Fondul Proprietatea paid a total 3.3 million lei (EUR0.76 million) for the stock at an average share price of RON0.6671, Czech brokerage Wood&Company said.
The fund’s shares gained 4.7% in Bucharest to trade near an all-time of RON0.675 following the announcement of the buyback program. On Monday, however, Fondul Proprietatea lost 2.1% to finish at RON0.656.
At 12:40 pm Tuesday, Fondul Proprietatea traded up 0.76% at RON0.661 a share, valuing the company at RON9.09 billion.
Fondul Proprietatea was set up in 2005 to compensate Romanians whose properties were seized during communism.
US hedging fund Elliott Associates is the fund’s largest shareholder, with a 17% stake, followed by investment management fund City of London with 9.69%.