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)