RIC sells its last stake

Investment fund Romanian Investment Company (RIC) sold its 7% in automotive parts maker Compa Sibiu on the Bucharest Stock Exchange (BSE) on Tuesday, collecting approximately 17bn ROL for it. The most important buyer was SIF Oltenia. The fund, which should have ended its life span in late 2003, had previously sold 10% in Compa to another fund, Danube Tiger, in mid last year and the Romanian capital market legislation did not allow it to sell any more within six months unless it put out public offering. The Compa stake sold on Tuesday is the last significant interest of the investment fund, which sold its shares in Dacia Pitesti, Terapia Cluj, Banca Transilvania, Rolast Pitesti, Electroaparataj and Imsat (both of them based in Bucharest), Plastex Tulcea, Electromagnetica, Turbomecanica or Ciprom. RIC still owns some shares in the now bankrupt Banca Turco-Romana (Romanian-Turkish Bank) and it is highly unlikely that it would find a buyer for them. Most of the shares sold on Tuesday were bought by SIF Oltenia, which holds 5.1% in the automotive parts manufacturer. The financial investment company (SIF) did not have any Compa shares before this transaction. The stakes changed hands on Tuesday at prices ranging between 3,150 and 3,200 ROL/share. The shares of the automotive parts maker have gone up over the last two months following the overall upward trend of the Stock Exchange. The company’s shares were trading for 2,200 ROL two months ago. ZF