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Franklin Templeton: Private management at state-owned companies might increase stock quotations on BVB

Franklin Templeton Investment Management Limited UK, Bucharest branch, manager of Proprietatea Fund (FP), believes that the current process of selecting professional managers for the companies scheduled for listing should contribute to higher prices for their shares listed on Bucharest Stock Exchange (BVB), reads a release sent by Franklin Templeton on Monday, January 30.

The company hails the decision of Hidroelectrica company EGM (Extraordinary General Meeting) on January 27, 2012 to approve the company listing on BVB.

On January 27, 2012, Hidroelectrica EGM approved the legal process to increase the company shares capital by an IPO (initial public offering) for a stake representing 12.49 percent of the current shares capital, including the right of preference of the shareholders, 2.49 percent of the shares capital, according to the document.

'The listing of Hidroelectrica, in particular, and those of the state-owned companies, in general, are beneficial not only for Proprietatea Fund and its shareholders but also for Romania's economy, because lead to a higher degree of transparency and an improvement of the corporate governance of these companies as well as to the development of the local capital market. All the interested parties seem to benefit from the companies listing on the stock exchange,' said fund manager of Proprietatea Fund Greg Konieczny.

The Government approved on January 18, 2012 to sell stakes of 10 percent newly-issued shares, resulted from the increase of shares capital at Hidroelectrica company and Nuclearelectrica.

The normative document regarding the National power generating company in hydro power stations Hidroelectrica Bucharest includes items regarding the necessary stages to the implementation of the aforementioned privatization strategy, during which a stake of 10 percent of newly-issued shares will be offered to subscription to investors, following the increase of the shares capital.

Sursa: http://www.agerpres.ro

Tags: shares company hidroelectrica capital bvb stock templeton companies increase franklin

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