Chelu and Staicu team up to run SIF Oltenia

The main shareholders in SIF Oltenia, businessman Catalin Chelu of Galati and the former owner of Universitatea Craiova football club, Dinel Staicu, have asked the company to call a general meeting of shareholders in order to replace two of members of the board, sources close to the company say.

Replacing the two members with the two new members of Chelu”s and Staicu”s choosing would help them achieve a majority on the company board and allow them to take all the important decisions as to the running of the company. This would mean that SIF Oltenia would be the first of the SIFs to be managed by investors that acquired their shares through the Bucharest Stock Exchange. The group of Czech investors that owns stakes in SIF Transilvania, for example, managed to get three members appointed to the company board, but does not hold a majority. The two board members Chelu and Staicu want replaced could not be validated at the last general meeting, as they were elected by the other board members.

Chelu confirmed plans to call a general meeting to make changes to the board of directors. Staicu was unavailable for comment.

According market information, the two businessmen control a combined 24% in SIF Oltenia (Chelu controls 18%, while Staicu, who has sold some of his interests over the last few years, holds 6%).

A third power among SIF Oltenia”s shareholders is made up of foreign, mainly Greek investors who own over 5%, according market information. They do not hold any administrative positions and are likely to oppose the plans put forward by Chelu and Staicu. vlad.nicolaescu@zf.ro