Friday, October 18, 2013

Romania Fondul Proprietatea extends buyback tender

BUCHAREST | Fri Oct 18, 2013
Oct 18 (Reuters) - Romanian investment fund Fondul Proprietatea has extended a public tender to buy back its shares to 23 days until Nov. 14, it said on Friday.

The fund, which aims to repurchase 600 million shares, or 4.35 percent of its share capital at a price of 1 leu per share, had an initial timeline of 15 days for the offer.

Fondul Proprietatea was set up by the government to compensate Romanians whose assets were seized under communism, holds minority stakes in a slew of state firms and is managed by Franklin Templeton.

The offer is meant to speed up the Fund's buy-back programme, which it launched 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.

The discount stood at roughly 38 percent at the end of August.

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