* The bonds acquired by SIF Banat-Crişana will go to one of the newly created companies - "Industrial Energy"

The bonds of "Romenergo" which SIF1 Banat-Crişana bought this summer will become part of the patrimony of "Industrial Energy", a company which will be created after the split-up of "Romenergo", which was approved by the shareholders in November.

One of the directors of "Romenergo" is Dragoş Bîlteanu, the chairman of SIF1 Banat-Crişana.

The fact that SIF1 bought bonds of "Romenergo" of 26.95 million lei, at an interest rate of 8% per year and with a four-year maturity, was considered by some people in the market as a controversial, given the positions held by Bîlteanu.

Romenergo has begun the process for the partial split-up of the company, following a decision of the General Shareholder Meeting in the beginning of November, according to the draft published in the Official Gazette.

Some of its assets will remain with "Romenergo", and others will be transferred to two new companies - "Industrial Energy" and "Aris Capital".

Since the majority of the assets will belong to "Industrial Energy", some people think that this will pose a threat to the loan granted by SIF1, since the financial ratios of the new company will look a lot better.

The plan to split-up the company states as follows: "We are taking into account the fact that the existence of certain lines of business within the same company can present a distorted image of the return on assets achieved by the management of Romenergo and exposes the profitability of the company to random factors, outside the activity of its management. It became necessary to find a solution to better exploit the patrimony and the current activity of Romenergo. The wish is to have in the patrimony of Romenergo only those assets that are used for the purpose of the execution of the activi