SIF Oltenia (SIF5) has continued to clean up its portfolio,selling stakes worth above 80m RON (19m euros) since the start ofthe year, but the SIF's management says it is in no rush to operatenew investments.
"We hold several tens of million euros in cash and we're seekingplacements. For the time being, though, currency placements aregood, too, under these circumstances of economic and politicaluncertainty. The market may fall further and this is why we'rewaiting to buy cheaper," said Tudor Ciurezu, vice-president withSIF Oltenia, who has been managing the investment company'sportfolio for over 15 years.
The company's net assets in late September stood at 1.51bn RON(355m euros), of which around 170m RON (40m euros) were invested inbanking deposits and T-bills.
SIF Oltenia generated net income worth 73m RON (17.2m euros) in thefirst nine months, while having budgeted net income worth 61m RONfor the entire year.
SIF Oltenia late last week sold around 42% in Lactate Natura dairyproducer in Târgovişte for which it got 15.1m RON (3.5m euros),with this being SIF5's second largest exit this year.
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