Negotiations between the SIF and Erste, for the sale of a 6% stake in BCR, are not yet complete, according to the SIF’s management.
SIF Oltenia subscribed 6% of the shares issued by BCR for a share capital increase worth a cumulated RON618.5 million, according to a memo posted on the Bucharest Stock Exchange.
Before the operation, the SIF held a 6.11% stake in BCR.
“Each SIF has its own strategy. We (SIF Oltenia) are in talks with Erste, we have yet to perfect the final steps of the transaction (established in September). The shares we have subscribed right now might also be a part of the transaction. We haven’t reached a decision yet, we are not ruling out any possibility,” said the SIF’s board president and general manager Tudor Ciurezu.
Erste announced mid-September that it has concluded an agreement in principle with four of the five SIFs, namely SIF Banat-Crisana (SIF1.RO), SIF Transilvania (SIF3.RO), SIF Muntenia (SIF4.RO) and SIF Oltenia, to buy their overall 24.12% in BCR. The transactions would involve several operations of cash payments and stake exchanges. Later, SIF Moldova (SIF2.RO) accepted Erste’s proposition as well.
The share capital increase was decided by BCR shareholders on November 14.
For the operation, the bank issued 6.185 billion new shares with a face value of RON0.1. The new shares are offered to stockholders at a price equal to the face value.
The shares left unsubscribed at the end of the operation will be cancelled, and the bank’s share capital will only be increased with the value of shares bought. (EUR1=RON4.3409)