Investment fund Romanian Investment Company (RIC) Cyprus has sold Banca Transilvania shares worth more than $2.5 million over the last two months, therefore considerably diminishing its 4.99% stake held in the past few years. Its stake had been worth more than $4 million before the beginning of the sale. Early this month, however, the value of the investment shrank to $1.4 million. The fund's stake has subsequently slimmed to 1.5%-2%, considering the price did not significantly fluctuate while RIC was selling. The shares were sold on the Stock Exchange, with foreign institutional investors as the main buyers, sources on the market say. The latest Banca Transilvania quotation was 3,300 ROL, so that the market capitalisation reaches $70 million. RIC used to be one of the most significant shareholders of the bank, considering no one except the EBRD may hold more than 5% in it. ZF
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