SIF Muntenia, 0.42m-euro profit in February

SIF (Financial Investment Company) Muntenia posted 1.5 million RON (0.42 million euros) profit in February, which made it the second most profitable SIF last month, after SIF Banat-Crisana. During the first two months of the year, SIF Muntenia logged profit worth more than 58.3 million RON (16.2 million euros), up 4.5% on last year”s profit. The bulk of the net income resulted from the January sale of the SIFs” 10% stake in pharmaceuticals producer Sicomed, for which SIF Muntenia received over 15 million euros. The profit seen in February is largely derived from the sale of a 2% stake in drugmaker Biofarm (at the very beginning of the month), for which SIF Muntenia received 4.5 million RON (over 1.2 million euros). The profit made by the company from these transactions stood at some 47%, with the shares being acquired at the beginning of 2005. In the wake of transactions completed at the beginning of the year, SIF Muntenia has significant amounts of cash available, with the money to be largely used to acquire shares in the new companies that are to be listed on the Stock Exchange. SIF Muntenia has recently invested some 2.65 million euros in bonds issued by Procredit Bank and Avicola Bucharest. SIF Muntenia also sold its 7.4% stake in Bega Utilaje de Constructii (Bega Building Equipment) at the end of February, for which it received 318,000 RON (some 90,000 euros). ZF