BUCHAREST - Franklin Templeton International Services S.À R.L., the current Alternative Investment Fund Manager (AIFM) of Fondul Proprietatea S.A. ("the Fund"), has chosen not to participate in the ongoing selection process for the Fund's new AIFM. The announcement comes after a sequence of shareholder meetings and deadlines set for the selection process, which began in earnest in early October 2024.
The decision by Franklin Templeton, which has been the sole director and AIFM of the Fund, was made public today, following a shareholder-approved selection process that started with a meeting on September 25, 2023. The criteria for selecting the new AIFM were later finalized on September 27, 2024, leading to the initiation of the selection process on October 7, 2024.
Prospective candidates were initially given until October 21, 2024, to express their interest to the selection advisor, Deutsche Numis. This deadline was extended to November 4, 2024, and on November 26, 2024, the Board of Nominees released additional details regarding the submissions received.
Franklin Templeton has affirmed its commitment to managing the Fund until the conclusion of its current mandate. The company also expressed appreciation for the support and collaboration from various stakeholders, including the Government of Romania, shareholders of the Fund, co-shareholders in portfolio companies, the Bucharest Stock Exchange, and the Financial Supervisory Authority.
Fondul Proprietatea S.A., listed on the Bucharest Stock Exchange with shares and on the London Stock Exchange (LON:LSEG) with Global Depositary Receipts (GDRs), is undergoing this transition in management as part of its regular governance and oversight processes.
The selection of a new AIFM is a significant event for the Fund, which has a substantial presence in Romania's investment landscape. The change in management will be closely watched by investors and market participants for indications of strategic shifts or continuity in the Fund's approach to investments.
This news is based on a press release statement and provides an update on the AIFM selection process for Fondul Proprietatea S.A. without speculating on the potential outcomes or impacts of the selection process.
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