Proprietatea Fund Holders Approve Proposal To Double Dividend

04.27.2011 By Andrei Circhelan

Shareholders of investment fund Fondul Proprietatea (FP.RO) Wednesday approved the Finance Ministry's request to raise at 0.03141 lei (EUR0.0077) per share the dividend due for last year's profits.

Shareholders of investment fund Fondul Proprietatea (FP.RO) Wednesday approved the Finance Ministry's request to raise at 0.03141 lei (EUR0.0077) per share the dividend due for last year's profits.

The fund manager Franklin Templeton initially proposed a dividend of RON0.01569.

Thus, the fund will pay dividend worth a total RON432.7 million, namely 95% of RON456.2 million, the unaudited net profit registered in 2010. According to Franklin Templeton's proposition, the total dividend payment would have represented 47% of the net profit.

Fondul Proprietatea's shareholders also appointed two new members in its Board of Nominees, namely Simion Dorin Rusu and Doru-Petru Dudas. Rusu, personal adviser to the Romanian Economy Minister, will replace lawyer Corin Trandafir in the board, while Doru-Petru Dudas, a general manager at the Finance Ministry, will replace Monica Maurer-George.

Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.

The Finance Ministry is the fund's largest stockholder, with 37% of the shares.

Thursday, Fondul Proprietatea closed down 0.17% at RON0.579 a share. (EUR1=RON4.0767)