Shareholders of Romania's financial companies name new leaders and set dividends

Publish date: 27-04-2009
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Shareholders of Romania's financial companies known as SIF held today general meetings, named new leaders and agreed upon the distribution of dividends between 0.03 lei per share and 0.06 lei per share.

Members of SIF Moldova (SIF2) approved to pay a gross dividend of 0.045 lei per share, 10 percent down from the one distributed last year and half of the profit will be directed to the company's reserves. Last year SIF Moldova paid a gross dividend of 0.05 lei per share.

As to the company's board, Costel Ceocea, Claudiu Liviu Doros and Matei Alexandru were again granted top management positions. The remaining positions will be occupied by Bontas Dumitru, Andrei Elena, Morosan Iosefina and Badica Emilian. The council will have a four-year mandate.The shareholders attending the meeting held over 29 percent of the voting rights.

SIF2 reported last year a net profit of 93.9 million lei, after the capital market watchdog CNVM modified the order through which SIFs has to register the assets depreciations in the profit and losses balance.

SIF Moldova has a capitalization of 342.6 million lei, according to the 0.66 lei per share quota settled during the April 23 bourse session. Shares are traded on the first tier of the Bucharest Stock Exchange under the SIF2 symbol.

Another financial company, SIF Muntenia (SIF4) will pay a dividend of 0.04 lei per share, almost half of the one allotted last year, of 0.07 lei per share.

The new shareholders' representatives will be Radu Bugeac, Sorin Coclitu, Marian Hoinaru, Dinu George Marian, Ion Lisca, Andrici Adrian, Gheorghe Glaman, Dan Pascariu, Cristi Antonel Bunu, Mircea Stelian Petrescu and Catalin Doica.

SIF Muntenia scored last year a net profit of 91.5 million lei, 5.57 percent up from the 86.6 million lei reported in 2007.

The company's shares lost more than 30 percent in 2008, from 2.17 billion lei at the end of 2007 to 1.39 billion lei, as quotas crumbled on the BSE under the pressure of the international financial crisis.


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