One of the investment funds managed by Sweden's East Capital, among the biggest investors on the Bucharest Bourse, sold part of the stake held in Fondul Proprietatea (FP) on the stock market at an over 200% profit, according to a report published by the manager.
Fondul Proprietatea has been a lucrative business for foreign investment funds that bought FP shares from the grey market starting as early as 2008 at prices as much as four times lower than the ones currently on the Bourse.
Through the funds and special investment vehicle it manages, Sweden's East Capital has come to be one of the most important shareholders in FP with a total stake of 3.4% in its capital in March.
The manager bet on the Fund's potential as early as 2006, when it operated its first FP share purchase on the grey market through Bering Balkan Fund alternative investment fund. Late last year, the fund held 158.9 million FP shares, accounting for 23.5% in the 42m-euro assets, according to the manager's report. In 2010, Bering Balkan posted an 11% yield in euros.
One of the investment funds managed by Sweden's East Capital, among the biggest investors on the Bucharest Bourse, sold part of the stake held in Fondul Proprietatea (FP) on the stock market at an over 200% profit, according to a report published by the manager.
Fondul Proprietatea has been a lucrative business for foreign investment funds that bought FP shares from the grey market starting as early as 2008 at prices as much as four times lower than the ones currently on the Bourse.
Through the funds and special investment vehicle it manages, Sweden's East Capital has come to be one of the most important shareholders in FP with a total stake of 3.4% in its capital in March.
The manager bet on the Fund's potential as early as 2006, when it operated its first FP share
