The billion-RON Fondul Proprietatea dividends closer to being distributed
President Traian Basescu has promulgated the law that enables
the distribution of profit of Fondul Proprietatea (Property Fund)
for 2008 and 2009 and the direct listing of the fund on the
Bucharest Stock Exchange (BSE).
This means the moment when dividends of over one billion RON will
be paid out to the shareholders of the Fund is nearing.
On Friday, July 9, Emergency Ordinance 81/2007, which refers to the
speeding up of the damage awarding process, has been promulgated by
President Traian Basescu. The law will come into force after
publication in the Official Gazette. Shortly after this occurs, the
management of Fondul Proprietatea has committed to call a General
Meeting of Shareholders in order to validate the new manager -
UK-based Franklin Templeton, to decide on the amount of dividends
and approve the floatation of the Fund on the BSE this year.