Franklin Templeton had hoped to list Fondul Proprietatea on the Warsaw Stock Exchange, or WSE, by the end of 2012, pending a successful connection between the Polish and Romanian securities depositary systems.
However, the connection never materialized and, in 2013, Franklin Templeton announced it was looking elsewhere for a secondary listing of the Romanian fund’s shares.
London and New York were named as the new possible destinations.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism. U.S. hedging fund Elliott Associates is the fund’s largest shareholder, with an 18% stake, followed by investment management fund City of London with 4.87%.
At around 1:40 pm, Fondul Proprietatea traded up 1.52% at RON0.8 a share in Bucharest.