In the past three years, over 52% of Fondul Poprietatea (FP)shares changed hands, according to data published by the CentralDespository, with the value of transactions amounting to over 600million euros, considering the prices thrown around the market.
Transactions with Fondul Proprietatea (FP) shares boomed in thepast year, after the appointment of American group FranklinTempleton as fund manager and the fund's Stock Exchange listingbecame a certainty. Around 30% of the shares changed hands in 2010.The estimated value of transactions, based on average prices thrownaround the market, amounts to nearly 2 billion RON (over 460million euros), accounting for 35% of the overall volume traded onthe Stock Exchange.
Foreign funds, SIFs (financial investment companies) and localspeculators last year loaded their portfolios with FondulProprietatea shares, investing tens of millions of euros in thehope that the Stock Exchange listing will bring the price of sharesup. For all these investors, the stake of listing FondulProprietatea is huge.
The prices at which FP shares were traded last year fluctuatedbetween 0.25 RON at the beginning of the year, and highs of around0.6 RON in September, prior to dividend distribution. The fund'snet asset value (NAV) is currently around 1.11 RON, according to FPreports.
Big capital market investors considered these prices to beattractive enough to overlook the difficulty of concludingtransactions, the lack of transparence and the lack of an officialprice. Basically, until December 21st, all FP share transfers wereconducted through the Central Depository, which charged a muchhigher fee than the one charged on the Stock Exchange.
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