SIF Banat-Crisana gained 102 billion lei in 1999

(story to be published in tomorrow’s issue, March 17)

Banat Crisana financial investment company (SIF) in 1999 obtained net profit amounting to 102 billion lei, says Mediafax. Of the total profit registered last year, 71 billion lei will be distributed to shareholders and the rest will constitute development reserves, shows a release sent to the news agency. This practically means that shareholders registered before the reference date should have received a gross dividend of almost 130 lei/share. On the other hand, the chairman of SIF Banat Crisana, Ioan Cuzman, said that “dividends will be distributed in June and will amount to about 117 lei/share.” He added that for the year 2000, the main objective of the company would be to restructure the portfolio, eliminating unprofitable companies. SIF Banat-Crisana also intends to rank second among financial investment companies. According to the last reports, SIF Banat Crisana has over nine million shareholders. The company holds shares in 35 companies listed on the Bucharest Stock Market and in 489 companies listed on Rasdaq. The rest of up to 800 companies within the portfolio is represented by open unlisted but traded companies and closed companies. On the other hand, the value of a unitary net asset registered at the beginning of this month (March 3) was 2,828 lei/share, the level being almost ten times higher than the reference price at which these shares are traded at present. Net profit posted by SIF Banat -Crisana in 1998 was 97.88 billion lei. The gross dividend that the company granted at that time was 120 lei/share, comparable to the one granted for 1999. Moreover, market sources say, the value of dividends granted by the company became very predictable reflecting a relatively stable situation of the financial investment company, taking into account the fact that gross dividend granted in 1997 was 114 lei/share. SIF Banat -Crisana has a share capital of 548.84 billion lei, divided into shares with a nominal value of 1,000 lei. Banat Crisana Private Ownership Fund was set up as a stock commercial company in 1992. Banat Crisana financial investment company was set up in 1996 as a result of the law on reorganisation and transformation of the fund into a financial investment company. The company’s object of activity is the management of the assets of commercial companies for which shares were issued. The shares of SIF Banat Crisana are traded on the first tier of the Bucharest Stock Market, the closing price registered during yesterday’s trading sessions being 307 lei/share.