Fondul Proprietatea bought 12.52 million shares at average prices ranging between RON0.6605 and RON0.6641 a share.
The fund last week has launched a buyback program for up to 8% of its shares. The fund’s shares gained 4.7% in Bucharest to trade near an all-time of RON0.675 following the announcement of the buyback program, but the price subsided a few days later.
At around 12:40 pm Tuesday, Fondul Proprietatea traded down 0.08% at RON0.6595 a share, amid a declining market.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.
US hedging fund Elliott Associates is the fund’s largest shareholder, with a 17% stake, followed by investment management fund City of London with 9.69%. (EUR1=RON4.3552)