SIF Muntenia has sold its 2% stake in drug producer Biofarm Bucharest, following transactions on the market whereby it collected 4.5 million RON (over 1.2 million euros). The company bought the stake early in 2005, which means it made some 46% off the investment in Biofarm in about a year. The financial investment company sold the shares between February 3 and 7, at an average price of 0.634 RON/share. When it bought into Biofarm, the shares were trading for 0.54 - 0.57 RON/share. The investors that bought Biofarm shares also had the opportunity to make money off the capital increase conducted by the company last year, which was done through the distribution of bonus shares. The SIF Muntenia officials were not available for further comment yesterday. Biofarm has been one of the most profitable investments on the Bucharest Stock Exchange since last year, due to the significant increase in the financial results and the takeover of another drug producer, Sicomed Bucharest, by the Czechs at Zentiva, in a deal that put this company at 200 million euros, a value that some investors were not even anticipating. Biofarm is listed on the Bucharest Stock Exchange and reached 0.68 RON/share yesterday, a new all time high. The market capitalisation of the company stands at 67.7 million euros, calculated at the latest price yesterday, 0.675 RON/share. ZF
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