Proprietatea Fund designates brokerage firm to intermediate listing on BVB
The Commission for the assessment of the selection for intermediation of the listing of the Proprietate Fund (FP) on the Bucharest Stock Exchange (BVB) designated as the tender’s winner, the bid submitted by the consortium consisting of „Raiffeisen Capital&Investment S.A., ING Bank and the Bucharest-based branch of the NV Anmsterdam and BRD- Groupe Socuiete Generale S.A, FP announced on Wednesday.
Thirteen brokerage firms bought the specification papers regarding the tender for the intermediation of the listing of the Proprietatea Fund on the Bucharest Stock Exchange (BVB), and the FP was submitted four bids.
One week ago, it was opened the bids by the brokers that decided to compete for the intermediation, namely BT Securities, the consortium including Intercapital Invest, BCR SA and Wood&Co, and the consortium Unicredit CAIB and KBC Securities Romania, along with that including Raiffeisen Capital, ING Bank and BRD GSG, and the tender’s results had to be made public by Tuesday Aug 24, but the deadline was postponed one day.
FP was set up as a solution to assure the financial resources necessary to compensate the persons abusively expropriated by the communist regime and to repair the injury suffered by persons and families that have been wrongfully dispossessed of their properties during the communist ruling, the compensation being made in shares, representing the actual value of the real estates which are not given back in kind.
The Proprietatea Fund became operational in December 2005. Its main shareholder is the Finance Ministry owning 53.8 percent of the shares, four foreign investment funds holding more than 1 percent of the stocks, each, totaling together 7.2 percent of the Fund’s stocks, the remainder being owned by other individuals and companies.