Franklin Templeton Investments (NYSE: BEN) has confirmed to the Selection Commission of the Fondul Proprietatea that its final offer remains valid until at least 9 June 2010.
“We would like to reiterate both our willingness and long-term commitment to manage the Fund for the benefit of all of its shareholders and to do our utmost to list it on the Bucharest Exchange as soon as possible after our official appointment”, David Smart, Global Head of Sovereign Funds and Supranationals for Franklin Templeton commented.
The Selection Commission of Fondul Proprietatea has finalized the renegotiation of the management agreement with Franklin Templeton, pending for approval by the General Shareholders’ Meeting. Shareholders of Fondul Proprietatea will meet to approve the revised contract.
The Fund, valued approximately at €2.7 billion was launched in December 2005 and its main objective is to compensate Romanians who have been expropriated by the country’s former communist regime
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