FP to put up for sale 15% in Transgaz (TGN)


Romania Property Fund (BSE: FP) announced it was willing to sell its stake of 15% held in the gas transmission operator Transgaz Medias, as part of the strategy to increase the share value. “Franklin Templeton Investment Management Limited United Kingdom, Bucharest Branch, as sole administrator and management company of the Fund’s investments, wants to inform shareholders that, in accordance with its commitment to explore ways to increase the value for shareholders and increase the liquidity of assets in the Fund’s portfolio, has appointed Citigroup Global Markets Ltd., Raiffeisen Capital & Investment S.A. and Wood & Company Financial Services a.s. as consultants to explore its strategic options on part of or all the Fund’s stake of 14.99% in Transgaz SA”, a report submitted yesterday by the fund to the Bucharest Stock Exchange reads. Franklin Templeton, FP manager, tries to keep the good momentum in recent months, when stock prices reached new highs following the efforts made by the manager to reduce the discount between the stock quotation and the net asset value per unit. Specifically, Romania Property Fund needs money to continue the buyback program and for other cash distributions to shareholders (by dividends or capital reduction)