English
The Investment Fund Eastern Eagle Fund has lowered its stake in SIF Transilvania to 0.9941%, after reporting a stake of 1.01% in July. The fund has thus complied with the legal deadline for reducing its stake below
The Fund has thus observed the deadline by which it was legally required to reduce its stake.
According to a notification sent to the Bucharest Stock Exchange yesterday, Eastern Eagle Fund still held 10.85 million shares of SIF Transilvania.
According to Romanian stock market legislation, any investor or group of investors acting in concert are not allowed to hold more than 1% of the shares of any of the five SIFs, and if that threshold is exceeded, the investors in question are required to sell any holdings exceeding 1%, within 3 months.
This law could however be amended if the Chamber of Deputies were to approve the raise of the cap on the maximum holding threshold from 1% to 5% of the share capital.
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