BUCHAREST, March 25 Franklin Templeton, the
manager of Romanian investment fund Fondul Proprietatea
said on Tuesday it aims to launch a third buy-back programme of
10 percent of its issued share capital on March 27.
The programme should cost at least 50.6 million lei ($15.60
million). The $4.6 billion fund launched its buy-back programmes
in an attempt to lower its share capital and narrow the discount
between its net asset value and its stock price, which stood at
roughly 34 percent in January.
Fondul completed a second buy-back programme through daily
purchases on the bourse and a tender offer, worth an overall
962.6 million lei last year, and shareholders have already
approved the third run.
($1 = 3.2441 Romanian lei)
(Reporting by Luiza Ilie)