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SIF MOLDOVA S.A. - SIF2

Acquisitions/Sells - Completion of IASITEX SA transaction

Release Date: 10/26/2018 6:00:10 PM

IRIS Code: 22ABD

 

Report date: October 26, 2018

Information according to: Law 24/2017, FSA Regulation 5/2018

Issuer name: Societatea de Investitii Financiare MOLDOVA S.A.

Headquarters: 94C Pictor Aman street, Bacau

Phone/fax/e-mail: 0234576740 / 0234570062 / sifm@sifm.ro

Sole registration number at the Trade Register Office: 2816642

Trade Register Number: J04/2400/92

LEI: 254900Y1O0025N04US14

Share capital: 101,317,917.6 RON

Number of issued shares: 1,013,179,176

Face Value: 0.1 RON/share

Ownership structure: 100% private

Free float: 100%

ASF Register No.: PJR071AFIAA/040002

Regulated market on which the issued securities are traded: Bucharest Stock Exchange, Premium category

International identifiers:

Bucharest Stock Exchange: SIF2

ISIN: ROSIFBACNOR0

Bloomberg: BBGID BG000BMN5F5

Reuters:  SIF2.BX

 

To:       BUCHAREST STOCK EXCHANGE

 

FINANCIAL SUPERVISORY AUTHORITY

Financial Instruments and Investments Sector

 

Important event: completion of IASITEX SA transaction

This is to inform investors on the successful completion of a complex transaction concerning acquisition via SIF Moldova’s Agroland Capital SA subsidiary of certain real estate assets belonging to IASITEX SA. Assets are located in downtown Iasi, an area of significant potential for real estate development in either residential, office or commercial use.  Various land plots with a total area of approximately 30,000 sqm and an office building (ground floor + 8 levels) with a built area of 4,600 sqm were acquired. The total transaction value was 37 million lei.

This transaction is part of the multiannual strategy approved by SIF Moldova shareholders regarding the private equity approach in running certain investments in the real estate field aimed at medium and long-term increase opportunities. This approach involves an active involvement in entrepreneurship projects that leads to an increase of the assets under management profitability and prudently offers the possibility to compensate the risks generated by the possible increase of capital market volatility.  

At the same time, we have succeeded to sell the shares held in IASITEX (ticker IASX) belonging to SIF Moldova’s divest portfolio (low appreciation potential and extremely low market liquidity). The transaction was closed in DEAL market, on BSE’ s AeRO-ATS segment. The transaction resulted in a net profit of approximately RON 18 million while generating liquidity aimed at supporting the investment program.

One of the transaction’s key aspects was the legal one, namely mutual settling of all trials as well as the identification of amiable, transitional solutions for IASITEX activity and the companies that operate in the named assets.

Although the negotiation process was a long and difficult one because of the many requirements that had to be met, the outcome was in line with the strategy and future objectives of the parties involved in the transaction. The structuring and completion of this transaction was possible thanks to the dedication of our specialists as well as to the support received from professional law firms.    

Our detailed analysis and forecasts have covered both the quality and the location of the acquired assets and the development potential of the real estate market in Iasi - the third urban development pole in Romania.

Investment numbers aside, we are certain and do look forward with great interest to contributing to the development of the city of Iasi. We are positive that through open dialogue with the local authorities, we will develop yet another milestone real estate project, serving the demand for office, residential and related services alike.

 

Claudiu Doros

CEO

 

Catalin Nicolaescu,

Compliance Officer

 



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