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Romania's Fondul Proprietatea mulls partial divestment of Conpet stake

Romania's Fondul Proprietatea mulls partial divestment of Conpet stake

BUCHAREST (Romania), September 11 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] said on Wednesday it is considering partially divesting its stake in local oil pipeline operator Conpet [BSE:COTE]. 

The size of the stake to be sold will not exceed 10% of all shares issued by the company, Fondul Proprietatea said in a statement posted on the Bucharest Stock Exchange website. 

As of end-2012, the investment fund held 29.7% of Conpet, according to the most recent data available from the central depository. 

Majority-state owned Conpet started trading on the regulated market of the Bucharest Stock Exchange last week, moving there from the over-the-counter market RASDAQ. 

The listing on the regulated market aims to raise funds needed to complete a major project - the interconnection of the national oil pipeline system with regional grids and with the pan-European system. 

Blue chip Fondul Proprietatea was set up in 2005 to compensate pre-Communist era property owners whose assets were nationalised.

The fund's shares closed up 1.47% at 0.6915 lei ($0.2054/0.1545 euro) on the Bucharest bourse on Wednesday.

(1 euro = 4.4738 Romanian lei)