SIF Muntenia makes 15m-euro profit

SIF Muntenia”s profit for January will be comparable to that obtained during the whole of 2005, according to sources close to the company. SIF Muntenia last month sold stakes in two pharmaceutical companies, Sicomed and Biofarm, with these transactions resulting in profits about 15 million euros. The company has not yet revealed its results for January. SIF Muntenia last year posted a profit of 56.7 million RON (15.5 million euros), according to results released on the Stock Exchange. SIF Muntenia sold a stake of more than 10% as part of the takeover bid by the Czechs at Zentiva for shares in Sicomed, for which the SIF received over 15 million euros, the bulk of which was profit. The SIF had Sicomed shares registered at a par value of 0.1 RON/share, while the price received stood at 1.37 RON/share. SIF Muntenia had previously sold a 1.4% stake in Sicomed in December, but the profit made from that transaction was registered for last year. ZF