Romania’s privatization starts to pay off
In the great game of improving the capitalization of the Bucharest Stock Exchange, the government is about to play its trump card. In December 2005, it began preparations for the launch of the Fondul Proprietatea, a tool with the ostensible function of privatizing property that was confiscated by the communist regime and had not yet been returned to private hands.
As the closed end fund that covers some of this property will have assets of about €4 billion, its listing on the Bucharest Stock Exchange will provide a hitherto unparalleled boost to the Romanian capital market, whose market capitalization stood at €15.3
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