Franklin Templeton official Greg Konieczny told a press conference he expects the Finance Ministry’s stake to fall below 33% by the end of the year, after which the voting system will be changed.
At the moment, the state has one vote for each share it holds, while minority shareholders abide by a differentiated algorithm of voting, depending on the size of their stakes.
Konieczny went on saying the fund had net assets worth 15.33 billion lei (EUR1=RON4.2578) at the end of 2010, compared to RON15.9 billion in November.
The state’s stake in Fondul Proprietatea dropped to 38.99% in December, from 41.49% in November.