Three SIFs plan to increase their share capital

SIF Banat-Crisana and SIF Muntenia said they were interested in such an operation. SIF Moldova announced last year that it plans to request shareholders to approve an increase in capital.

“I am in favor o a capital increase, but the decision is to be made next week by the Board of Directors,” said SIF Banat-Crisana’s President, Ioan Cuzman.
SIF Muntenia President, Petre Pavel Szel, said such a measure requires a quorum of shareholders, which is difficult to obtain. “Following severe setbacks [of the stock exchange], many funds sold significant SIF stocks, that were then purchased by several investors. Because of this diffusion of shareholders, I believe it will be difficult to meet quorum conditions,” Szel added.
SIF Moldova is to suggest that shareholders forego their dividends for 2007, so that the company can capitalize its profit and increase its share capital. The SIF posted €17.6 million in net profit in 2007.