Market to be flooded with cheap Fondul Proprietatea shares as of Monday -
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News » April, 2011 » 28 April 2011

Market to be flooded with cheap Fondul Proprietatea shares as of Monday
28.04.2011, 23:55 | Capital Markets | 1215 views

Almost 1.5 billion Fondul Proprietatea (FP) shares, accounting for 10.7% in the capital of the fund might be transferred by the Finance Ministry to those people who hold compensation deeds and have chosen to have them converted into shares at an average price of 0.6176 lei/share, according to the data supplied by the National Authority for Property Restitution (ANRP).

The ANRP will resume the issuing of conversion deeds on Monday, May 2, a process halted on January 11, prior to the floatation of the fund.

Brokers say the availability of such deeds on the market will put pressure on the price of FP shares, which have been following a downward trend since floatation. The FP shares have gone down from 0.61 lei to 0.579 lei in the past month.


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