Fondul Proprietatea Might Sell Up To 10% Of Conpet Stock

09.11.2013 By Bogdan Neagu

Romanian investment fund Fondul Proprietatea (FP.RO) plans to sell a stake of up to 10% of oil pipeline operator Conpet Ploiesti (COTE.RO) shares, the fund said in a notice to its shareholders Wednesday.

Franklin Templeton, the fund’s manager, said Wednesday that “it is currently considering strategic options relating to the potential sale of a part of its holding in Conpet not exceeding 10% of all outstanding shares in the company.”

At the end of 2012, Proprietatea owned a 29.7% stake in state-run Conpet. The Economy Ministry owns 58.7% in the company.

Conpet’s market capitalization is around 363.6 million lei (EUR81.3 million), so that Fondul Proprietatea might obtain some RON36.3 million for the shares it plans to sell. (EUR1=RON4.4694)