This will be FP’s 11th buy-back program to reduce its share capital.
The buy-back shall be performed at a price that cannot be lower than RON0.2/ share or higher than RON2/share, meaning the Fund is willing to sped as much as RON1.6 billion on the buy-back.
The buy-back program starts on January 1, 2020 and ends on December 31, 2020, subject to the availability of the necessary financing sources.
Fondul Proprietatea controls 1.6 billion of its own shares, of which 146.9 million were bought back during its tenth buy-back program and 1.5 billion shares during the ninth.
FP’s total investments on the Bucharest capital market amount to approximately RON2.7 billion. Its most valuable holding is in OMV Petrom, of around RON2.23 billion.
FP shares grew 28.54% since the beginning of the year. It has a market value of RON10 billion, making it the fourth largest issuer on the Bucharest Stock Exchange.