Last week’s stock was the largest weekly purchase made by Fondul Proprietatea since the beginning of its buyback program May 11.
Fondul Proprietatea bought a little under 49.8 million shares at average prices ranging between RON0.5116 and RON0.5248 a share.
Monday, Fondul Proprietatea closed down 0.76% at RON0.523 a share.
The fund initiated a buyback process to keep its shares from declining too much. So far, the fund bought back a stake of 0.88% in exchange for RON62.3 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=RON4.2627)