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First closed-end investment fund seeks Stock Exchange listing

Closed-end investment fund STK Emergent based in Cluj-Napoca (centre-west) will unfold between February 19 - March 10 an initial public offering (IPO) worth 50 million lei (some 13.6 million euro) for getting listed on the Bucharest Stock Exchange (BVB).

The company puts up for sale 177,877 shares for the price of 281 lei/share. The selling price includes a bonus of 17.6 pct of total assets. If the offer is fully underwritten, the stake would get at 711,508 shares, reports daily Romania libera. STK Emergent stock will be distributed through several brokerage offices throughout the country. The company intends to sell 25 pct of its total stake in the IPO. According to STK Financial president Nicolae Pascu, the National Securities Commission approved the offering prospectus and the fund will be listed on the Stock Exchange in early April. 'We propose investors a combined portfolio of stock and securities with a yield higher than the average per mutual funds, and hopefully a long-term profitability and dividend yield above bank interest rates,' said the STK representative. Pascu says that the trustees target a stock value 3.2 times higher than the amount of assets at the end of 2008. The money raised in the IPO will finance real estate project started through STK Properties, which would increase their share of total assets from the current 20 pct to 40 pct. The total value of the initiated real estate projects is 100 million lei, with a completion deadline in two years at the latest, said the cited source. The fund's shareholders are mostly Romanian individuals and judicial persons; only two of them hold more than 5 pct, yet no more than a combined 13 pct. In 2007, STK Emergent obtained a yield of 48.7 pct and registered a profit of 18.4 million lei (some 5.5 million euro), handling total assets worth 110 - 120 million lei (some 33 - 36 million euro). Sursa: http://www.rompress.ro

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