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Romanian SIFs Transilvania, Moldova 2011 Profits Hit Record After Erste Deal

Romanian regional investment funds SIF Transilvania (SIF3.RO) and SIF Moldova (SIF2.RO) posted record net profit in 2011, after they sold their shares in lender Banca Comerciala Romana (BCR) to Austria’s Erste Bank AG.

Florentina Dragu · 13 ianuarie 2012 · 1 min de citit

SIF Transilvania reported net profit of 207.7 million lei (EUR49 million) in 2011, over threefold higher on the year, while SIF Moldova’s net profit more than doubled to RON191.5 million.

The two funds sold their entire stakes in BCR to Erste, following an agreement signed late last year. They each received RON123.6 million in cash and around 1% in Erste stock in exchange for stakes of 6% in BCR.

SIF Transilvania had net assets worth RON1.3 billion at the end of 2011, down 11.6% on the year, while SIF Moldova posted a 5% decline in its assets to RON1.09 billion.

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