The company cannot start the process of listing Proprietatea Fund until it receives a governmental decision on registering the fund on the capital market, according to Lulache.

She also mentioned the selection process should end by the beginning of July, when the eight offers to manage the Fund run out.

Proprietatea Fund will be probably listed through a secondary public offering, but the value of the share package to be listed on the bourse is still unknown, according to Lulache. This idea was previously stated by the company's former president, Alexandru Paunescu.

The Finance Ministry will make an offer, according to a report by an intermediary, to sell 10-20 percent of the stake, Paunescu said in September 2007, adding the state will then own more than 50 percent of the fund. The Finance Ministry had 67.39 percent of the company's share capital at the end of March.

Lulache also said the Executive has to pay by the end of the month the value of shares subscribed and unpaid by the Finance Ministry, which stand close to 560 million lei.

The selection commission of Proprietatea Fund suspended last week the procedure of picking the company's manager after it required some clarifications from bidders that have to be sent by e-mail until today at 9 p.m.

The selecting of administrator for Proprietatea Fund was resumed on April 8 after the commission postponed process indefinitely in March until the Cabinet and the company could decide on the corporatist organization of the fund.

Also, the delaying of electing an administrator affected the company’s plans to list on the capital market this year. Once a manager is picked it would take three months to prepare the listing of the company.

Proprietatea Fund has started the procedure to select a manager and is currently analyzing the eight offers it received from Aviva Investors Global Services, BlackRock, Credit Suisse & OTP, FINAG Holding Gmbh, Franklin Templeton Investments, ING Invest Management, Morgan Stanley and Julius Baer.