The figure is exclusive of brokerage fees and other acquisition related costs, Fondul Proprietatea said in a statement.
The fund repurchased roughly 252.86 million of its own shares through daily acquisitions on the Bucharest Stock Exchange at an average price of RON0.8125 a share.
At around 1:30 pm today, the fund’s shares were traded at RON0.83, down 0.95% on the day.
Franklin Templeton, the sole administrator of Fondul Proprietatea, will request shareholder approval at the next general meeting to cancel the shares repurchased during the third buyback program.
Additionally, the fund plans to start a fourth buyback program, approved by shareholders on 28 April 2014, as soon as the shares bought under the third program are cancelled and the Financial Supervisory Authority endorses the operation, Fondul Proprietatea said.
Under the new program, the fund plans to repurchase up to 10% of its own shares.
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 15.2% stake. (EUR1=RON4.4)