The fund repurchased 227.57 million of its own shares under the program approved in November 2014 and conducted between February and July 2015. The shares acquired under the fifth program will be cancelled upon shareholders’ approval, the fund said in a report sent to the Bucharest Stock Exchange.
The fund’s shareholders approved a new share buyback program in April under which the fund plans to repurchase 891.77 million shares.
“The fund’s manager plans to continue the share repurchase programs, in accordance with the declaration of investment policy, and will start a sixth program approved by shareholders on April 27, 2015, as soon as the annulment of shares bought under the fourth program is endorsed by the Financial Supervisory Authority ASF,” according to the report.
Proprietatea fund reported a profit of RON356.6 million (EUR80.2 million) in the first half of 2015, down threefold against a record profit of RON1.06 billion in the same period a year ago.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism. The fund was listed on the Bucharest Stock Exchange in January 2011.