Fondul Proprietatea (Proprietatea Fund) posted a net profit of around EUR 50 million in the first half of this year, which was up 25 percent on the same period of last year.

Its revenues during this period were up 38 percent, to around EUR 63.7 million. The fund posted revenues from financial assets, revenues from interest rates and the difference in the exchange rate.

The Proprietatea Fund is a closed investment fund created to compensate former owners whose properties were confiscated during the communist regime and which cannot be redeemed in nature. The Fund has participation in 88 companies, most of which in the energy sector. The Fund’s listing on the stock exchange has been delayed one year to another. Listing 20 percent of the Fund’s shares should attract $ 500 million, according to Franklin Templeton representatives.

The main shareholders in the fund is the Finance Ministry, with 56,98 percent of the shares, 3,469 individuals, who have 31,62 percent of the shares and other firms, with 11,39 percent.

The fund is administrated by Franklin Templeton which has won the bid to manage the fund, but is yet to be officially names fund manager. Franklin Templeton plans to float the Fund on several stock markets by the end of this year.