Fondul Proprietatea share buyback program could reach EUR 130 mln

Newsroom 09/02/2017 | 13:47

The Financial Supervision Authority (ASF) has approved the share buyback program of Fondul Proprietatea for 640 million shares. The operation will start the next Wednesday and the price is RON 0.91/share, by 2.71 percent over the last market price, so that the operation will reach EUR 130 million.

The operation will be developed from February 15 until March 20.

The buyback program will be both for the traded shares at the Bucharest Stock Exchange, as well as for Franklin Templeton, on the Specialized Market Fund segment from London Stock Exchange on the global depositary receipts (GDR).

The last buyback offer from the third quarter of 2016 had an oversubscription rate of over 1,000 percent. The intermediaries will be the investment bank Goldman Sachs and the Czech Republic broker WOOD & Company Financial Services.

The FP can finance the latest acquisition program from the money it got last year from the sale of a 6.4 percent stake in OMV Petrom (SNP) for RON 760.63 million.