Through the size of its assets and portfolio, Fondul Proprietatea (FP) is unique in the CEE region, being among the most highly expected floatations in the history of the domestic capital market.

The 3,5bn-euro assets, along with the portfolio made up of stakes in the most valuable companies in the Romanian economy, have brought FP into the spotlight not only of investors, but also of stock exchanges in the region, with each of them trying to be part in one way or another in one of the most valuable companies in the region.

The first listing of the Fund will be on the BSE, an event expected to happen in the first half of 2011, as the officials of Franklin Templeton, which manages the Fund, have pledged. "For a fair stock price and adequate liquidity", Franklin Templeton wants a secondary floatation of the Fund on the LSE.

In the opinion of Michael Buhl, a joint CEO of the Vienna Stock Exchange, the London market would not be the best choice for a secondary listing.

"(...) As for a secondary listing, I believe the Vienna Stock Exchange is an obvious choice for FP. The Vienna Stock Exchange has specialised investors, who know the region and have a high interest in the CEE, while in London a broader range of investors are trading, with a large part of them focusing, however, on global companies, large corporations with international operations. I believe FP risks being lost among large corporations should it be listed in London".

Through the size of its assets and portfolio, Fondul Proprietatea (FP) is unique in the CEE region, being among the most highly expected floatations in the history of the domestic capital market.

The 3,5bn-euro assets, along with the portfolio made up of stakes in the most valuable companies in the Romanian economy, have brought FP into the spotlight not only of investors, but also of sto