US company Franklin Templeton, sole manager of the Proprietatea Fund (FP), has exercised its pre-emptive right and acquired 5.63 million shares with a nominal value of 10 Romanian lei per share issued by the National Company for Seaport Management, profit.ro reported.
The placement of shares worth 56.32 million lei (EUR10.81 million) provides the cash needed for the operation to increase the authorized capital, which was decided at the end of March by an extraordinary general meeting of shareholders of the company that manages the port of Constanta.
FP has a 20% stake in this company and the Romanian state is the majority shareholder.
The need to increase capital arose in the context of the company’s finalization of the acquisition of the Giurgiulesti port, Moldova’s only water outlet to the Danube.
However, according to the FP’s announcement to the stock exchange, the fund administrator reserves the right to use all necessary legal means in accordance with the legislation in force to protect the legitimate interests of the fund in connection with the respective increase of the authorized capital, referring to the objections raised by the representatives of Franklin Templeton after the annual general meeting of shareholders on this issue.
The fact is that FP was initially opposed to this purchase, at least in the form in which it is taking place. And has repeatedly and openly expressed this opinion.
But, apparently, the deal will be sold and the Giurgiulesti port will become the property of Romania.
