Two SIFs hit 2006 profit targets already

SIF Muntenia and SIF Oltenia posted enough profit in January for the whole year. The profit came from the sale of the stakes they owned in drug producer Sicomed during the mandatory tender offer conducted by Zentiva. SIF Muntenia closed the first month of the year with a 56.8 million RON (15.6 million euro) profit, approximately the same as the one seen in 2005, with the bulk of it coming from the sale of shares owned in Sicomed. SIF Muntenia sold over 10% in shares of the pharmaceutical company during Zentiva”s tender offer, for the price of 1.37 RON/share, collecting 15 million euros. These shares were registered in the SIF”s portfolio at the par value of 0.1 RON/share, so over 90% of the sum received is the SIF”s profit. SIF Oltenia made 44.7 million RON (nearly 12.3 million euro) profit in January, the bulk of which was derived from the sale of about 10% in Sicomed. SIF Oltenia ended last year with 57.6 million RON (15.9 million euro) net profit, 17% lower than in 2004, though 15% higher than budgeted. ZF