representing the Company in front of any authorities and third parties in relation to the matters authorized in accordance with this item on the agenda.”
Finance minister Marcel Bolos had previously opposed the sale of holdings and tried to get pension funds on his side too. Bolos has recently said that, at the Fund’s Extraordinary General Meeting of Shareholders on Feb 13, he would vote against all proposals submitted by Franklin Templeton International Services, the Alternative Investment Fund Manager and Sole Director of Fondul Proprietatea.
Instead, the shareholders approved the sale of the Fund’s ownership stake in Engie Romania to GDF International, at a sale price of RON432.6 million, as well as the program for the repurchase of maximum 1 billion own shares at a price ranging between RON0.2 and RON1 per share.
Fondul Proprietatea has a market capitalization of RON3 billion after its shares have been on a straight line so far in 2024, amid deals worth RON48.7 million, as per stock market data.