SIF Transilvania ended yesterday’s session with a 5.5 percent drop, and its decline sharpened especially in the last hour of trading.
“Such intentions have been expressed in the past, and I think that any participant on the market will wait for this to happen before considering the effect this could have,” said the Head of Capital Markets of ING Bank Romania, Florin Ilie.
The management of SIF3 announced on Tuesday that it plans to modify the firm’s by-laws to allow ownership of a maximum 5 percent of its share capital, compared to the present one percent, while maintaining the right to vote at one percent.
“Due to the dramatic drop in price, one percent in SIF is no longer stimulating institutional investors. We need strong investors, who can help us conceive new strategies to survive this crisis,” said Mihai Fercala, President of SIF Transilvania. He added that at the end of December, foreign investors owned some 20 percent of SIF3’s capital.
