Dinel Staicu wants to raise the value of SIF5 shares back to €1.18

Staicu and four other SIF Oltenia administrators, Tudor Ciurezu, Gheorghe Bildaru, Vasile Salapa, and Teodor Buzatu, were reelected to the company’s new Board of Directors in the General Meeting of Shareholders, which took place at the end of last week.

Staicu said this mandate will be a major challenge considering the financial crisis, and he will have to apply “crisis management”. He added that SIF Oltenia shareholders must “have confidence” and not sell during the crisis, because “as we have taken the shares to €1.5, we will probably take them up to at least $1.5 [€1.19].”

SIF Oltenia shares are now worth RON 0.705 (€0.18) per share and Staicu’s estimated price is some RON 4.5 (€1.18) per share computed against the latest dollar/leu exchange rate. However, he said this level will not be reached in less than one and a half years.

“Major measures include the creation of a non-banking financial institution, and the merger of both closed and listed companies in which we own a majority package or at least a controlling share,” Staicu added.