BCR management proposed the five financial investment companies(SIF) that own 30% in the bank to give up the almost 25m-eurodividends they are due to get from last year's income and have themincluded in the bank's capital. This would allow the SIFs to avoida capital increase through cash contributions worth above 100meuros, to which they should come up with more than 30m euros.
"The majority shareholder, Erste Bank, proposed to us thatprofit generated last year not be distributed, but incorporated inBCR's equity capital. The proposal presents the advantage that SIFswill no longer be subject to a big financial effort in case acapital increase through contributions in cash of 100-120m eurostakes place. We are still in talks, and any decision will besubject to shareholders' approval," said Costel Ceocea, chairmanand general manager of SIF Moldova (SIF2). SIF Moldova owns a 6%stake in BCR.
According with some market sources, BCR last year generated netincome worth around 211m euros in line with IFRS. The bank has togrant in the first three years after privatisation, dividendsaccounting for 40% in IFRS profit, so that SIFs should this yearreceive cumulated dividends of more than 25m euros.
BCR is one of the most valuable stakes in SIFs' portfolio. In2009, they collected an overall sum of above 240m RON (60m euros)as dividends for financial year 2008.
The five SIFs want to retain their stakes in BCR, the biggestbank on the market, at all costs, even if they were to do withoutBCR dividends in 2010.
SIFs' revenues would be seriously hurt by the lack of BCRdividends as other companies in the investment companies'portfolios have also announced they would not disburse dividends,and others are asking for SIFs' support with capital increases.
"2010 will be a highly challenging year for the management ofeach SIF. On the one hand, we must support companies in ourportfolio in order to preserve our stakes, and, on the other hand,we must have resources to take advantage on investmentopportunities on the market," Ceocea also said.
SIFs in late 2009 held had 150m euros in cash, especially in thewake of revenues generated from the sale of stakes in Bancpost. BCRand BRD also disbursed record high dividends to SIFs last year.Still, 2010 is expected to be an extremely difficult year for thefive SIFs.
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