Fondul Proprietatea worth at least €1.9 bln on the free market

Fondul Proprietatea’s value reached some RON 7.1 billion (€1.9 bln), according to credible information from the informal FP share market.

“The price on the free market of Fondul Proprietatea shares has reached some RON 0.6/share, depending on the size of the share package,” according to one of the main FP private shareholders. The nominal value of an FP share is RON 1, so the fund’s share capital amounts to RON 14.2 bln (€3.83 bln at the present exchange rate).

Two months ago, the Central Depository approved the registration of private trading of FP shares, following the government’s explicit permission for this type of trading prior to the fund’s listing on the stock exchange. The Central Depository carries out post trading operations on transactions of shares quoted on the Bucharest Stock Exchange, but treats FP as a closed company. Depository officials confirmed the existence of significant transfers of FP shares, but do not makes data thereof public. Representatives of the fund either did not respond or offered confusing data concerning the volume of transactions.