January 11 (SeeNews) - Romanian property restitution fund Fondul Proprietatea [BSE:FP] said on Thursday it is launching a share repurchase programme at a price of 0.52 lei ($0.13/0.11 euro) per share.
Under the tender offer, the fund intends to repurchase up to 1.2 billion shares, both in the form of shares and global depositary receipts (GDRs) from its shareholders, it said in a bourse filing.
Each global depositary receipt represents 50 shares in the company.
The tender offer will commence on January 18 and will expire on February 23.
The fund has engaged Jefferies International Limited and WOOD & Company Financial Services to act as dealer managers in connection with the tender offer.
As at December 14, Fondul Proprietatea held 251.88 million of its own shares.
On November 10, Fondul Proprietatea completed its previous share buyback programme during which it has repurchased a total of 141.8 million shares for 122.3 million lei.
(1 euro = 4.6426 lei)