One of the investment funds managed by Sweden's East Capital,among the biggest investors on the Bucharest Bourse, sold part ofthe stake held in Fondul Proprietatea (FP) on the stock market atan over 200% profit, according to a report published by themanager.
Fondul Proprietatea has been a lucrative business for foreigninvestment funds that bought FP shares from the grey marketstarting as early as 2008 at prices as much as four times lowerthan the ones currently on the Bourse.
Through the funds and special investment vehicle it manages,Sweden's East Capital has come to be one of the most importantshareholders in FP with a total stake of 3.4% in its capital inMarch.
The manager bet on the Fund's potential as early as 2006, whenit operated its first FP share purchase on the grey market throughBering Balkan Fund alternative investment fund. Late last year, thefund held 158.9 million FP shares, accounting for 23.5% in the42m-euro assets, according to the manager's report. In 2010, BeringBalkan posted an 11% yield in euros.
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