Revenue is expected to reach some RON164 million this year, compared to RON328.8 million last year, according to the budget up for shareholder approval.
Last year, fund sold its BCR stake to Austrian Erste for RON123.6 million cash and a 1% stake in the Austrian lender.
Without the BCR transaction, SIF Moldova’s revenue reached RON205.2 million in 2011.
Stock market trading is expected to contribute the bulk of revenue, namely RON126 million. Transactions unfolded are expected to bring a profit of RON96 million.
Expenditure is seen down 23% this year, to some RON77 million, from RON99.6 million.
The fund’s management proposed two investment agendas for this year, depending on whether the share capital is hiked by RON103.8 million to RON155.7 million.
In the scenario where the capital increase falls through, the fund plans to invest RON70 million. In the scenario where the share capital is upped by at least RON60 million, the fund aims to invest RON130 million.
The investment strategy will focus on bringing energy companies to cover more than 25% of the portfolio, depending on the results of public offerings for state-owned companies.
In addition, the fund’s management plans to invest in gold mining companies.
The money obtained for the BCR stake will be invested in companies on the pharmaceutical, food and IT sectors.
Shareholders will debate the budget for this year on April 5.
During the same meeting, shareholders will also look at the proposition for a share capital increase, as well as the dividend to be paid from the record profit achieved in 2011.
Management proposed a dividend of RON0.22 per share, compared to the RON0.09/share paid last year. The overall value of dividends paid this year would thus reach RON114.2 million, namely 60% of the reported profit.
SIF Moldova shares rose by more than 31% since the beginning of the year. Friday in Bucharest, SIF Moldova traded up 1.4% at RON1.44 a share. (EUR1=RON4.3467)