SIFs – Shareholders asked for GSMs to press on BCR listing

Moreover, the shareholders are urging SIFs' management to call BCR's GSM where they should vote in favour of the listing procedures. Despite special provisions in privatization contract stipulating that BCR listing should start by October 2011, BCR management has voiced its opposition to it. On the other hand, SIFs have expressed their discontent about the BCR stakes, especially given the fact that the bank did not pay dividends for the past two years. We view this piece of news as positive for the SIFs, since it fits our scenario that a resolution of BCR stakes will emerge by autumn which might trigger a rally for SIFs shares.

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