SAI Muntenia Invest, SIF Muntenia’s administrator, announced Thursday evening it limited to 5% of the shares the voting rights for 37 shareholders.
The 37 shareholders with limited voting rights include businessman Gheorghe Iaciu, with a 5% stake in the fund, investments management company East Capital and three of its funds, three ING pension funds we well as the fund ING International Romanian Equity, The Royal Bank of Scotland, broker Swiss Capital and its investments management company.
Muntenia Invest explained these investors are allegedly acting in concern and designate as proxy the same persons to represent their votes. It also said the groups include companies and/or natural persons that have concluded or brokered, directly or indirectly, transactions with pre-negotiated financial instruments.
Romania’s Investors Association on the capital market, AIPC, asked CNVM Friday to check SIF Muntenia’s decision to limit to 5% the voting rights in the general stockholder’s meeting, on being abusive, ungrounded and illegal.
The stockholders of SIF Muntenia will meet Friday and Saturday to discuss the proposal on dismissing the present Council of Stockholders’ Representatives and to choose a new one. The council is in charge with supervising the activity of the fund’s administrator.