Fondul NAV up 5%

From Wood and Co Research note released this morning:

Fondul Proprietatea has disclosed the NAV for end of June at RON 1.1445, up 5.4% from previous NAV disclosed on 9 June (just after the reduction in par value to RON 0.85 per share). The reason for the increase in the NAV is the revaluation of the stakes held in Bucharest Airports, Constanta Port and the one in Hidroelectrica after exiting insolvency. The total cumulated increase was RON 785.7m, 6.5% of the NAV, with the largest effect coming from Hidroelectrica revaluation.