The fund said Wednesday morning that it plans to launch a public tender offer for 4.35% of its own shares in a move to accelerate a buyback program initiated in April last year. Investors now hope the offer price will be higher than the current market quotes.
At around 11:21 local time (GMT0821), Proprietatea traded up 3.2%, at 0.761 lei (EUR0.17) per share, after touching an all-time high of RON0.7635 earlier in the day.
The Bucharest bourse’s main index BET was up 0.45%, as Proprietatea’s strong increase was countered by losses of Banca Transilvania (TLV.RO), which traded down 1.2%, and OMV Petrom (SNP.RO), which inched 0.2% lower.
Composite index BET-C was up 0.59%, while extended blue-chip index BET-XT was 0.43% higher.
Investment fund tracker BET-FI was up 1.24%, with SIF Moldova (SIF2.RO) gaining 1.3% and SIF Transilvania (SIF3.RO) trading up 0.9%.
Bucharest benchmark index BET-BK was up 0.57%, while energy stocks tracker inched 0.1% higher.
The bourse’s traded value was much higher than in recent sessions, with share transfers reaching RON17 million (EUR3.8 million) at 11:34, helped by the high interest for Fondul Proprietatea stock, which covered more than half of the amount. (EUR1=RON4.4711)