RAIFFEISEN BANK S.A.

  |  2013-04-11

Romanian Daily Report - April, 11

Annual inflation rate decelerated to 5.25% in March; Fondul Proprietatea – Starting of the second buy-back programme

Annual inflation rate decelerated to 5.25% in March
Consumer prices increased only by 0.04% from February. Still, the adverse base effect related to volatile food prices is expected to last until June and only afterwards inflation to descend towards 4% by the end of the year according to Raiffeisen RESEARCH estimates.

 

Fondul Proprietatea – Starting of the second buy-back programme
Fondul Proprietatea (FP) has announced that the GSM resolution regarding the second buy-back program for almost 8% of its shares was published in the Official Gazette yesterday. Therefore, the second buy-back programme should start in the next few days. The buy-back programme shall unfold during the following 18 months starting with publication date. The shares will be bought back at a minimum price of RON 0.2 and a maximum price of RON 1.5. In accordance with the legislation in force, FP is allowed to buy back a daily volume of shares up to 25 % of the average daily volume of the shares in any one day on the regulated market on which the purchase is carried out. Despite the fact that this development was almost a certainty after FP won an important case against Mrs. Sfiraiala in early March, we view the news as positive.

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