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Romania’s Fondul Proprietatea repurchases 0.13% of own shares

Romania’s Fondul Proprietatea repurchases 0.13% of own shares

BUCHAREST (Romania), August 5 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] has repurchased 17.4 million ordinary shares, equal to a 0.13% stake, for 11.36 million lei ($3.4 million/2.6 million euro), the fund said on Monday.

Fondul Proprietatea acquired the shares last week at a price between 0.647 lei and 0.657 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 217.9 million shares since then.

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

The fund closed up 0.46% at 0.6620 lei on the Bucharest bourse on Monday.

(1 euro = 4.4175 Romanian lei)