Romania's SIF 5 Oltenia Plans To Buy Back 10.0% Of Its Shares

The fund will offer between 1.36 lei and 2.50 lei ($0.94/0.67 euro) per share over a period of one year, it said in a statement. It will use the repurchased shares to stabilise its stock price or to cut the share capital.

Shareholders are expected to vote on the proposal on November 14. The record date is October 10.

The shares of SIF 5 Oltenia, part of the BET-FI index of the Bucharest bourse, BVB, were the most traded on Wednesday, gaining 5.43% to close at 1.36 lei.

SIF 5 Oltenia (www.sifolt.ro) has said it expects net profit to fall by 15% to 90.6 million lei this year. It reported a 32% drop in its net profit for the first half of the year to 53.8 million lei.

(1 euro = 3.7518 Romanian lei)