The shareholders also approved SIF Transilvania’s budget for this year. According to the draft budget, the fund’s net profit will more than halve this year to RON89 million (EUR20.3 million).
In the wake of its sale of a stake in BCR to Austrian group Erste, SIF Transilvania’s profit increased 3.1 times last year, to RON207.72 million (EUR49 million), meaning it could pay dividends worth a total RON186.97 million, equivalent to 90% of its net profit.
SIF Transilvania and SIF Moldova (SIF2.RO) were the only regional investment funds (SIF) to sell their entire stakes in BCR to Erste. Each received RON123.6 million in cash and almost 1% stock in Erste, in exchange for their 6% stakes in BCR. (EUR1=RON4.3757)