Fondul Proprietatea welcomes the postponement of a GSM resolution related to the participation of Romgaz in Tarnita

Franklin Templeton Investment Management Limited UK Bucharest branch, welcomes the fact that no decision was taken by SNGN Romgaz SA during the general shareholders meeting organised yesterday regarding the participation of Romgaz in two project companies for setting up the Tarnita hydroelectric plant and the Romania-Turkey submarine cable.

2014-03-19 09:10:51

The fact that the Department of Energy, in its capacity as representative of the majority shareholder of SNGN Romgaz SA, did not attend the General Shareholders Meeting, made possible the postponement of any decision related to Romgaz involvement in these two project companies.

The fund states that it welcomes this decision given that currently there is not sufficient information about the projects and the structuring of their financing in order to confidently take a decision.

As a minority shareholder of Romgaz, Fondul Proprietatea welcomes the Romanian state authority openness and availability for dialogue which is demonstrated by this recent decision. The Fund hopes that a comprehensive assessment process will be carried out in relation to the opportunity to establish these project companies and their financing requirements by state-owned enterprises.

Additionally, the Fund would welcome the opportunity to work together with the state authorities in order to identify the most efficient and valuable investment projects for state-owned companies' part of Fondul Proprietatea portfolio and contribute to a thorough analysis of all anticipated costs and benefits generated by such projects.