SIF Banat-Crisana Holders Vote For Higher Dividend Proposal

04.28.2011 By Andrei Circhelan

Shareholders of regional investment fund SIF Banat-Crisana (SIF1.RO) Thursday agreed a proposal for a gross dividend of 0.103 lei (EUR0.025) a share, higher than the initial proposal of the fund's board of RON0.06 per share.

Shareholders of regional investment fund SIF Banat-Crisana (SIF1.RO) Thursday agreed a proposal for a gross dividend of 0.103 lei (EUR0.025) a share, higher than the initial proposal of the fund's board of RON0.06 per share.

Thus, the fund will pay a total RON56.5 million as dividends, namely 90% of the RON62.99 million reported as net profit for 2010.

In Thursday's meeting, shareholders also cleared the provisional board members appointed in February, namely Stefan Dumitru and Ioan Marius Pantea.

Following the payment of the RON0.103 dividend, the company expects a 57% reduction in net profit this year, to RON26.9 million. Revenue is seen down 34%, to RON73.86 million, while expenditure should drop 9%, to RON43.9 million.

Dividend collected should contribute RON9.5 million to the company's revenue, while financial investment should bring RON53 million.

The fund will focus this year on energy, raw materials, pharmaceuticals, new projects in renewable energy and agriculture, and the opportunities arising from privatizations, according to the budget adopted by its holders.

SIF Banat-Crisana stock closed Tuesday at RON1.245, down 0.16% on the day. (EUR1=RON4.076)