Fondul Proprietatea gets permit for buyback program at 70% above market price
<p>Romania’s Financial Supervisory Authority (ASF) approved the prospectus for the operation under which Fondul Proprietatea (BVB: FP) seeks to buy back 269 million of its 5.67 billion shares in order to reduce the share capital of the fund, according to an ASF report published on the website of the Bucharest Stock Exchange (BVB).</p>

<p>The price of FP’s shares rose by over 3% upon the announcement on September 4.</p>

<p>The redemption price will be operated at a price of RON 0.6622, which is about 70% higher than the current market price, <a href="https://www.bursa.ro/fp-va-rascumpara-actiuni-proprii-la-un-pret-cu-70-procente-mai-mare-decat-cel-din-piata-68624358?mc_cid=965c18eee3&amp;mc_eid=cd1f92f96c" rel="noopener" target="_blank">Bursa.ro</a> reported.&nbsp;</p>

<p>The buyback scheme will take place between September 11 and September 25 this year.</p>

<p>The operation is part of the broader buyback program approved by FP shareholders in February 2024, through which the green light was given to the acquisition during this year of at most one billion own shares (in the form of securities listed on the BVB or global certificates of deposit listed on the London Stock Exchange), at prices between RON 0.2-1.0 per share (for the securities listed on the BVB).</p>

<p><em>iulian@romania-insider.com</em></p>

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