Romanian investment fund SIF Oltenia cashes in EUR 8.6 mln from Eximbank stake

SIF Oltenia (SIF5), a Romanian investment company listed on the Bucharest Stock Exchange, has completed the sale of its minority stake in state-owned lender Eximbank.

The company said it cashed in RON 42.4 mln (EUR 8.6 mln) from selling its 3.27% stake. The deal implies a valuation of RON 1.3 bln (EUR 265 mln) for the bank.

SIF Oltenia had the Eximbank shares in its portfolio since its launch in the 1990s, when it received minority stakes in the most important state banks.

In the first half of this year, SIF Oltenia recorded a net profit of RON 144 mln (EUR 29.4 mln), more than five times higher than in the same period of 2021, as the strong dividends from its portfolio companies pushed up its revenues fourfold to RON 158 mln.

The company’s net assets amounted to RON 2.16 bln (EUR 440 mln) at the end of July, which translates into a net asset per share of RON 4.32. Meanwhile, the SIF5 shares are trading at RON 1.98 (as of August 18), which is only 46% of the NAV per share, despite a 17% increase since the beginning of this year.

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