Mark Mobius, on the listing of Fondul ProprietateaPublish date: 30-03-2010
Mark Mobius , the chief executive of Franklin Templeton Investment Management, the investment manager of Fondul Proprietatea equity assets, said Fondul Proprietatea would go public this year, most likely in September. Mark Mobius, who was invited to ring the opening bell at the Bucharest Stock Exchange, said the fund was considering a double listing of Fondul Proprietatea, both at the Bucharest Stock Exchange and London Stock Exchange, but ruled out the ROT-C option.
"The listing at the London Stock Exchange, although it would be possible at the same time with BSE, I don't think it will actually take place too soon, because the London stock market uses stringent eligibility criteria", said Mobius. After completing the signing of the investment management agreement with the Romanian fund at the end of February, the chairman of Franklin Templeton said the official mandate would take effect in July 1.
"Our target is to ensure an efficient management, to provide accurate and complete information to shareholders and increase shareholder value", said the "guru of emerging markets".
The listing at the London stock exchange requires a larger free-float which can be achieved by selling stocks by the government through a capital hike.
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