SIFs Jump After Long Awaited Parliament Decision
Romania's five regional investment funds, or SIFs, skyrocketed as soon as they were back to trading on the Bucharest bourse, after the Parliament raised the maximum ownership limit in the funds to 5%, from 1%.
After 11:50 (GMT0950) local time, the SIFs touched the maximum allowed variation limit, namely a 15% increase, as investors scrambled in this new context. In the first few minutes of SIF trading, transactions cumulated 3.3 million lei (EUR760 million).
The Chamber of Deputies, the decision maker chamber, approved the decision with 170 pros, 63 cons and 11 abstentions. The act will now be sent to President Traian Basescu for promulgation.
After the decision is published in the Official Journal, the SIFs have 60 days to call shareholder meetings and change their constitutive literature to include the new ownership limit.
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