Romania's Fondul Proprietatea launches procedure to select new manager
<p>Fondul Proprietatea (BVB: FP) announced on October 7 that it has started the selection procedure for a new alternative investment manager after its shareholders voted to extend the mandate of the current administrator, Franklin Templeton, for only a period of one year (compared to the four-year renewals so far) until March 31, 2026.</p>

<p>The change in management reflects the plans of the Finance Ministry, which wants FP to play a more active role in public investment projects.</p>

<p>The Ministry of Finance, which owns about 6% of the shares of Fondul Proprietatea, wants the Fund to co-finance a component of Romania's National Recovery and Resilience Plan (PNRR) and requested that the Fund's shareholders approve the organisation of a competitive selection procedure for a new manager, as well as the change of the management targets.</p>

<p>The potential candidates interested in managing Fondul Proprietatea are expected to submit their bids by October 21 at the latest, according to a report published on the Stock Exchange.</p>

<p>The Committee of Representatives of the company will carry out the selection procedure through the consultant Numis Securities Limited, a member of the Deutsche Bank (Deutsche Numis) group, as was decided in the general meeting of shareholders on September 27.</p>

<p><em>iulian@romania-insider.com</em></p>

<p><em>(Photo source:&nbsp;<a href="https://www.dreamstime.com/timonschneider_info">Timon Schneider</a>/<a href="https://www.dreamstime.com/stock-photos">Dreamstime.com</a>)</em></p>