Fondul Proprietatea bought 5.6 million shares at an average price of RON0.5115 a share.
Tuesday, Fondul Proprietatea closed down 0.3% at RON0.5 a share.
The fund initiated a buy-back process on May 11. So far, the fund bought back a stake of 0.09% for a total of RON6.7 million.
Fondul Proprietatea plans to allocate RON120.3 million (EUR28.3 million) to buy back stock on the Bucharest bourse. The amount is estimated to cover the purchase of a stake of up to 1.7%, well below the fund’s target of around 10%.
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=RON4.1233)