Shareholders of Romania`s Proprietatea Fund to sell stakes owned in CEZ for EUR 230m

The Fund owns 30 percent of CEZ Distributie, 30% of CEZ Vanzare and 12% of CEZ Servicii.

However, four shareholders are unsatisfied with this decision, as they deem the listing price on the bourse will lower after selling the CEZ stakes. 

The shareholders approved today the administrating contract with the American investment fund Franklin Templeton. The representatives of Franklin Templeton expect Proprietatea Fund to be listed on the local capital market in about a year. 

Franklin Templeton Investment Management Ltd was chosen to manage the assets of Proprietatea Fund on June 9, after it filed in the cheapest offer.

Proprietatea Fund is majority owned by the Public Finance Ministry (MFP), with 65.09 percent of the capital. The company was created in 2005 and owns participations in 88 companies, most of them in the power field.