Fondul Proprietatea (BVB: FP) announced on October 7 that it has started the selection procedure for a new alternative investment manager after its shareholders voted to extend the mandate of the current administrator, Franklin Templeton, for only a period of one year (compared to the four-year renewals so far) until March 31, 2026.

The change in management reflects the plans of the Finance Ministry, which wants FP to play a more active role in public investment projects.

The Ministry of Finance, which owns about 6% of the shares of Fondul Proprietatea, wants the Fund to co-finance a component of Romania's National Recovery and Resilience Plan (PNRR) and requested that the Fund's shareholders approve the organisation of a competitive selection procedure for a new manager, as well as the change of the management targets.

The potential candidates interested in managing Fondul Proprietatea are expected to submit their bids by October 21 at the latest, according to a report published on the Stock Exchange.

The Committee of Representatives of the company will carry out the selection procedure through the consultant Numis Securities Limited, a member of the Deutsche Bank (Deutsche Numis) group, as was decided in the general meeting of shareholders on September 27.

iulian@romania-insider.com

(Photo source: Timon Schneider/Dreamstime.com)