CNAB intends to buy back shares from the Proprietatea Fund, which will change the relationship with investors. This action raises questions about the financial sustainability of the company.

The National Company Bucharest Airports (CNAB) plans to buy back a 20% stake from the Property Fund through a buyback mechanism, which will transform the relationship between the state and institutional investors. This action will allow the state to become the sole shareholder, but raises questions about CNAB's financial capacity to support such an operation without compromising necessary infrastructure investments.

The estimated value of the transaction is between 200-250 million euros, but CNAB does not have excess liquidity to cover the costs. The company already has a portfolio of urgent investments, and a buyback could affect cash flow and the execution of strategic projects.

If CNAB chooses to borrow to finance the buyback, it could increase financial risks and reduce the company's flexibility. Additionally, the removal of an active institutional shareholder, which has promoted governance measures, could affect standards of transparency and accountability.

Transparent management of the transaction will influence investor perception and may strengthen CNAB's position, while an insufficiently explained approach could diminish trust in state-owned companies. Thus, the buyback becomes not only a financial action but also a governance test for CNAB and the Romanian state.