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Individual decision · NCFM · 28 Jul 2026 · 37/4

On the Approval of Securities Valuation Acts Held by Trust Administrators CF BV Fiduciar Invest SA, CF Econ-Renastere SA and Compania Fiduciara a Feroviarilor SA

In force on issueApplies to: Market infrastructure
securities

The National Financial Market Commission approves the valuation acts for securities held in trust by CF BV Fiduciar Invest SA, CF Econ-Renastere SA, and Compania Fiduciara a Feroviarilor SA, as detailed in the annex. The Commission permits the Moldovan Stock Exchange to exclude these specific securities from open positions as they are offered for sale in single-package auctions. Additionally, the presidents of the liquidation commissions for these trust administrators must notify the Commission within three working days of any redemption or sale request.

MoldovaNational Commission for Financial Markets Moldova

REPUBLIC OF MOLDOVA
NATIONAL FINANCIAL MARKET COMMISSION
77 Stefan cel Mare si Sfant Blvd., Chisinau, MD 2012, tel: (373 22) 859 401, www.cnpf.md, e-mail: office@cnpf.md DECISION July 28, 2026 No. 37/4 On the Approval of Securities Valuation Acts Held by Trust Administrators CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA

On June 30, 2026, the trust administrators CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA submitted applications No. 40, No. 21 and No. 26 (registered with the National Financial Market Commission (CNPF) under No. 5431, No. 5432 and No. 5433), pertaining to the valuation acts of client assets held in trust administration (approved at the liquidation commission meeting on June 30, 2026).

Thus, on the basis of Article 1 paragraphs (3) and (4) and Article 1461 of Law No. 171/2012 on the Capital Market (Law No. 171/2012), Article 8 letter b), Article 18 paragraph (3), Article 20 paragraphs (1) and (6) and Article 22 paragraph (3) of Law No. 192/1998 on the National Financial Market Commission, point 8 subpoint 2), point 25 and point 27 of the Regulation on the Procedure for Termination of Investment Trust Administration Activities (CNPF Decision No. 40/4/2018), points 16 and 19 of the Regulation on the Organization and Functioning of the National Financial Market Commission (CNPF Decision No. 57/11/2022),

The National Financial Market Commission DECIDES:

  1. The valuation acts of securities held by the trust administrators CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA are approved, according to the annex.

  2. The Moldovan Stock Exchange is permitted not to reflect in open positions the list of securities, exposed for sale as single packages, according to the annex.

  3. In the event of exercising the rights provided for in Article 1461 paragraph (3) of Law No. 171/2012, the president of the liquidation commissions of the trust administrators CF "BV Fiduciar Invest" SA, CF "Econ-Renastere" SA and "Compania Fiduciara a Feroviarilor" SA shall inform the CNPF within a period of up to 3 working days from the date of submission of the redemption or sale application.

  4. This Decision may be contested by submitting a preliminary application to the CNPF (MD-2012, Chisinau, 77 Stefan cel Mare si Sfant Blvd.), within 30 days from the date of notification.

  5. This Decision enters into force on the date of adoption, is communicated to recipients in accordance with the legislation and is published on the official website of the CNPF (www.cnpf.md).

Dumitru BUDIANSCHI,
PRESIDENT

1
Annex
to CNPF Decision
No. 37/4 of 28.07.2026
List of joint-stock companies whose share packages are exposed for sale in the course of auction sales, organized within the MTF

No. d/o
Name of the SA
Address
IDNO
ISIN Code
Nominal Value, lei
Previous Sale Price per share, lei
Revalued Price per share, lei
% Price Reduction
Number of Shares Held in Trust Administration
% Held
Number of Clients
Net Assets per Share at the Time of Setting the Initial Sale Price Net Assets per Share, according to the Last Financial Statement Submitted to CNPF Value, lei Period Value, lei Year

