It said the buyback offer program has been submitted for approval with the Financial Supervisory Authority of Romania (ASF).
Fondul Proprietatea has engaged Swiss Capital S.A. together with Auerbach Grayson as agents and Swiss Capital S.A. as intermediary in relation to the purchase of shares as per the buyback mandate terms and The Bank of New York Mellon as tender agent in relation to the purchase of global depositary receipts (GDRs).
Under this tender offer, the Fund intends to repurchase from its shareholders up to 200 million shares (both in the form of shares and GDRs).
It is expected that full details of the tender offer, including pricing, to be announced if and when the tender offer is implemented and approval is received from the supervisory authority, which is expected to occur within 10 business days according to the regulations in force.