SIF Muntenia expects overall revenues will reach RON132 million, down more than twofold on the year, while total costs are seen at RON28.7 million, according to the fund’s revenue and expenditure budget for 2013 approved Friday.
Also on Friday, the fund’s shareholders elected a new 11-seat Board of Nominees, including five members proposed by businessman Gheorghe Iaciu, the leader of a so-called revolutionary group of minor investors. The minor investors are unhappy with the decisions of the fund’s administrator, SIF Muntenia Invest.
SIF Muntenia also approved paying out a gross dividend of RON0.134 a share from the 2012 net profit. Total dividends reach RON108.1 million, or 85% of last year’s profits.
SIF Muntenia announced earlier this year that peer fund SIF Banat-Crisana (SIF1.RO) has launched an offer to purchase 99.96% in SIF Muntenia Invest, pending regulatory approvals. (EUR1=RON4.3366)