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Romania's Fondul to launch buyback tender
October 20, 2014 / 4:18 PM / 3 years ago

Romania's Fondul to launch buyback tender

BUCHAREST, Oct 20 (Reuters) - Romanian investment fund Fondul Proprietatea plans to buy back 750 million of its shares, or roughly 6 percent at a tender, it said on Monday.

The 3.4 billion euros ($4.35 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 now stands at roughly 26 percent.

The fund said in a statement it has requested approval from the country’s Financial Supervisory Authority for the tender, which will be brokered by Raiffeisen Bank.

Its shares were bid at 0.8965 lei on Monday, up 0.2 percent on the days. For more details see . (1 US dollar = 0.7825 euro) (Reporting by Luiza Ilie)

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