Fondul Proprietatea bought 23.58 million shares at average prices ranging between RON0.4764 and RON0.5152 a share.
Wednesday morning, Fondul Proprietatea traded up 5.2% at RON0.455 a share.
The fund initiated a buyback process to keep its shares from falling too much. So far, the fund bought back a stake of 1.44% in exchange for RON102.8 million.
Fondul Proprietatea allocated 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 1.5%, 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=RON4.262)