Fondul Proprietatea (the “Fund”) welcomes the approval on 27 July 2022 by the Government of the Memorandum supporting the listing of Salrom, which is a key milestone in the listing process of the company.
The listing of Salrom will take place through a public offer carried out by Fondul Proprietatea through the intended sale of its 49% holding in the company. The approval of the memorandum comes as a subsequent step following the approval in principle for the listing of Salrom through a public offer carried out by Fondul Proprietatea at a company GSM in July 2021.
The Romanian State, through the Ministry of Economy does not intend to participate in the listing process by selling shares and will continue to be the majority stakeholder of the company. Based on a competitive selection process, the Fund selected BRD – Groupe Société Générale as Investment Bank to coordinate the transaction.
Commenting on this topic, Johan Meyer, CEO of Franklin Templeton Investments Romania and Portfolio Manager of Fondul Proprietatea said:
“We would like to extend our thanks to the Ministry of Economy for the strong collaboration throughout this process. We are excited to witness this positive development, which is a key step in the listing process and brings us closer to the listing itself. We would like to complete the listing of Salrom on the Bucharest Stock Exchange in the first half of 2023, thus increasing the number of major issuers listed on the main market.”
Listing Salrom would create liquidity for the Fund, in line with its current investment strategy to realize value from investee companies and increase liquidity within the Fund portfolio. It would also create an additional, unique opportunity for investors on the Bucharest Stock Exchange and would support the further development of the local capital market.