Petre Pavel Szel, the president of "SAI Muntenia", the company which manages SIF4 "Muntenia", says he is relatively pleased with the results achieved by SIF4 last year, given the state of the economy.
"2011 was a decent year. We concluded most of the transaction for the sale of the shares we owned in BCR, which has represented our main goal, which had been established in the general shareholder meeting".
The net profit recorded by SIF "Muntenia" last year, was 65.33 million lei, down 10.09% over 2010, and the assets of the investment company amounted to 1.322 billion lei, down 14.4% over the beginning of the year, a drop which was smaller than that of the stock market indexes.
Two weeks from now, the financial investment company will publish its operating schedule, its objectives for this year and the schedule of the revenue and expenses budget. Even though he was unable to provide details on the future investments which SIF4 plans to make, Mr. Szel told us that this year's activity will be characterized by continuity.
"Restructuring the portfolio remains the guideline. Approximately 80% of the shares of SIF "Muntenia" come from the initial portfolio of the FPP (ed. note: the former Private Property Fund), and so far, given the market conditions, we were unable to perform restructuring as extensive as we would have liked. This does not mean that SIF4 did not initiate or support, including financially, significant restructuring activities in the companies in its portfolio. This year, one of the main goals is to complete the transactions involving the shares of BCR and their exchange for Erste stock, and with money, respectively", the president of "SAI Muntenia" said.
In mid September 2011, Austrian group "Erste" concluded a principle agreement with SIF "Muntenia" (ed. note: together with three other SIFs) for buying a stake of 24.12% of t
