SIF Muntenia (SIF4) received a package of 0.67% of the shares of Erste Bank (EBS) in exchange for its 3% stake in the Romanian Commercial Bank (BCR), according to the terms of the contribution in kind agreement.
SIF 4 has exchanged 324.87 million shares of BCR for 2.53 million shares of Erste, which are valued at 27 million Euros, based on Wednesday's closing price on the Vienna Stock Exchange.
In mid-October, SIF Muntenia (SIF4) announced it would sell 3.77% of the shares of BCR, more than half of the stake of 6% owned by the bank, and would receive 70.1 million lei in exchange for it (16.2 million Euros), as well as Erste stock.
On the date of the signing of the contract, the price of the shares of the Austrian bank fell significantly, as the block of 2.5 million shares was valued at 43 million Euros at the time, Mediafax informs.
The company still needs to receive about 70.1 million lei for 0.78% of the shares of BCR this year.
Erste will issue new shares for SIF Muntenia, but the block which SIF Muntenia will receive currently represents 0.67% of the capital of Erste. If Erste decided not to issue new shares in exchange for the BCR shares bought from SIF Muntenia, the Austrian group will give SIF4 Erste shares out of those which already exist.
In the beginning of October, SIF Muntenia concluded an agreement which gives it the right to ask Erste to buy the remaining shares in BCR over the next two years. The company can sell at most 25% of the Erste shares immediately after receiving them and every six months after that. After the first 18 months, the restriction will be lifted.
On Wednesday, SIF Banat-Crişana (SIF1) announced that it has received 50.72 million lei (11.6 million Euros) and a block of shares of 0.45% of Erste shares from the latter, in exchange for a stake of 2.63% in BCR.
F.A. (Translated by Cosmin G
