Fondul Proprietatea accelerates buy-back program with EUR 62 mln offer

Romania's biggest investment fund Fondul Proprietatea (FP) will launch a buyback offer targeting 220 million own shares.

The fund will pay RON 1.3 per share, 12% more than the current market price.

The Financial Supervisory Authority (ASF) has already approved the offer, which has a total value of RON 300 million (EUR 62 mln).

The fund's shareholders can subscribe to this offer between August 4 and September 9. The allocation method is pro-rata.

Swiss Capital, one of the largest Romanian brokerage firms, manages the offer. Franklin Templeton, Fondul Proprietatea's manager, has carried out several such offers in recent years to accelerate the buyback programs aimed at reducing the discount between the fund's share price and its net asset value per share.

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