CNVM asks investors to reduce stakes in SIFs bellow 1% thereshold

It appears that Mr. Ciocila recently increased its stake to roughly 1.45% after it inherited some shares. In addition CNVM mentioned four investment funds (ING Luxemburg, Gltinir Pankki, Broadhurst and Eastern Eagle) that are holding stakes above the 1% limit in different SIFs. CNVM said all these investors have to reduce their ownership below 1% until end-April 2010.

According to the latest IFRS financial statements, Banca Transilvania owns more than 6% in SIF1. Given then above decision of CNVM we have expected Banca Transilvania to be among the shareholders required to diminish their holdings. This would have put real selling pressure on SIF1. Thus, we view the news as neutral.

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