Local investment fund Fondul Proprietatea (FP), which is listed on the Bucharest Stock Exchange and London Stock Exchange, has completed the fifth share repurchase program.

It bought shares amounting to 1.86% of the capital, worth almost EUR 44 million. The program, which was approved in November last year, lasted from February to July, during which FP acquired over 227 million shares.

The acquired securities will be canceled after obtaining shareholders' approval.

The fund’s shareholders also approved in April a new repurchase program, which will allow the fund to buy over 891 million shares.

The fund’s manager, American group Franklin Templeton, has been trying to reduce the discount between the fund’s share price and its net asset value (NAV) per share, which is currently some 31%, through the securities’ repurchase program.

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editor@romania-insider.com