QVT: We're buying companies which are small or under restructuring

Profits derived by companies listed on the Bucharest Stock Exchange are not as high as investors expected and are disproportionate to share prices, which are too high, says Angelo Moskov, CEO of the American investment fund QTV. The fund currently holds around 15% in the electronics and home appliances retailer Flamingo, but has another five or six positions opened on the Stock Exchange, for which he refused to provide any details. Recently, the Americans have sold their stakes in drug producer Zentiva (the former Sicomed) and in insurance company Asirom, for 25 million euros and 21.3 million euros respectively. The profit derived by the fund from Asirom stood at 9 million euros, and from Zentiva – at around 5 million euros. “The market is currently expensive, however, there are a few companies either undergoing a restructuring process or are appealing small-sized companies and are available art a low-price,” Angelo Moskov told ZF. He would not specify the names of these companies. Regarding the Romanian Stock Exchange, the head of the American fund believes it has made progress, but there still remains a great deal of problems to solve.