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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

 

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Fondul Proprietatea accelerates its buy-back campaign, eyes another 5% stake

Franklin Templeton International Services, in its capacity of alternative investment fund manager and sole director of Fondul Proprietatea (FP), on May 11 announced that it got the permit from the supervisory authority (ASF) for a public tender offer “in relation to the acceleration of the ongoing buy-back program.”

In brief, Fondul Proprietatea will buy back 5% - or 325 mln of its shares (both in the form of shares and GDRs) at a price of RON 2.19.

FP's shares rose by 2.23% during the May 11 trading session to RON 2.065.

The offer will take place between May 18 and 24, with the intermediary being Swiss Capital.

In the case of Global Certificates of Deposit (GDRs), traded in London, the purchase price will be the dollar equivalent of RON 109.5 per GDR.

The offer is part of the program approved by Fondul Proprietatea shareholders at the end of last year, which gave the green light to Franklin Templeton to redeem at most 800 mln FP shares, including through public offers, at prices between RON 0.2 and RON 2.5 per share.

For the end of March, Fondul Proprietatea reported a Unit Value of Net Assets of RON 2.3466, which means that at this moment, the shares of FP were traded with a discount of about 13%.

The market capitalisation of Fondul proprietatea is RON 13 bln (EUR 2.6 bln).

(Photo: Robbiverte/ Dreamstime)

andrei@romania-insider.com

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

 

The Capital Markets News section is powered by the Bucharest Stock Exchange 

 

BSE

 

 

Fondul Proprietatea accelerates its buy-back campaign, eyes another 5% stake

Franklin Templeton International Services, in its capacity of alternative investment fund manager and sole director of Fondul Proprietatea (FP), on May 11 announced that it got the permit from the supervisory authority (ASF) for a public tender offer “in relation to the acceleration of the ongoing buy-back program.”

In brief, Fondul Proprietatea will buy back 5% - or 325 mln of its shares (both in the form of shares and GDRs) at a price of RON 2.19.

FP's shares rose by 2.23% during the May 11 trading session to RON 2.065.

The offer will take place between May 18 and 24, with the intermediary being Swiss Capital.

In the case of Global Certificates of Deposit (GDRs), traded in London, the purchase price will be the dollar equivalent of RON 109.5 per GDR.

The offer is part of the program approved by Fondul Proprietatea shareholders at the end of last year, which gave the green light to Franklin Templeton to redeem at most 800 mln FP shares, including through public offers, at prices between RON 0.2 and RON 2.5 per share.

For the end of March, Fondul Proprietatea reported a Unit Value of Net Assets of RON 2.3466, which means that at this moment, the shares of FP were traded with a discount of about 13%.

The market capitalisation of Fondul proprietatea is RON 13 bln (EUR 2.6 bln).

(Photo: Robbiverte/ Dreamstime)

andrei@romania-insider.com

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