Fondul Proprietatea plans to buy back up to 7.97% of its share capital through the fourth share repurchase program, at a price range of RON0.2 to RON2 a share.
The fund’s buyback program started on October 1 and was scheduled to be completed on November 27, 2015.
The fund said that, in November, it will ask for shareholders approval to start a fifth buyback program, as soon as the shares bought under the fourth program are cancelled and the Financial Supervisory Authority endorses the operation.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism. U.S. hedging fund Elliott Associates is the fund’s largest shareholder, with a 17% stake, followed by US bank Morgan Stanley with 5%.
At around 1:36 pm Thursday, Fondul Proprietatea’s shares traded down 0.32% at RON0.949 in Bucharest. (EUR1=RON4.4127)