Assets 
AIG Life doubled its profit
The company AIG Life Asigurari Romania ended the first semester of 2008 with businesses over 140 million lei in increase with 51% against 2007, the same period. In euro the volume of subscribed gross premiums increased to 38 million, in increase with 37%. The reported gross profit is of 24 million lei (7 million euro), representing the double of the recorded value in 2007, the same period. “The company touched the maturity level which allowed us to diversify the distribution methods, in the same time focusing on professionalizing the network of own consultants. Our plan was followed by letter also in what concerns the financial parameters of performance: incomes, expenses assets and profit”, Theodor Alexandrescu, general director of AIG Life explains. The life insurances market has also developed as a result of implementing the Second Pillar of private administrated compulsory pensions. This important factor has determined the Romanians to become aware of the... citeste mai mult
The set up of the power company does not change the hydro strategy
The close to approval project by the Government of the Authority for State Assets Recovery (AVAS) doesn’t change, at least for the moment, the plans of Hidroelectrica company: representatives of AVAS sustain that the company would keep on selling micro hydro-electric power stations. The government will take as soon as possible a positive decision regarding the set up of the national power company, despite of the so-called delays to the Ministry of Economy and Finance and of the recent political controversies. This decision won’t change for the moment the development strategy of Hidroelectrica Company.Sources within AVAS stated for us that once with the take over of those 361,98 million stocks of Hidroelectrica, the company will be able to continue the sale plan of the assets owned to micro hydro power stations (MHC). “The privatization of the micro hydro power stations will also continue after Hidroelectrica joins the national power company. The only... citeste mai mult
The Polish Second Pillar loses one billion euro in six months
At the end of the first half of 2008, those 15 companies of private pension funds administration from Poland had net assets amounted to 136,4 billion zloty with 2,5% less against December 2007. The suffered loss of about 3,6 billion zloty (over one billion euro) in only six months it’s due to the fall of the stock exchange from Warsaw and to the European capital markets, based on the world financial crisis. The statistic data of the Polish Financial Supervision Authority (PFSA), the one that supervises the Polish financial markets (banks, stock exchanges, insurances, pensions), shows that at the end of June the 2nd Pillar counted 13,5 million members, 14 million accounts (of which only 5,3% are inactive), net assets of 136,4 billion zloty and an accounting unit of 25,98 zloty. Negative returns Only six months ago, those 15 administrators of the Polish 2nd Pillar had in administration 13,1 million participants, 13,6 million accounts (5,1% inactive), net... citeste mai mult
Consolidation on the 2nd Pillar
“We are in the stage of consolidating the system by dropping out to authorization. From now on, the funds will be able to be withdrew only by special administration, because there are assets in system, or by the procedure of acquisition on the law of commercial companies, or by fusion of some funds on our norm, respecting the rights of the participants. Another two three funds will come up out of the market this year as a result of some fusions”, Mircea Oancea (photo), president of the Commission of supervision of the system of private pensions stated. Still, before the turn up of the CSSPP norm regarding the fusions, many announces of acquisitions and fusions have circulated on the market of the Second Pillar. The most probable, the acquisition of OTP by BT Aegon. “We are interested of purchasing some businesses from the compulsory pension area, of course in measure in which they correspond to our evaluation criteria”, Marius Ratiu, new general director of... citeste mai mult
Casstil wants to sell assets from Oradea, Arad and Bucharest
The institute of research-development Casstil Bucharest owned by AVAS, plans to sell by auction several parts from the buildings situated in Oradea and Bucharest and a terrain situated in Arad. The assets sell will be approved by shareholders in the second half of July. The institute owns several terrains and houses in Bucharest, Oradea, Arad and Medias, estimated to almost eight million lei. In last autumn, AVAS started the privatization process of Casstil, by selling a package of 54,7% from the capital to the ones from Vesta Investment and Letitia Astrid Spirea. citeste mai mult
Romarm sells by auction 14 million euro
The Romarm company, a subsidiary of Metrom Brasov, with activities in defense, puts for sale by auction of properties, from Brasov, amounted to almost 14 million euro. The auctioned buildings are more constructions, tangible assets and a terrain with a surface of 52.790 square meters. The auction will take place on July 11, at the company’s headquarter and the participation documents are hand in with maximum one day earlier. The participation guarantee is of 20% of the start price, and the step price will be of 2,52 million lei. The participation tax is of 50.000 lei, and the price of the presentation file is of 2.500 de lei. citeste mai mult
Petroms activity isn't at state authoritys will
The Romanian state, by the State Assets Recovery Authority (AVAS) sued in court the biggest Romanian company, Petrom in which it holds 20,64% of the capital, in order to obtain the partial annulment of a decision taken last year by the Extraordinary General Assembly of Shareholders concerning the approval for the investment budget on 2007. AVAS reproaches that the company’s leaders didn’t put them at hand, in real time, the needed documents and information in order to be able to take a point of view. The shareholders decided then the supplementation of the investment budget with 114 millions lei, up to 3,865 billions lei, and redistributed towards the exploration and production sector funds initial destined to other areas of activity. State Assets Recovery Authority, AVAS, asked in court the partial annulment of last year decision of Extraordinary General Assembly of the biggest Romanian company, Petrom, regarding the approval of the investment... citeste mai mult
The last ball for Antibiotice
The unexpected announcement of putting for sale the company Antibiotice, made at the end of last year by the the State Assets Recovery Authority (AVAS), raised a lot of controversies. The unionists aren’t satisfied of the chosen method (shout auction) for the winner won’t have any obligations against the Romanian state or against the employees. The factory can be closed in order to make space to an immovable investment. The decision of selling the pack of 53% of shares is already known, question marks and even protests were caused by the chosen method: shout auction. The unionist, as for politic leaders sustain that in this way was marked the end of the „Penicilinei“ era from Iasi and that the Government wants to sell the factory to some interest groups. Bomb announcement on Christmas Eve When nobody expected anymore, AVAS wanted to solve at the end of the year the situation from Antibiotice and even in Christmas Eve made the... citeste mai mult
