SIF Transilvania wants residual shares back

SIF Transilvania this year intends to repurchase the residual shares distributed as dividends in the past few years to every individual participating in the mass privatisation programme. The buyback and resale of these shares, which account for 18% in SIF Transilvania’s capital will allow it to finally change its statute that says shareholders may not hold more than 0.1% in it. “We plan to begin a residual share buyback programme this summer, which is to be submitted to our shareholders for approval during the Ordinary General Meeting this spring, ” Mihai Fercala, SIF Transilvania chairman, told Ziarul Financiar. The consolidated capital market law draft allows financial investment companies to repurchase all the residual stakes, i.e. those distributed as dividends to the participants in the Mass Privatisation Programme in exchange for the profits made by the five Private Ownership Funds (POF) throughout 1992-1996. The financial investment companies have this way come to number 9 million shareholders. ZF