Proprietatea Fund: Bucharest Bourse Regulator Not Keen On Secondary Listing
Romania’s securities commission CNVM is not very keen on the idea that investment fund Fondul Proprietatea (FP.RO) might be listed on a foreign stock exchange, because it fears the move would diminish its revenue from trade fees, the fund manager Grzegorz Konieczny said Wednesday.
“It’s a natural fear… as CNVM’s revenues depend on market liquidity. However, a dual listing will attract new investors and, in most cases, the liquidity (in the main market) increases with the secondary listing,” Konieczny told a news conference.
He said that Franklin Templeton, administrator of Fondul Proprietatea, is keeping its target to float the fund’s shares in Warsaw in the first half of 2012.
“Having a secondary listing is highly important to us and we are keeping our recommendation regarding the stock exchange in Warsaw… We are waiting for a decision from CNVM,” Konieczny added.
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