Romanian capital market watchdog asks SIF Transilvania to report on effects of annulled capital hike

Publish date: 20-10-2008
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The capital market watchdog CNVM requested from financial company SIF Transilvania (SIF3) an urgent report on the effects of the irrevocable invalidation of the decision to raise share capital last spring.

CNVM released an ordinance after the Court of Appeal in the central city of Brasov decided to cancel the share capital increase approved by shareholders of SIF Transilvania on April last year.

The court's decision can be appealed in 15 days.

Doubling the share capital of the financial company was delayed after two minority shareholders opposed the increase, claiming the board meeting which endorsed it lacked the necessary quorum.

Shares of the financial company, listed at the first tier of the Bucharest Stock Exchange, were today suspended from trading.


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