The proposal, which was already cleared in principle at an April meeting, was approved with 99.5% of the votes, the participants told Mediafax.
Franklin Templeton Investment Management Ltd. UK, sole manager of Fondul Proprietatea, last month estimated the fund would be listed in Warsaw by the end of 2012, dependent on a successful connection between the Polish and Romanian securities depositary systems.
The fund manager selected a consortium formed of J.P. Morgan, UniCredit Group and KBC Securities to assist with the public offering, whose costs are estimated at around 10.7 million lei (EUR2.4 million).
“The listing in Warsaw will not be affected by Hidrolectrica’s insolvency filling,” said Greg Konieczny, manager of Fondul Proprietatea.
Fondul Proprietatea was severely hurt after Romania’s top energy producer Hidroelectrica filed for insolvency last week. The fund owns 20% in Hidroelectrica.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.
End-May, foreign investors held 55.72% of the fund’s shares, while residents had 39.88%.
On the Bucharest bourse Tuesday, Fondul Proprietatea closed down 0.68% at RON0.44 a share. (EUR1=RON4.4441)