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SIF2 Moldova wants to conduct public buyback offer for its own shares and has already submitted the prospectus for that offer with the Financial Oversight Authority (ASF), according to an announcement.
In doing so, SIF2 intends to carry out the shareholders' decision of April 4th, to initiate a stock buyback program.
In the General Shareholder Meeting for the approval of the balance sheet, the conducting of a buyback program for a maximum number of 29 million shares (2.8% of the share capital) in order to reduce the share capital has been approved. The minimum buyback price will be the market price in effect at the time of the purchase, and the maximum price per share is 1.5 lei.
The duration of the program was a maximum of 12 months from the date of the publication in the Official Gazette.
This would be the first buyback conducted through the public offering of SIF Moldova.
Last year, SIF1 Banat Crişana managed to perform the best, rising by 9.47%, surpassing the yield brought by the SIFs that paid dividends, after the company conducted a buyback offer for 5.62% of its own shares and made no sales of holdings in its portfolios.
The public offer by which SIF1 Banat Crişana bought back 5.62% of its own shares, at a price of 1.7 lei/share, was oversubscribed 4.59 times.
In Romania, buyback programs and their execution through public offers have been made popular by the Proprietatea Fund.
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