The fund started buying back shares in the second week of May, and so far it has bought back some 1.45% of its shares. For this stake, the fund paid a total RON108.95 million.
The transactions through which the fund bought back the 13.7 million shares last week saw prices between RON0.4261 and RON0.4626 per share.
Fondul Proprietatea shares dove last week, in line with most stock on the Bucharest bourse, reaching a low of RON0.38 per unit.
The fund initially had a total RON120.3 million earmarked for buybacks. The amount is estimated to cover the purchase of a stake of up to 1.5%, well below the fund’s target of around 10%.
The operations are brokered by Wood&Company Financial Services.
The fund initiated a buyback process to rein in share price declines.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.
The fund was floated on the Bucharest Stock Exchange on January 25. (EUR1=RON4.2706)