Asirom restructures portfolio

Asirom insurance company will restructure its investments in unlisted securities by yearend, regardless of how beneficial the profits therefrom derived might be for the company, Angela Toncescu, Asirom’s chairperson said. “Asirom’s Board of Directors will make a decision about how to restructure the assets in form of investments in unlisted companies. It is about companies wherein we hold more than 90% and which turn a profit,” Toncescu explained. Even though she could not say exactly how big the investments in companies not traded on a regulated market were, Toncescu specified stakes such as those in the Carmen Hotel in Venus and Intercereal were making satisfactory profit for the company. “We approached the Insurance Supervision Commission (CSA) and stated our point, i.e. that we felt these assets were profitable for Asirom and maybe we were not interested to have them float. So that when we do make up our mind, we may sell the entire stake instead of chunks of companies,” Toncescu added.