Sixth FIC at BSE within six months?

The Authority for State Asset Recovery set out the establishment of a private company with limited liability, which will be listed at the Bucharest Stock Exchange, said the chairman of ASAR, Mircea Ursache.

“We plan on setting up a FIC, which will be listed at Bucharest Stock Exchange. The common capital will be 30 million euro for start. In the upcoming period, we will draw its investment policy and decide whether it will be self-administrated or managed by a SAI. We are still examining the project,” Ursache added.

He explained that the underlying reasons of this project summed up to the rising administration costs of the 376 minority packages that it holds and to the fact that it is not receiving the afferent dividends from them.

“This FIC will be an interesting financial issuer to investor and will fetch more and fresh shares in the trading arena. I am sure that if things go well, this FIC will move in trading within three months”, said Dan Paul, chairman of Brokers’ Association and vicepresident at BSE.

Ursache stressed that the first step to the establishment of the FIC was the approval by the Supervisory Commission within AVAS, in order to be submitted a memo to the Government. The new FIC will observe the regulation in force, which sets forth a 1% compulsory threshold of share possession.

“I would agree even with the elimination of this threshold and I will militate for its raise. But, if the regulators will not change anything, the FIC will have to observe the rules”, Ursache said.

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