SIF "Moldova" runs its scenarios for selling its stake in BCR

• The officials of the SIF are meeting stock market experts

The management of SIF "Moldova" is set to meet today with several stock market specialists in order to discuss scenarios on possible ways of selling their 6% stake in Banca Comercială Română (BCR), Costel Ceocea, the chairman of the company said for BURSA.

Market sources who did not wish to be named claim that SIF2 periodically holds such consultations on the topic of the sale of their stake in BCR.

SIF "Moldova" has been increasingly insistent in asking for the listing of BCR, and has obviously been unhappy with the statements of the banks" officials made two years ago, who said that no schedule for the listing of BCR on the Stock Exchange has been set yet.

The officials of SIF2 have said that they are also interested in other ways of profiting from their stake in BCR, even though the listing of the bank remains a priority.

"Tomorrow"s meeting (ed. note: today) will be attended by foreign and Romanian specialists", the president of SIF2 said, without nominating the attendees. He added: "The meeting will take place at our headquarters. We are interested in discussing the potential alternatives for exploiting our stake in BCR ... We ran several scenarios, including issuing warrants or listing bonds based on the BCR shares we own, as well as attempting to find the best method for listing the bank and what it would involve. We are consulting specialists on the technical steps that we should follow in order to exploit our stake in BCR, as well as on the legal stages, because we have undertaken more obligations. We are interested in the clarification of these aspects".

About two months ago, SIF "Moldova" summoned its shareholders, in order to consult them on the matter of the total or partial sale of our stake in BCR, which may exceed 20% of the total non-current assets, less receivables. Even though, at the time the necessary quorum for the General Extraordinary Shareholder Meeting wasn"t met, the management of SIF2 hasn"t allowed itself to become discouraged, considering it important that about 30% of the shareholders expressed their opinion on the items on the agenda.

However, the listing of BCR is not an issue only for SIF2, as the agreement by which the listing was postponed by two years, that the five FICs concluded with "Erste", in autumn 2009, will expire in October this year.

Ioan Cuzman, the president of SIF "Banat-Crişana" and Tudor Ciurezu, the president of SIF "Oltenia", visited Vienna two weeks ago, upon the invitation of "Erste", and market sources claim that the discussion involved the sale of their stakes in BCR. Other sources claim that a similar meeting is supposed to be held at the end of this week.

The management of SIF2 is unhappy with the fact that the five Financial Investment Companies did not have a common position in their discussions with "Erste" concerning BCR. The presidents of some of the SIFs were absent from the last meeting with Erste.

The lack of a shared stance is also proven by the fact that none of the other FICs supported SIF in the lawsuit they filed against the decisions made in the General Shareholder Meeting of BCR held at the end of April, such as increasing the bank"s share capital by 55.42 million lei by incorporating the net profit for 2010, the decision not pay dividends for the year 2010 and the approval of last year"s financial statements.

"At the moment, the five FICs have diverging opinions on the listing of the bank. The FICs would be able to be stronger in the negotiation of they had a common position", said Costel Ceocea.

Together, the five FICs hold about 30% of BCR.