In the past three years, over 52% of Fondul Poprietatea (FP) shares changed hands, according to data published by the Central Despository, with the value of transactions amounting to over 600 million euros, considering the prices thrown around the market.

Transactions with Fondul Proprietatea (FP) shares boomed in the past year, after the appointment of American group Franklin Templeton as fund manager and the fund's Stock Exchange listing became a certainty. Around 30% of the shares changed hands in 2010. The estimated value of transactions, based on average prices thrown around the market, amounts to nearly 2 billion RON (over 460 million euros), accounting for 35% of the overall volume traded on the Stock Exchange.

Foreign funds, SIFs (financial investment companies) and local speculators last year loaded their portfolios with Fondul Proprietatea shares, investing tens of millions of euros in the hope that the Stock Exchange listing will bring the price of shares up. For all these investors, the stake of listing Fondul Proprietatea is huge.

The prices at which FP shares were traded last year fluctuated between 0.25 RON at the beginning of the year, and highs of around 0.6 RON in September, prior to dividend distribution. The fund's net asset value (NAV) is currently around 1.11 RON, according to FP reports.

Big capital market investors considered these prices to be attractive enough to overlook the difficulty of concluding transactions, the lack of transparence and the lack of an official price. Basically, until December 21st, all FP share transfers were conducted through the Central Depository, which charged a much higher fee than the one charged on the Stock Exchange.

In the past three years, over 52% of Fondul Poprietatea (FP) shares changed hands, according to data published by the Central Despository, with the value of transactio