Tuesday, September 8, 2009

Romania appoints Templeton to advise fund listing

BUCHAREST, Sept 7 (Reuters) - Romania's state-controlled investment fund Fondul Proprietatea, which holds assets worth 3.5 billion euros ($5.0 billion), appointed Franklin Templeton Investment Management as its manager at a general shareholders' meeting on Monday.

The fund, set up by the government to compensate Romanians whose properties were seized under communism, holds minority stakes in state-owned firms, mostly in the energy sector.

The finance ministry holds a 65 percent stake in the fund while the remainder is held by private owners.

Templeton has said it could list the fund on the bourse within six months of taking over the position.

Fondul Proprietatea is seen as a prized asset in eastern Europe, where investors may soon get a chance to snap up bargains in areas such as energy and banking as the region's governments unload assets to rescue their budgets.

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