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Romania’s Fondul Proprietatea repurchases 0.1% stake

Romania’s Fondul Proprietatea repurchases 0.1% stake

BUCHAREST (Romania), June 18 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] bought back 13.84 million ordinary shares, equal to a 0.1% stake, for 9.8 million lei ($2.9 million/2.2 million euro), the fund said.

Fondul Proprietatea acquired the shares last week at a price between 0.637 lei and 0.640 lei each, it said in the statement filed with the Bucharest Stock Exchange on Monday.

Fondul Proprietatea 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, starting from April 10.

So far, the fund has repurchased some 121.24 million shares.

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's shares last traded down 0.31% at 0.6450 lei at 1007 CET on the Bucharest Stock Exchange.

(1 euro = 4.4746 Romanian lei)