One of the leading foreign investment funds on the Romanian market will cease its operations in late November this year. It is about Romanian Investment Company (RIC) established in 1997 in order to primarily invest in the shares of Romanian companies. RIC is managed by Foreign & Colonial, a British investment fund management company. The fund has been selling its interests lately due to its upcoming exit. Over the last twelve months RIC has sold its stakes in Terapia, Turbomecanica, Electromagnetica, Dacia etc, as well as part of Compa. The latest major transaction concluded by RIC was the sale of its Banca Transilvania shares on the Bucharest Stock Exchange on Monday. The Banca Transilvania stake changed hands through five deals worth 57 billion ROL ($1.7 million). The shares transferred at 3,650 ROL account for 1.6% in the bank's capital, and sources on the market say these are the last shares RIC held in bank. At present, RIC holds stake in only two companies, Compa and Banca Turco-Rom=na (Romanian-Turkish Bank - BTR). The latter is probably the worst investment of the fund, as BTR was declared bankrupt in July last year. As for Compa, RIC still holds 7% in it after having sold 10%, because the capital market regulations do not allow it sell the rest within six months by any other means than a public offering or a tender offer. ZF
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