Three financial investment companies (SIF Banat-Crisana, SIFMoldova, and SIF Transilvania) have budgeted 252 million RON (over60 million euros) in cumulated investments, but expect significantrevenue declines. Therefore, next year's dividends are increasinglydoubtful, after in the last few years investors have had to fightover every penny collected from SIFs.
The heads of the five financial investment companies are seekingto change strategies as they go along, after concluding that theycannot count on dividends from BCR and BRD as they did before. Theyare now turning more towards the capital market and promisingshareholders they will seek to take advantage more of StockExchange opportunities, via speculative transactions.
The main portfolio restructuring directions targeted by SIFheads are boosting investments in liquid shares and sellingilliquid stakes in non-listed companies, which have prevented thevalue of portfolios from growing over the past few years, inaddition to being one of the reasons for which SIFs' capitalisationaccounts for less than half their net assets.
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