Fondul Proprietatea, still not willing to invest in the Romanian Post

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Johan Meyer, Fondul Proprietatea (FP) Portfolio Manager and CEO of Franklin Templeton Investments Ltd, has stated on Tuesday during the press conference following FP’s General Shareholders Meeting that FP is still not willing to invest the Romanian Post company, while contesting the capital increase, arguing „they have not been presented with a credible plan to develop the business”.

In March this year, the Communications Ministry decided to to increase the social capital of the Romanian Post by almost RON 227 million, while FP decided not to participate and to challenge the decision in court. Following this capital increase, FP ended in owning 6.48% at the Romanian Post, compared to the previously owned 25 percent, while the Communications Ministry reached from 75% to 93.5%.

In February this year, The Government approved the decision regarding the capitalization of the Romanian Post (CNPR) with RON 170 million by cash contribution.

As for Hidroeletrica issue, Johan Meyer said: “We have noticed that the Consortium’s mandate for the IPO of Hidroelectrica was not extended during the latest shareholders meeting on 6 August 2018. This situation generates an opportunity for the Government to select a new investment consortium that can reignite the IPO process and take it forward. The Government has now a chance for a fresh new start for the most awaited listing on the local capital market.

One year ago, in September 2017, Fondul Proprietatea (FP) expressed its utter indignation towards the removal of Oana Truta from the Supervisory Board of Hidroelectrica, a decision taken on the GSM held on end-August 2017, and considers the actions taken by the Ministry of Energy as ”unfounded and abusive”. FP also informed back then that no concrete steps had been taken for the listing of the company, on the contrary there have been mostly delays and confusion and inexperienced individuals have been appointed in Hidroelectrica’s Board.

Meyer also said referring to the  CN Aeroporturi Bucuresti that FP encourages the Gov’t to access the capital market through a listing of CN Aeroporturi Bucuresti to finance the extension of this airport.

The first thing people see when arriving in Romania it’s the airport. It is the ‘face of Romania’ and it has an extraordinary potential to make a good impression. Given the record high passenger traffic, which is estimated to continue to grow, additional airport capacity is certainly needed for Henri Coanda Airport for a good management of the passenger influx. We encourage the government to access the capital market through a listing of CN Aeroporturi Bucuresti to finance the extension of this airport,” the FP Portfolio Manager stated.

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