SIF Oltenia buys 5.5% in Socep

Financial investment company (SIF) Oltenia has acquired 5.5% in harbour operator Socep Constanta following acquisitions of shares on the RASDAQ market over the last few weeks. The stake is worth about 58bn ROL (1.5 million euros) on the market. The main seller of Socep shares was a foreign investment vehicle, Tidal Wave Trading, which bought nearly 10% in Socep two years ago. At the moment, the company doesn’t register shareholders that hold more than 10% in it and it may become the object of a takeover offer in the next few years. Its most important shareholders at the moment are its managers, who bought most of the shares the former Employee Association had acquired from the State. SIF Oltenia has been one of the most active investors on the Bucharest Stock Exchange and RASDAQ in the last two years. Socep has been one of the most profitable RASDAQ investments in the second half of 2004. ZF