Fondul Proprietatea released a statement in which the Management announced their intention to repurchase up to 150m own shares (both in the form of shares and GDRs) through a tender offer, in relation to the tenth buy-back program.

Meanwhile, note that Fondul’s buy-back was halted since June 14th and would resume after the offer ends.

It is expected that full details of the tender offer, including pricing, to be announced if and when the tender offer is implemented and approval is received from the FSA, which is expected to occur within 10 business days according to the regulations in force.