The main reason for this increase in value is the 20% stake the Fund has in the National Company Bucharest Airports (CNAB), whose valuation was revised upwards.
The value of the Fund’s stake in CNAB went up from RON1.06 billion to RON1.37 billion, which generated a RON303.2 million positive impact on the NAV, accounting for more than 95% of reassessments. The increase comes as a result of the government’s decision to start the necessary procedures to buy the 20% the Fund owns.
Besides the CNAB, the Fund also updated the valuations of other nine unlisted companies, as well as for Alcom and Mecon, which are listed but non-liquid, using the same method of just value per share.
(English version by Loredana Fratila-Cristescu)