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Romania Fondul Proprietatea to launch share buyback on Oct. 1
September 30, 2014 / 3:49 PM / 3 years ago

Romania Fondul Proprietatea to launch share buyback on Oct. 1

BUCHAREST, Sept 30 (Reuters) - Romanian restitution fund Fondul Proprietatea will start a fourth buy-back programme of about 7 percent of its issued shares on Oct. 1, it said on Tuesday.

The 3.4 billion euros ($4.29 billion) fund, created to compensate Romanians whose assets were seized under communism, holds minority stakes in a slew of state-owned companies, some of which are unlisted.

It has been buying back its shares in a bid to narrow the discount between its net asset value and its share price, which currently stands at roughly 26 percent.

The programme should cost at least 198.2 million lei ($56.76 million).

For more details see (1 US dollar = 0.7925 euro) ($1 = 3.4920 Romanian lei) (Reporting by Luiza Ilie)

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