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Romania's Fondul Proprietatea to launch share buyback on March 27
March 25, 2014 / 5:12 PM / 3 years ago

Romania's Fondul Proprietatea to launch share buyback on March 27

BUCHAREST, March 25 (Reuters) - Franklin Templeton, the manager of Romanian investment fund Fondul Proprietatea said on Tuesday it aims to launch a third buy-back programme of 10 percent of its issued share capital on March 27.

The programme should cost at least 50.6 million lei ($15.60 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 the third run. ($1 = 3.2441 Romanian lei) (Reporting by Luiza Ilie)

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