Franklin Templeton announced in March it planned to have the fund lower its Petrom stake to less than 15% from the current 19%, after having sold 1.1% last year. Fondul Proprietatea also sold its 15% in national gas transmission company Transgaz (TGN.RO) in 2013.
However, the fund will have to sell more assets this year after its shareholders approved a new buyback program targeting about 990 million shares. Share buyback has been the fund’s main means to reduce its trading discount in the last couple of years.
(English version by Loredana Fratila-Cristescu)