{"id":8548,"date":"2026-01-23T08:00:50","date_gmt":"2026-01-23T08:00:50","guid":{"rendered":"https:\/\/ofero.news\/?p=8548"},"modified":"2026-01-23T08:00:50","modified_gmt":"2026-01-23T08:00:50","slug":"fondul-proprietatea-shareholders-seek-independent-valuation-of-bucharest-airports-stake","status":"publish","type":"post","link":"https:\/\/ofero.news\/?p=8548","title":{"rendered":"Fondul Proprietatea shareholders seek independent valuation of Bucharest Airports stake"},"content":{"rendered":"<p>Several shareholders of Fondul Proprietatea have asked the investment fund to seek an independent valuation of its 20% stake in Bucharest Airports (CNAB), amid plans by the Romanian state to buy out the minority holding, according to a document cited by <a href=\"https:\/\/www.bursa.ro\/actionarii-fp-cer-o-evaluare-independenta-a-participatiei-la-cnab-08171850?mc_cid=34d5451a08&amp;mc_eid=cd1f92f96c\" target=\"_blank\">Bursa.ro<\/a>. The request is expected to be submitted for discussion at Fondul Proprietatea\u2019s shareholders\u2019 meeting scheduled for February 26.\u00a0<\/p>\n<p>The Romanian state owns the remaining 80% of CNAB and has expressed interest in acquiring the fund\u2019s stake, while Fondul Proprietatea has repeatedly supported the option of listing the airport operator on the Bucharest Stock Exchange.<\/p>\n<p>In their submission, the shareholders criticised the valuation applied by the state, which lowered CNAB\u2019s assessed value from RON 2 billion to RON 1.37 billion (EUR 400 million to about EUR 274 million), citing discounts for lack of control and lack of liquidity. The shareholders argue these discounts are not justified in the context of a sale to the state.<\/p>\n<p>\u201cIn the case of the sale of Fondul Proprietatea\u2019s stake to the state, the state becomes the sole shareholder, so the discount for lack of control no longer applies,\u201d the shareholders said.<\/p>\n<p>They also questioned the relevance of a liquidity discount, noting that \u201cthe state has repeatedly rejected the listing of CNAB\u201d.<\/p>\n<p>The letter also refers to statements made by Franklin Templeton, the manager of Fondul Proprietatea, during the presentation of the fund\u2019s preliminary financial report.\u00a0<\/p>\n<p>According to the shareholders, the manager stated that existing valuations were prepared solely for financial reporting purposes and that any transaction would require a separate valuation tailored specifically to the sale, incorporating information that emerged after the reporting date.<\/p>\n<p><em>iulian@romania-insider.com<\/em><\/p>\n<p><em>(Photo source: <a href=\"https:\/\/www.dreamstime.com\/\">Timon Schneider\/Dreamstime.com<\/a>)<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Several shareholders of Fondul Proprietatea have asked the investment fund to seek an independent valuation of its 20% stake in Bucharest Airports (CNAB), amid plans by the Romanian state to buy out the minority holding, according to a document cited by Bursa.ro. The request is expected to be submitted for discussion at Fondul Proprietatea\u2019s shareholders\u2019 [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8548","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/ofero.news\/index.php?rest_route=\/wp\/v2\/posts\/8548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ofero.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ofero.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/ofero.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8548"}],"version-history":[{"count":0,"href":"https:\/\/ofero.news\/index.php?rest_route=\/wp\/v2\/posts\/8548\/revisions"}],"wp:attachment":[{"href":"https:\/\/ofero.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ofero.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ofero.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}