A CNAB listing could provide financing for constructing a new terminal at Henri Coandă International Airport, which Romania needs. According to the Fund's estimates, CNAB could obtain over €500 million following an initial public offering with new share issuance, while the Romanian State would remain the majority shareholder.
"FP supports the need for CNAB to be listed on the stock exchange in the near future. Listing the company on the local capital market would mark an important step in achieving its full potential, by increasing operational efficiency, improving corporate governance and public accountability, as well as facilitating access to new sources of financing," said Daniel Naftali, Portfolio Manager of FP.
To achieve this goal, FP emphasises the need to strengthen CNAB's corporate governance and prepare preliminary steps, such as contracting a financial auditor with prior experience in capital market transactions. The Fund has identified proposals including adding items to upcoming General Shareholders' Meeting agendas and communicating concerns regarding certain amendments to the Articles of Association.
Călin Meteș, Portfolio Manager of FP, said: "We are deeply concerned about the attempts to limit or even the lack of adequate implementation of corporate governance at CNAB. In order to achieve the company's listing on the BVB, it is vital to urgently and significantly improve corporate governance, as well as to prepare immediate preliminary steps, such as hiring a financial auditor with prior experience on the capital market."