I. CF "BV Fiduciar Invest" SA
a) joint-stock companies whose net asset value exceeds the nominal value by 100%

  1. S.A. "Infomac" Chisinau, Sarmizegetusa 37/2 1003600166591 MD14FOMA1008 15 12.08 11.48 5 463 4.58 207 72.97 2013 - -
  2. S.A. "Avicola-Talmaz" Stefan Vodă District, Talmaza Village 251471 MD14AVTA1007 10 8.81 8.37 5 19 827 3.13 210 42.5 Q2, 1998 - -
  3. S.A. "Gezegen" Ceadâr-Lunga City, Lenin 119/a 1003611006659 MD14GEZE1000 9 3.53 3.35 5 484 9.56 13 21.29 2013 - -
  4. S.A. "Alet" Chisinau, Bucuriei 12/A 1002600035845 MD14ALET1005 1 1.21 1.15 5 470 485 30.87 - 6.48 Q4, 2004 - -
  5. S.A. "Profilcons" Soroca City, Cosăuţi 10 1003607012631 MD14PCSO1008 5 15.38 14.61 5 20 405 24.34 44 74.3 2009 - -
  6. S.A. "Hidroinpex" Soroca City, V. Stroescu 118/A 1003607005170 MD14INPE1009 20 7.46 7.09 5 23 122 3.66 680 40.05 2017 25.43 2025
  7. S.A. "Galaxia-Cărții" Chisinau, Sarmizegetusa 12 1005604002736 MD14LAXI1005 5 1.71 1.62 5 6 791 10.22 205 9.17 2010 - -
  8. S.A. "Lucoarea-Venus" Dondușeni City, Independenței 4 1009604002974 MD14VENU1005 5 1.10 1.05 5 6242 10.77 333 5.94 Q3, 2002 - -
  9. S.A. "Izotermocon" Chisinau, Bucuriei 12/A 1002600040508 MD14IZOT1009 10 2.82 2.68 5 12 191 24.47 1 342 15.12 Q1, 2005 - -
  10. S.A. "BTA-23 Taraclia" Taraclia City, Vokzalinaia 51 1003610001989 MD14BZST1002 10 3.46 3.29 5 249 0.45 5 20.56 2017 46.39 2025
  11. S.A. "BTA-28 Călăraşi" Călăraşi City, Al. cel Bun 238 1004609000372 MD14BARA1003 10 42.54 40.41 5 180 0.22 4 257.6 2017 365.71 2025
  12. S.A. "Concom RTCA" Chisinau, Petricani 202 1003600070450 MD14RTCA1001 10 7.09 6.74 5 372 0.23 3 42.23 2017 33.19 2025
  13. S.A. "Promstroi-Grup" Chisinau, Uzinelor 90 1002600004166 MD14SOGU1007 10 14.13 13.42 5 8 244 0.59 235 84.23 2017 127.23 2025
  14. S.A. "Magnolia-Servcom" Chisinau, Petricani 23 1002600037481 MD14MAGN1008 10 8.37 7.95 5 314 0.11 5 49.88 2017 49.13 2025
  15. S.A. "Mașrut" Strășeni City, M. Costin 2 1003600079257 MD14MASR1000 10 5.94 5.64 5 415 0.11 5 35.44 2017 8.93 2025
  16. S.A. "Service auto prim" Bălți City, Heciului 2 1002602005363 MD14SEAU1005 23 10.82 10.28 5 85 0.075 5 64.47 2017 102.73 2025
  17. S.A. "Unita" Hânceşti City, Industrială 12 1002605000314 MD14UNIT1005 25 11.31 10.74 5 21 0.06 2 67.42 2017 75.33 2025
  18. S.A. "Aparat" Bălţi City, Sennaia piața 2 1003602033967 MD14APAR1007 1 0.35 0.33 5 304 0.06 7 2.32 2017 2.22 2024
  19. S.A. "Aqua-Prut" Cahul District, Roşu Village 1003603008520 MD14AQUA1001 9 9.37 8.90 5 465 0.22 3 62.88 2017 48.06 2025
  20. S.A. "Servmec" Cimișlia City, Cetatea Albă 2 1003605007882 MD14SEME1001 10 4.13 3.92 5 300 0.12 5 27.66 2017 21.17 2025
  21. S.A. "Cosînzeana" Ungheni City, Naţională 15 1002609000688 MD14COSZ1006 1 1.06 1.01 5 2 455 0.4 108 7.13 2017 5.81 2025
  22. S.A. "DCRR-Orhei" Orhei City, S. Lazo 33 1003606005966 MD14DCRR1000 10 7.55 7.17 5 162 0.68 3 50.62 2017 459.03 2025
  23. S.A. "Drenaj" Chisinau, Uzinelor 188 1003600079969 MD14RENA1005 10 17.85 16.96 5 340 0.69 4 119.7 2017 52.30 2025
  24. S.A. "Fertilitatea-Strășeni" Strășeni City, M. Costin 8 1005600006471 MD14TERF1004 10 6.69 6.36 5 150 0.08 2 44.78 2017 37.26 2025
  25. S.A. "Garant-Auto" Comrat City, Gavriliuc 10 1003611010441 MD14GARN1003 7 10.46 9.94 5 128 0.16 4 70.15 2017 38.63 2025
  26. S.A. "Investcom" Chisinau, Gh. Tudor 3 1002600044573 MD14IVSM1006 10 6.40 6.08 5 306 0.27 11 42.91 2017 16.84 2025
  27. S.A. "Rechin" Briceni City, Pescarilor 38 1004604001989 MD14RECH1001 10 15.58 14.80 5 79 0.19 6 104.5 2017 49.39 2025
  28. S.A. "Refplast" Anenii Noi City, Chişinăului 42 1003600125903 MD14REFP1008 10 3.70 3.51 5 540 0.32 3 24.84 2017 18.06 2025
  29. S.A. "RIF-Acvaaparat" Bălți City, Decebal 9 1002602000519 MD14RIFA1001 5 9.63 9.15 5 120 0.03 5 64.53 2017 115.05 2025
  30. S.A. "Spectrul" Chisinau, Feredeului 4 1003600022585 MD14PECT1009 14 6.69 6.36 5 373 0.42 3 45.84 2017 34.06 2025
  31. S.A. "Vuldis" Vulcăneşti City, Frunzelor 115 1003611005733 MD14VULD1008 50 18.14 17.23 5 169 0.73 3 121.6 2017 73.51 2025
  32. S.A. "Baza comercială angro textile" Chisinau, Petricani 23/2 1003600019963 MD14TEXT1000 10 4.47 4.25 5 4 805 1.11 41 28.23 2017 19.59 2025
  33. S.A. "Combinatul de colectare și prelucrare a cerealelor din Făleşti" Fălești City, Bogdan Vodă 31 1003602021869 MD14COMF1006 1 0.24 0.23 5 5967 0.23 27 2.48 2017 2.21 2025
  34. S.A. "Fabrica de prelucrare a semințelor din porumb din Răuțel" Fălești District, Răuțel Village 1002602001435 MD14UTEL1001 5 5.52 5.24 5 990 0.07 13 32.96 2017 41.69 2025
  35. S.A. "Fertilitatea-Hîncești" Hâncești City, M. Kogălniceanu 3 1005605004508 MD14FERH1008 10 4.37 4.15 5 536 0.26 5 38.76 Q4, 2002 - -
  36. S.A. "Grand M. R." Chisinau, Cricova City, Chişinăului 112/A 1003600028196 MD14GRMD1001 5 1.89 1.80 5 81 1.49 4 16.88 Q4, 2007 - -
    b) joint-stock companies whose net asset value is positive and exceeds the nominal value
  37. S.A. "Caracuda-Hîncești" Hânceşti City, Industrială 22 1002605000473 MD14CARA1002 4 0.56 0.53 5 159 0.07 2 5.219 2017 8.29 2025
  38. S.A. "Asicon" Călăraşi City, Constructorilor 6 1002609001250 MD14ASIC1003 10 1.47 1.40 5 179 0.19 2 14.01 2017 15.49 2025
  39. S.A. "BTA-26" Cantemir City, B. Glavan 16 1005603005774 MD14ANSP1001 40 8.37 7.95 5 100 1.1 2 79.89 2017 46.24 2025
  40. S.A. "Hidroconstructor" Orhei District, Pelivan Village 1003606009791 MD14HIDO1009 10 2.84 2.70 5 102 0.09 1 24.1 2017 6.05 2025
    c) joint-stock companies whose net asset value is positive, but does not exceed the nominal value
  41. S.A. "Chimistul-M" Chisinau, Munceşti 803 1003600039943 MD14MIST1000 10 1.11 1.05 5 275 973 76.88 6 750 7.17 2015 - -
  42. S.A. "Piele" Chisinau, Ismail 99 1002600027619 MD14PIEE1000 8 5.79 5.50 5 3 160 0.23 165 34.39 2017 8.66 2025

