SIF Oltenia board proposed the payment of a gross dividend worth RON0.16 per share, totaling RON92.8 million (EUR20.9 million), representing over 71% of last year’s profit.
On the other hand, businessman Gheorghe Iaciu and three ING funds, jointly holding a 7.33% stake in SIF Oltenia, proposed the payment of a gross dividend worth RON0.21 per share, totaling RON121.8 million, and representing almost 94% of last year’s profit.
Thus, of the five regional investment funds, only SIF Moldova (SIF2.RO) will pay dividends this year.
In 2014, SIF Oltenia targets a net profit of RON90.1 million, down 31% on the year, and 35% lower revenue, at RON256.4 million.
The fund also forecasts 37% lower expenses, at RON149.1 million in 2014.
This year’s budget does not take into account a potential sale of the fund’s 6.3% stake in lender BCR, but the management does not exclude the sale of the stake.
In the first quarter of the year, SIF Oltenia reported a RON6.9 million profit, sharply down from RON30.8 million in the corresponding period a year earlier.
SIF Oltenia’s shares traded down 7.11% at RON1.751 in Bucharest Tuesday. (EUR1=RON4.4403)