September 26, 2013 / 9:03 AM / 6 years ago

Shares in Romania's Fondul reach record high

BUCHAREST, Sept 26 (Reuters) - Shares in Romanian investment fund Fondul Proprietatea reached an all time high on Thursday and rose 3.1 percent on the day after it said it will speed up its buy back programme.

Fondul, a $4.9 billion investment fund set up by the government to compensate Romanians whose assets were seized under communism, is managed by Franklin Templeton and holds minority stakes in several state-owned companies.

On Wednesday, it said it plans to buy back roughly 4.4 percent of its shares at an estimated cost of 441.6 million lei ($133.2 million).

The fund had launched its buy-back programme earlier this year, with daily purchases of shares from the bourse, in an attempt to lower its share capital and narrow the discount between its net asset value and its stock price.

By 0855 GMT, Fondul shares traded at 0.7600 lei ($0.23), up 3.1 percent from the previous session. ($1 = 3.3022 Romanian leus) (Reporting by Luiza Ilie)

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