3 more years for Romanian Investment Fund

The shareholders of Romanian Investment Fund (RIF), one of the top investment funds on the Romanian market have decided to extend its life span by three years so that the fund could get better terms for selling its interests. The plan to extend the life span was announced by the fund’s management two months ago and was expected, after all, considering the relatively large number of interests in RIF’s portfolio: Rolast Pitesti, Titan Mar, Policolor Bucharest or Tec Miaco. Another reason for the extension of the fund’s life span is connected to two privatisation contracts concluded with the Romanian authorities, as the certifications attesting fulfilment of the financial obligations in this regard have not been obtained yet. The sale of the Fund’s stakes in the companies in question is therefore prohibited until the Romanian State acknowledges the compliance with the contractual stipulations, with the date of the actual acknowledgement not set yet,” reads a memo sent to the Romanian Investment Fund shareholders. ZF