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'Proprietatea' Fund pays MEF 71.1 mln lei in net dividends

‘Proprietatea' Fund (FP) this year paid the Ministry of Economy and Finance (MEF) 71.1 million lei in net dividends, the Fund's director general Dana Lulache told a press conference on Wednesday.

By Oct. 31 2008, FP paid its shareholders a combined 84.6 million lei in net dividends, a figure accounting for 97 pct of the total due amount.

‘Proprietatea' Fund this year obtained a three-quarter net profit of 424.8 million lei, up by about 40 pct from the similar period of 2007. The pre-tax profit was 432.2 million lei, a figure subject to a profit tax of 7.5 million lei.

On Sept. 30, 2008 the Fund's liquidity was 930.6 million lei (in both local and foreign currencies). In October the Fund invested a part of the amount - specifically some 133.8 million lei - in treasury bills issued by MEF, with six- and 12-month maturities, said Lulache.

The FP director added that seeking diversified but safe placements, the Fund intends to further place its resources in government stock, at a time when the global crisis seems to have rippled to Romania too.

Lulache added that the Fund collected highly convenient interest rates from the banks, above the 14 pct offered by MEF for the latest government stock issue, and that many banks wooed the Fund for its large capital available.

In October FP contributed 35.8 million lei towards the capital increase operations performed by three companies in its portfolio - electricity distributors Electrica Distributie Transilvania Sud, Electrica Distributie Transilvania Nord and Electrica Distributie Muntenia Nord, to maintain its participation share. The Fund paid a price of 10 lei/share. On Sept. 30, 2008 the Fund's equity capital was 14.791 bln lei, and its assets totaled 14.807 bln lei.

FP was established in 2005 as a solution to compensate the former real estate owners whose properties were seized by the communist regime (1945-1989) and who cannot have their properties returned in kind.

 

Sursa: http://www.rompress.ro

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