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Romania’s Fondul Proprietatea buys back 0.11% stake

Romania’s Fondul Proprietatea buys back 0.11% stake

BUCHAREST (Romania), July 15 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] repurchased 15.2 million ordinary shares, equal to a 0.11% stake, for 9.7 million lei ($2.9 million/2.2 million euro), the fund said on Monday.

Fondul Proprietatea acquired the shares last week at a price between 0.628 lei and 0.644 lei each, it said in a statement filed with the Bucharest Stock Exchange.

The fund plans to repurchase up to 1.1 billion shares at a price of between 0.2 lei and 1.5 lei each over a period of 18 months. The buyback programme started on April 10 and the fund has repurchased some 168.44 million shares since then.

Blue-chip Fondul Proprietatea was set up in 2005 to compensate pre-communist owners whose property could not be restored in its original form.

The fund closed 0.08% down at 0.640 lei on the Bucharest bourse on Monday.

(1 euro = 4.4275 Romanian lei)