Fondul Proprietatea exits Conpet

Fondul Proprietatea, the EUR 2.1 billion closed-end fund managed by Franklin Templeton, has sold its minority stake in Conpet, the operator of the oil transport network in Romania.

The fund sold over half a million shares, accounting for a 6.06 percent stake in the company. The transaction was carried out on the secondary market, according to a statement submitted to the Bucharest Stock Exchange by Conpet.

FP’s gross dividend income from Conpet stood at RON 13.8 million in 2017, according to a report of the fund.

On Friday afternoon trading, at 4.57 PM, one Conpet share was down 1.25 percent to RON 111.

On Thursday, Dragos and Adrian Paval, owners of DIY chain Dedeman, expanded their stake in Conpet from 1.35 percent to 7.41 percent.

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The main shareholder of Conpet is the Ministry of Energy with a 58.7 percent stake.