The fund started buying back shares in the second week of May, and so far it has bought back some 1.5% of its shares. For this stake, the fund paid a total RON111.75 million.

The transactions through which the fund bought back the 6.1 million shares last week were closed at prices between RON0.44 and RON0.47 per unit.

Fondul Proprietatea shares fell 4% last week, in line with most stock on the Bucharest bourse.

The fund initially had a total RON120.3 million earmarked for buybacks, to rein in share price declines. The operations are brokered by Wood&Company Financial Services.

Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during the communist era.

The fund was floated on the Bucharest Stock Exchange on January 25.

Monday, Proprietatea closed up 3.5%, at RON0.4575 a share. (EUR1=RON4.2611)