RIC sells Banca Transilvania

Romanian Investment Company (RIC) investment fund, one of the most significant shareholders of Banca Transilvania has started to sell its 4.99% interest in the bank, sources on the market say.
The sale is done through the Stock Exchange, with RIC’s interest having shrunk to approximately 3.8% over the last few weeks. The main buyers are foreign investment funds, which buy through the top Romanian brokerage companies.
Considering the current Banca Transilvania quote – 3,750 ROL/share, RIC might collect more than $4 million for its stake.
RIC, one of the leading investment funds in Romania is now selling its Banca Transilvania shares because its life span is due to end this November.
This is why the fund began selling its interests on the Romanian market as early as last year. Banca Transilvania is one of the investments still in its portfolio. RIC has already sold its stakes in Alro and Alprom Slatina, Imsat Bucharest (only part of it), Automobile Dacia, Antibiotice Iasi, Rolast Pitesti (only half of it) or Electroaparataj.
It is also in talks over selling the shares held in Terapia Cluj-Napoca.
The RIC officials did not care to comment on the sale of the Banca Transilvania stake.
RIC came in Romania in 1998 with more than $40 million in assets and has had poor results ever since, due to the poor performance of the capital market or of the companies in which it invested.
Banca Transilvania’s market capitalisation has increased several times over the last four years (during which RIC has held stake in it) and has come to total approximately $80 million at the moment.
RIC’s stake in the bank, 4.99%, can be deemed as large, considering no other shareholder, except for the European Bank for Reconstruction and Development (EBRD), may hold any more than 5% in the capital. EBRD holds 15%. Banca Transilvania’s General Meeting of Shareholders was scheduled for yesterday, with a debate on the last year’s results, the profit distribution and the 2003 budget included on the agenda. Banca Transilvania posted 450bn ROL net profit last year.
laurentiu.ispir@zf.ro