BUSINESSCOMPANIESFINANCIAL

Fondul Proprietatea bought shares of almost RON 4 M in a buy-back programme

By Anca Bernovici
0

Get real time updates directly on you device, subscribe now.

During May 16 – 20, Fondul Proprietatea (FP) purchased 5.4 million GDRs (Global Depositary Receipts) for RON 3.9 million in a buy-back programme, according to information published on the Bucharest Stock Exchange (BVB).

There are 639.9 million shares left to be repurchased by FP from sixth buy-back programme, which, at the most recent average market price per security of RON 0.73/unit, is worth RON 467 million.

According to Franklin Templeton, the Fund’s Manager, bought back is the best option at the moment for investors in the current market conditions. Moreover, the buy-back programme is also carried out to reduce the trading discount from 30 percent to15 percent, which is the target required by FP’s largest shareholder, U.S. hedge fund Elliott Management.

To power the buy-back programme, FP has closed assets (in 2015, the Fund sold part of the shares in Romgaz and Primcom and entirely the stakes in Forsev, SIFI CJ Agro, Electrocostrucţia Elco Cluj and Petrotel Lukoil).

The sixth buy-back programme started on September 9, 2015, and was resumed on January 28 after these operations were suspended on January 12, the Fund intending to accelerate the sixth buy-back programme through public offer (IPO).

Due to the high volatility of equity markets, FP’s administrator decided to postpone the IPO. The sixth programme run by FP is mediated by Wood & Company Financial Services brokerage firm, headquartered in Prague.

 

 

 

DONATE: Support our work
In an ever changing and challenging world, the media is constantly struggling to resist. Romania Journal makes no exception. We’ve been informing you, our readers, for almost 10 years, as extensively as we can, but, as we reject any state funding and private advertising is scarce, we need your help to keep on going.
So, if you enjoy our work, you can contribute to endorse the Romania Journal team. Any amount is welcome, no strings attached. Choose to join with one of the following options:
Donate with PayPal
Donate by Bank Wire
Black Zonure SRL
UniCredit Bank. Swift: BACXROBU
RON: RO84 BACX 0000 0022 3589 1000
EURO: RO57 BACX 0000 0022 3589 1001
USD: RO30 BACX 0000 0022 3589 1002

Anca Bernovici

Anca Bernovici

I started my way in life with the intention to pursue a teaching career. But, after graduating from the Faculty of Letters – the University of Bucharest in 2004, my first job as a reporter at one of the leading newspapers in Romania changed my perspective. I have specialized in communication and communication campaigns, following the Master's courses at the Faculty of Journalism and Communication Studies (FJSC), attending a BBC Communications scholarship.
I’ve represented several important publications in Romania as business journalist, being accredited in the finance and banking field. In 2015, I had the opportunity to interview the International Monetary Fund (IMF) Mission Chief for Romania, Andrea Schaechter. As business journalist, I also had the opportunity to interview ministers for Economics and Commercial
Affairs offices within different embassies in Romania or officials of large companies investing on the domestic market.
After almost 15 years of journalism, I still want to explore new ways, to inform and stay updated. That’s why The Romania Journal project fits me so well.
Today I describe myself as a passionate about the history of world culture, having a PhD in Hebrew Culture and Civilization, after a scholarship at the University of Haifa International School, as a language addict, an environmental activist, pet lover and traveler.

You might also like More from author
Leave A Reply

Your email address will not be published.