Franklin Templeton, the manager of Romanian investment fund Fondul Proprietatea, aims to launch a third buy-back programme of 10 percent of its issued share capital on March 27.
The programme will see Fondul Proprietatea acquire a maximum number of almost 253 million shares or 10 percent of the issued share capital at the relevant time, whichever is the lesser, at a minimum value of RON 0.2 per share and a maximum one of RON 1.5 per share.
The program is set to cost at least EUR 11.3 million.
The USD 4.6 billion fund launched its buy-back program in a bid 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, according to Reuters.
Fondul Proprietatea finished a second buy-back program through daily purchases on the stock exchange and a tender offer, worth an overall EUR 215.6 million last year.
Shareholders have already approved the third stage.
Shaun Turton [email protected]