Transelectrica shares recorded an appreciation of 9.83% in the period between July 21 and August 21, compared to the euro, representing the best performance from the BET index, which has appreciated by 4%, according to Bursa. Transelectrica recorded in first half of the year a net profit of 226.2 million lei (50.91 million euros), 2.2 times higher than in H1 2013 (102.74 million lei).

The state owns 58.6% of Transelectrica shares, the rest goes to other shareholders, after Fondul Proprietatea sold in July its 13.5% package. In an interview with Bursa daily last week, Greg Konieczny, the manager of (FP), explained that the shares were sold  because the Fund had lost its voting rights.

“We have to consider that, at Transelectrica and Transgaz, due to licensing as an independent transport operators we lost voting rights ( a European Directive states that you can not be at the same time shareholder in transport companies and in energy production companies and suppliers).

We could not influence what happens to the company. This was the main reason why we sold the Transelectrica stake. The company’s performance surprised us, how fast the granting of shares as bonuses reflected in the company’s operations and has been recognized by the market.

All Transelectrica shareholders benefited from this, received dividends, and the exchange quotation is much higher. However, without voting rights, it was very difficult for us to justify the holdings in this company. Not too many people realize that we have lost voting rights, but is found in the documents”, said Greg Konieczny.

The FSA recently rejected the prospectus for capital increase of Transelectrica, saying it is necessary to repeat procedures to increase the capital with the value of land for which were obtained certificates of ownership and providing pre-emptive rights to others shareholders of the company, in compliance with legal requirements an ensuring equal treatment of all shareholders, in terms of the issue price of new shares issued.