On November 25, the fund has resumed the daily execution of its buyback program launched earlier this year, through which it plans to repurchase 8% of its shares.
The daily program was suspended temporarily for an accelerated buyback tender of 4.35% of its own shares, for which the fund paid RON600 million.
So far this year, Fondul Proprietatea repurchased 7.13% of its own shares for a total of RON862.2 million.
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 12:00 pm, Fondul Proprietatea’s shares traded down 0.58% at RON0.851 in Bucharest, just below an all-time high of RON0.86 recorded Monday evening. (EUR1=RON4.4359)