March 6 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] is considering options to cut its interest in the country's top oil and gas group OMV Petrom [BSE:SNP] to below 15%, the fund's manager said.
"Our review is in its early stages and there is no defined timetable for any decision," Franklin Templeton Investment Management Ltd. said in a statement late on Wednesday.
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Fondul Proprietatea currently holds 19% of the issued share capital of the OMV Petrom.
The fund aims to enhance the trading liquidity of the company's shares while remaining committed to its successful development, it added.
Blue-chip Fondul Proprietatea was set up in 2005 to compensate pre-communist owners whose property could not be restored in its original form. The fund's shares closed flat at 0.8140 lei ($0.2486/0.1811 euro) on the Bucharest bourse on Wednesday.
Blue-chip OMV Petrom closed at 0.4400 lei, up 0.46%, on the Bucharest Stock Exchange on Wednesday.
(1 euro= 4.4959 Romanian lei)