Loading ...The Proprietatea Fund will most probably have a manager by March 20 next year, according to the estimated schedule for the selection procedure within the task notebook of the international tender, published last week by the Official Gazette.
According to the estimated data related to the different stages of the selection procedure to find a manager for the fund, the opening of the final bids is to be take place after 59 working days since the data of the publishing with the Official Gazette of the task notebook. Nevertheless, the Funds’ surveillance council might prolong the entire selection process, either on stages or as a whole, with the total prolonging not to exceed 15 working days since the last term provisioned with the initial schedule.
Government approved on October 15 the task notebook, the schedule and the regulation for the international tender for selecting of the company to manage the Fund.
The companies that shown interest in managing the Proprietatea Fund need to have managed in 2006 and 2007 total assets to exceed 30 billion euros, with the value to stay the same in the case of a consortium.
Another condition is the company to have professional liability worth at least 50 million euros.
The companies that shown interest in managing the Proprietatea Fund need to have managed in 2006 and 2007 total assets to exceed 30 billion euros, with the value to stay the same in the case of a consortium.
Another condition is the company to have professional liability worth at least 50 million euros.
Moreover, the candidates are not allowed to participate in more than two consortiums, not being thus able to submit more than two offers.
“It is for sure we will have big companies interested in managing the Proprietatea Fund. Still, there should be less companies than in August, taking into account some of them have gone bankrupt or are about to go bankrupt. I hope other will appear instead,” the head of the selection committee Sebastian Vladescu said last month.
The Proprietatea Fund has received, until August 1, letters of intent from 28 companies, among which one is registered in Romania.
“It is for sure we will have big companies interested in managing the Proprietatea Fund. Still, there should be less companies than in August, taking into account some of them have gone bankrupt or are about to go bankrupt. I hope other will appear instead,” the head of the selection committee Sebastian Vladescu said last month.
The Proprietatea Fund has received, until August 1, letters of intent from 28 companies, among which one is registered in Romania.
In the meantime, with the situations having gone worse on the international markets because of the financial crisis, Fortis, a company that showed intention to manage the Proprietatea Fund via a division in Austria was saved from bankrupt by being nationalized by the Belgian, Dutch and Luxembourg authorities, while the Royal Bank of Scotland – another candidate having practically nationalized by the British government, in exchange for a financial aid worth 20 billion pounds (some 34 billion dollars).
The single Romanian company that submitted an offer to take over the administration of the Fund was BCR Asset Management.
The single Romanian company that submitted an offer to take over the administration of the Fund was BCR Asset Management.
The Proprietatea Fund currently numbers 2,024 private shareholders, with their stake totaling 25.30% of the share capital. The Romanian government plans to list the Proprietatea Fund on the Bucharest Stock Exchange (BVB) and also on an international stock exchange, from London or New York. The most recent statements made by the heads of the Fund suggested the listing will be operated no earlier than in mid-2009.
The assets of the Proprietatea Fund are worth almost 4 billion euros.
The assets of the Proprietatea Fund are worth almost 4 billion euros.
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