Romania: FSDI strategy to be approved. Fund is to own Electrica, E.ON, OMV-Petrom and Delgaz stakes, among others

Romania might have another large investment fund, as the Romanian Senate approved on Wednesday, April 18, the proposal to create the Sovereign Development and Investments Fund (FSDI).

The fund, worth some EUR 400 million, would hold minority or majority stakes in 23 state companies, down from the initial proposal of 89. Fund managers would have four-year mandates, based on the 2011 law on corporate governance, local media reported.

The fund would submit activity reports to the Finance Ministry rather than to the Parliament, as initially proposed. The state would not offer this fund any guarantees or support of any kind.

The Government would approve the fund’s investment strategy, with a focus on infrastructure and innovation, among others. The Finance Ministry would draft and evaluate long-term performance indicators.

The Government proposed stakes in the following companies to be part of the fund: Electrica, Delgaz Grid SA, E.ON Energie România, Chimcomplex, OMV Petrom, Telekom România, Antibiotice SA, Compania Națională pentru Controlul Cazanelor, Instalațiilor de Ridicat și Recipientelor sub Presiune, Loteria Română, IAR SA, Oil Terminal, Cuprumin, Unifarm, SN Apelor Române, Compania Națională Administrația Porturilor Dunării Maritime, Romgaz, Hidroelectrica, CN Aeroporturi București, Nuclearelectrica, Imprimeria Națională, Compania Națională Administrația Porturilor Maritime and Conpet.

 

 

 

Source: Hotnews.ro.

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