SIF Oltenia bets on stock markets

SIF Oltenia is the only one of the five financial investment companies (SIF) to have had an active policy on the capital market. It bought some $7 million in shares, which are now worth 50%, more. “Blessed” with significant stakes in most major Romanian companies since the day they were born, the financial investment companies over the last few years have not paid any attention to the capital market other than to sell shares to improve their liquidity. The acquisition of shares, insignificant if compared to sales has been generally made to consolidate majority positions. The SIFs have been cautious until now, going for revenues from dividends disbursed by banks like BRD or BCR and from selling the shares they got in the Mass Privatisation Programme. They have not shown plans to change their strategies in the last two years either, when prices on the Bucharest Stock Exchange tripled. Except for SIF Oltenia, which as explained by its economic manager Tudor Ciurezu, was not as fortunate as the other SIFs during the Mass Privatisation Programme and therefore had to turn to the BSE and RASDAQ to buy shares in order to become attractive. It has invested some $7 million on the capital market in two years, chiefly buying minority interests in Petrom, Antibiotice Iasi, Banca Transilvania, BRD and Rolast. ZF