SIF Oltenia (SIF5) has continued to clean up its portfolio, selling stakes worth above 80m RON (19m euros) since the start of the year, but the SIF's management says it is in no rush to operate new investments.
"We hold several tens of million euros in cash and we're seeking placements. For the time being, though, currency placements are good, too, under these circumstances of economic and political uncertainty. The market may fall further and this is why we're waiting to buy cheaper," said Tudor Ciurezu, vice-president with SIF Oltenia, who has been managing the investment company's portfolio for over 15 years.
The company's net assets in late September stood at 1.51bn RON (355m euros), of which around 170m RON (40m euros) were invested in banking deposits and T-bills.
SIF Oltenia generated net income worth 73m RON (17.2m euros) in the first nine months, while having budgeted net income worth 61m RON for the entire year.
SIF Oltenia late last week sold around 42% in Lactate Natura dairy producer in Târgovişte for which it got 15.1m RON (3.5m euros), with this being SIF5's second largest exit this year.
SIF Oltenia (SIF5) has continued to clean up its portfolio, selling stakes worth above 80m RON (19m euros) since the start of the year, but the SIF's management says it is in no rush to operate new investments.
"We hold several tens of million euros in cash and we're seeking placements. For the time being, though, currency placements are good, too, under these circumstances of economic and political uncertainty. The market may fall further and this is why we're waiting to buy cheaper," said Tudor Ciurezu, vice-president with SIF Oltenia, who has been managing the investment company's portfolio for over 15 years.
The company's net assets in late September stood at 1.51bn RON (355m euros), of which around 170
