The move reflects the company’s intention to redistribute capital to investors and bolster the share price, brokers consulted by ZF say. The issuer now has to gradually come up with the funds needed for the operation.
The buyback program will be carried out gradually and will allow the company to buy its own shares directly on the stock exchange, without a strict limit per transaction. For investors, this may mean an increase in the value of shares already held and a signal of confidence from management. One has a capitalization of RON3.1 billion after having gained 53% in the last six months.
At the same time, shareholders approved the sale of One United Tower for at least EUR114 million, a transaction that would mark one of the largest real estate exits by a listed company in the entrepreneurial segment. The sale of the office building, one of the company’s flagship assets, is intended to free up cash and allow the company to focus its resources on new developments or debt reduction.
One United Properties’ largest shareholders are entrepreneurs Victor Capitanu and Andrei Diaconescu.
(English version by Loredana Fratila-Cristescu)