The proposal was submitted by US hedge fund Elliott Associates, the fund’s largest shareholder.
Fondul Proprietatea didn’t specify what assets it plans to sell.
Franklin Templeton Investment Management Ltd. UK, sole administrator of Fondul Proprietatea, will receive an additional fee of 1.5% of the total assets sold, according to a shareholders’ decision.
Fondul Proprietatea reported net assets of 16.03 billion lei (EUR3.66 billion) at the end of February. Around 39.9% of Fondul Proprietatea’s assets were listed equities, while 57.1% non-listed equities.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.
The fund has stock in over 80 companies, including dominant oil company OMV Petrom (SNP.RO), power companies Transelectrica (TEL.RO), Nuclearelectrica, Hidroelectrica and gas companies Romgaz and Transgaz (TGN.RO).
Monday, Fondul Proprietatea’s shares closed down 0.67% at RON0.593 in Bucharest. (EUR1=RON4.3742)