BUCHAREST, March 7 Franklin Templeton, the
manager of Romanian investment fund Fondul Proprietatea
said on Friday it aims to launch a fourth buy-back programme of
10 percent of its issued share capital at a cost of at least
198.2 million lei ($61 million).
The $4.6 billion fund launched its buy-back programmes in an
attempt to lower its share capital and narrow the discount
between its net asset value and its stock price, which stood at
roughly 34 percent in January.
Fondul completed a second buy-back programme through daily
purchases on the bourse and a tender offer, worth an overall
962.6 million lei last year, and shareholders have already
approved a third run.
Franklin Templeton will ask Fondul shareholders to approve
the new programme at a meeting on April 28.
"The buy-back shall be performed at a price that cannot be
lower than 0.2 lei per share or higher than 2.0 lei per share,"
it said in a statement. "The shares repurchased in the third and
fourth buy-back programmes will be cancelled."
($1 = 3.2504 Romanian lei)
(Reporting by Luiza Ilie)