II. CF "Econ-Renastere" SA
a) joint-stock companies whose net asset value exceeds the nominal value by 100%
43. S.A. "Tehoptimed" Chisinau, M. Drăgan 19/A 1003600087162 MD14TEHO1005 12 16.20 16.20 0 21 486 34.17 1 389 70.8 2017 98.84 2025
44. S.A. "Alet" Chisinau, Bucuriei 2/A 1002600035845 MD14ALET1005 1 1.16 1.10 5 900 0.06 57 6.48 Q4, 2004 - -
b) joint-stock companies whose net asset value is positive and exceeds the nominal value
45. S.A. "Nord-Zahăr" Briceni City, Uzinelor 30 1003604005353 MD14ZABR1004 10 2.65 2.52 5 31 617 0.46 384 16.62 2017 10.00 2025
46. S.A. "Izotermocon" Chisinau, Bucuriei 2/A 1002600040508 MD14IZOT1009 10 2.97 2.82 5 3 602 7.23 140 15.12 Q4, 2005 - -

III. "Compania Fiduciara a Feroviarilor" SA
a) joint-stock companies whose net asset value exceeds the nominal value by 100%
47. S.A. "Alet" Chisinau, Bucuriei 2/A 1002600035845 MD14ALET1005 1 1.22 1.16 5 287 510 18.87 1 632 6.48 Q4, 2004 - -
b) joint-stock companies whose net asset value is positive and exceeds the nominal value
48. S.A. "Nord-Zahăr" Briceni City, Uzinelor 30 1003604005353 MD14ZABR1004 10 2.65 2.52 5 16 576 0.24 162 16.62 2017 10.00 2025
49. S.A. "Izotermocon" Chisinau, Bucuriei 12/A 1002600040508 MD14IZOT1009 10 2.54 2.41 5 1 310 2.63 162 15.12 Q4, 2005 - -

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