Fondul Proprietatea seeks to buy back more than half of its shares in 2023
Franklin Templeton, the administrator of Fondul Proprietatea (BVB: FP), with a market capitalisation of RON 12 bln (6.4 bln shares worth EUR 2.4 bln), plans to buy back 3.5 bln shares worth RON 7 bln (EUR 1.4 bln) in 2023 and called the fund’s shareholders on November 15 to endorse the buyback scheme.
The fund will pay between RON 0.2 and RON 0.3 per share, compared to a market price of RON 1.878 on September 20, Ziarul Financiar reported.
Part of the money used in the buyback scheme next year will be sourced from the sale of FP’s 19.9% stake in Hidroelectrica - a move that the shareholders are also invited to clear on November 15.
FP shares have fallen by 5.6% since the beginning of 2022, on transactions of RON 1.7 billion, BVB data show. Meanwhile, the benchmark BET index lost 12%.
(Photo source: Dreamstime.com)