The fund aims to buy 227.5 million of its own shares, which are valued at some EUR 44 million, at current market prices. Czech brokerage firm Wood&Co will manage the buybacks.


Fondul Proprietatea last week finalized its fourth buyback program, in which it paid some EUR 237 million for 990 million shares. The fund will cancel the purchased shares.


The fund has spent more than EUR 0.5 billion on buybacks since it’s been listed on the Bucharest Stock Exchange, in January 2011. The money came mainly from asset sales.


The buyback programs are aimed at reducing the discount between the fund’s share price and its net asset value (NAV) per share, which currently stands at about 30%.

The fund’s net assets were EUR 2.95 billion, at the end of December 2014. Its market capitalization currently stands at EUR 2.36 billion (as of February 10, 2015). (source: