SIF Moldova boss: We're no longer counting on banks for dividends, we'll sell to raise cash

The years when dividends collected for the stakes held in banks fuelled SIFs' profits are gone, and SIF Moldova expects the cash raised from the sale of some stakes in its portfolio to support its 120m-euro investment programme earmarked for this year.

With net assets under management worth 1.135bn RON (266m euros), SIF Moldova (SIF2) was a dynamic player on the Stock Exchange year and managed to be the most profitable among the five financial investment companies, reporting net income worth 98.7m RON (23m euros) for the first 11 months of 2010. The company exceeded the profit target set for 2010, of 55m RON, as early as the first half of the year.
"For this year, we target an increase by at least 5-7% in profit and by 5% in revenues against the indicators budgeted for 2010," said Costel Ceocea, the company's chairman.
SIF Moldova invested 140m RON (33m euros) last year to diversify its portfolio and for this year has earmarked an investment programme of 100-120m RON (28m euros). The company starts the year with cash of around 60m RON (14m euros) placed in banking deposits.