EXCLUSIVE: WITHIN ONE YEAR, Iancu Stavrositu wants to bring Sibex back to operating profit

• The board member who got the most votes from shareholders wants to save and reform the Sibiu Exchange

Iancu Stavrositu, who was given a seat on the Board of Directors by the shareholders of the Sibiu Exchange, in the General Shareholder Meeting of November 19th, has made his goal to bring back Sibex to operating profit within a year.

Iancu Stavrositu, the president of SSIF Interfinbrok Corporation, got the most votes from the shareholders present, 61.28% of those present.

The "watchers" of the General Shareholder Meeting placed Stavrositu in the camp of < Baloşan > (ed. note: Bogdan Baloşan, a shareholder who owns 5% of Sibex), whom it is said wants a controlled liquidation of the Exchange.

However, Iancu Stavrositu said that people can say many things, but he comes with concrete plans to save and reform the Sibiu Exchange.

He said: "I want to thank shareholders for their trust, considering I was elected with a significant majority, but this also creates obligations for me.

I praise the overall atmosphere of the AGA, even though the context isn't exactly sunny (ed. note: the scandal involving former CEO Cristian Sima)".

Iancu Stavrositu considers that the General Shareholder Meeting of November 19th was very constructive, and shareholders came up with proposals and ideas.

Concerning the most important item on the agenda, the elections, Iancu Stavrositu noted that the shareholders have elected a very balanced Board of Directors, which comprises representatives of the SIFs, of the financial investment companies and of the individual shareholders: "This sets the premises for the Board of Directors having support from the shareholders in its actions it will take in the near future- to save and reform Sibex".

Given that Sibex is in a delicate financial situation, at the moment, Iancu Stavrositu considers that the new Board of Directors must find the solutions to turn the company around.

"Some of the avenues of action of the new Board of Directors will also include reviewing and optimizing costs, at Sibex as well as at the companies in the group", he said, and he went on to say: "Also, the efforts will be focused on coming up with a good market positioning strategy, on increasing revenues, by launching new products on the market and through other measures which need to be selected correctly.

At the General Shareholder Meeting of December 10-11, shareholders will be presented the strategy, which has basically been adopted in broad strokes, in the General Shareholder Meeting of November 19th. The strategy will need to contain elements which will must please all the shareholders.

My personal goal is for Sibex to make an operating profit within 12 months".

The president of "Interfinbrok Corporation" considers that Sibex is a company which has a well defined position on the Romanian capital market, a company which will find its place in the future as well: "We need to focus and coagulate everybody's efforts in order to stabilize and save the company and save it as soon as possible. Our goal is to function well, so that we can have Sibex active for many years from now on".

Dan Simionescu, of SIF3 Transilvania, is the only one of the directors of Sibex who was not dismissed by the shareholders, in Monday's General Shareholder Meeting. The new management will only have four new members, after the elections: Iancu Adrian Stavrositu, proposed by SSIF Interfinbrok Corporation, Valentin Ionescu, of SIF2 Moldova, Cristina Manuela Duţu, proposed by Bogdan Baloşan (who owns 5% of Sibex) and Daniel Grigoropol, proposed by Georgeta Camelia Grecu.