Romania SIF Moldova OKs 2010 Dividend; BCR Stake Sell Put Off

04.22.2011 By Florentina Dragu

Romanian regional investment find SIF Moldova (SIF2.RO) Friday approved paying out a dividend of 0.09 lei (EUR0.022) a share from the 2010 profit, up 50% on the year.

Romanian regional investment find SIF Moldova (SIF2.RO) Friday approved paying out a dividend of 0.09 lei (EUR0.022) a share from the 2010 profit, up 50% on the year.

The fund will pay total dividends of RON46.7 million (EUR11.36 million), nearly half of last year's profit of RON96.3 million.

At its shareholders' assembly Friday, SIF Moldova had planned to vote whether to sell its 6% stake in lender Banca Comerciala Romana (BCR), but the vote was postponed because of lack of quorum.

"Holder attendance was at 30%. We cannot sell the entire stake in BCR, since we didn't get authorization from the shareholders, but we are entitled to sell one third of the shares," said Costel Ceocea, Board chairman and general manager of SIF Moldova.

"We have to see how to proceed, whether we sell or we create derivatives on BCR's shares," Ceocea told MEDIAFAX.

SIF Moldova has a share capital of RON51.9 million, divided into 519 million shares with a face value of RON0.1.

The fund estimates a net profit of RON69.8 million in 2011, down 27% on the year.

On the Bucharest bourse Wednesday, SIF Moldova closed up 2.21% at RON1.431 a share. (EUR1=RON4.0815)