History

1992: Establishment of Private Ownership Fund 1 Banat-Crişana, predecessor of SIF Banat-Crişana
In accordance with the law regarding the privatization of commercial companies, five Private Ownership Funds (POFs) were established. Each POF was allocated 30% of the share capital in Romanian companies. Hence, Private Ownership Fund 1 Banat-Crisana (POF 1) was established in Arad. One of the main objectives of POF 1 was the restructuring and performant management of the allocated portfolio. Initially POF 1 portfolio consisted of stakes in over 1,500 companies, the majority being located in counties in the Western and North-Western part of Romania.

1993 – 1995: MEBO privatization
The MEBO privatization carried out by POF 1 in this period consisted in the transfer of shares held by POF 1 portfolio in 273 companies to the management and employees of these companies. This process was performed through the transfer of shares held by POF 1 in exchange of Certificates of Ownership (ownership deeds issued according to law). POF 1 transferred a portion of share capital amounting to ROL 130.3 billion.

1995: POFs’ regional public offer program
POF 1 together with the other POFs initiated a second regional public offer called “POFs Regional Public Offer” aiming at accelerating the privatization, based on maximum transparency and an open and unrestrictive participation of the public to the privatization process. The program promoted by POF1 included 38 companies in the portfolio, out of which the stocks of 8 companies were later listed on the Bucharest Stock Exchange, ranking within the first 11 publicly traded companies. The sale of shares within the public offer was performed in exchange of the Certificates of Ownership held by the public. A portion of POF 1 share capital amounting to ROL 179 billion was subscribed in this program.

The Mass Privatization Program (MPP)
In accordance with the Law regarding the acceleration of privatization, 4,000 Romanian companies were included in MPP, subsequent to the distribution to the public and exchange of nominative privatization coupons into shares. POF1 was actively involved in MPP developing a network of 230 subscription offices in 11 counties while approximately 670,000 privatization coupons were collected. POF 1 also prepared the share transfer documents to the citizens who subscribed in 1,649 companies in the portfolio. The portion of share capital transferred by POF 1 in MPP was of ROL 1,472 billion.

1996: From POF 1 Banat-Crişana to SIF Banat-Crişana
SIF Banat-Crisana was established as a joint stock company in accordance with Law no.133/1996 regarding the turn of Private Ownership Funds into investment companies, being the successor of POF 1 Banat-Crisana. The company had approximatively 500,000 founder shareholders. In 1996, over eight million Romanian citizens became SIF Banat-Crisana’s shareholders as a result of the capitalization of a certain portion of POF 1 profit and the distribution to public as shares.

1999: Listing on the Bucharest Stock Exchange
Starting November 1, 1999, SIF Banat-Crisana’s shares were listed on the First Tier of Bucharest Stock Exchange, being traded under ticker SIF1. SIF 1 shares were included in BET-FI index, dedicated exclusively to financial investment companies.

In 1999, the Romanian National Securities Commission granted the final authorization for the operation of SIF Banat-Crişana as an investment company.

2006: SIF Banat-Crisana meets all operating conditions in accordance with the harmonized capital market law
SIF Banat-Crisana was authorized by the Romanian National Securities Commission in accordance with the provisions of Law no.297/2004 regarding the capital market. The company was classified in the category Other Undertaking for Collective Investments (AOPC) with a diversified investment policy.

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