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Italians selling shares in KositFocus short
14 Jul 2014 Compiled by Spectator staff Foreigners in Slovakia
ITALIAN shareholders are leaving the Košice-based waste management company Kosit. They are selling their 66-percent stake in Kosit to the investment group Wood & Co for over €14.2 million, the SITA newswire wrote on June 16. The city of Košice, which holds the remaining 34 percent stake, has not used its pre-emptive right, but has kept its minority stake. The whole transaction is taking place under the auspices of UBS bank. Until the whole transaction is over, Italian investors cannot provide any detailed information.
Kosit was launched in 2001 based on a project of Košice city, which held an international tender to sell its incinerating plant. The winner of the tender launched with the Košice city council a joint-stock company to collect and dispose of municipal waste as well as to provide regular summer and winter road and street maintenance.
Kosit is one of the five most significant companies active in this field in Slovakia. For the time being, it provides services to about 260,000 citizens of eastern Slovakia and for around 500 business entities. It handles annually more than 80,000 tonnes of waste. The company employs more than 400 people.
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