Fondul Proprietatea expresses disappointment over Engie listing rejection

Fondul Proprietatea is disappointed with the decision taken by the majority shareholder of Engie SA, Romania Gas Holding B.V., to oppose the listing of the company, according to a press release.

2018-11-29 16:20:09

Following the recent decision taken by the General Shareholders Assembly of Engie on 28 November 2018 against Fondul Proprietatea's proposal to list its 12 per cent stake in the company, Johan Meyer, CEO of Franklin Templeton Investments Management Limited Bucharest Branch and Portfolio Manager of Fondul Proprietatea, made the following statement:

"Fondul Proprietatea is disappointed with the decision taken by the majority shareholder of Engie SA, Romania Gas Holding B.V., to oppose the listing of the company. We acknowledged the fact that the Romanian State abstained from voting for this point of the agenda. The listing would have represented a great opportunity for Engie SA to prove it upholds the highest transparency standards, as required for a listed company, while accessing the capital market would have provided a major reputational gain for the company."

According to FP, the listing of a large company such as Engie SA would have made a significant contribution to the development of the local capital market by increasing its size and liquidity.

"We are confident that all the benefits that come with a listing on the stock exchange will determine Engie and the Romanian State to reconsider their position in the future," said Meyer.