Parliament approves new procedure for privatisation of Slovak Telekom

Parliament approved the amendment to the law on conditions of the state assets’ transfer to other persons; the amendment enables the sale of shares of the Slovak Telekom (ST) company through a new procedure: public offer on capital markets (IPO).

Parliament approved the amendment to the law on conditions of the state assets’ transfer to other persons; the amendment enables the sale of shares of the Slovak Telekom (ST) company through a new procedure: public offer on capital markets (IPO).

“The most preferred alternative for selling property shares of state and the National Property Fund (FNM) share of the Slovak Telekom company are the sale via capital markets (IPO) and subsidiarily, depending on several factors influencing the outlook for success of IPO, direct sale, or their combination, so-called dual track,” SITA quoted the ministry on June 25.

The law is effective as of August 1, the TASR newswire wrote.

Slovak Telekom (ST) is co-owned by the Deutsche Telekom AG company and the Slovak state. In mid February, the Memorandum on Understanding was signed between Deutsche Telekom AG, and Slovakia represented by the Economy Ministry, the FNM state property administrator and the ST company about the sale of 49-percent stake in St owned by the state. FNM started selecting an investment bank to coordinate and manage the IPO project.

MPs also passed an amending proposal which makes selected companies that are so-called “natural monopolies” be transferred from the FNM to the Economy Ministry from August 1 on. These include Slovenský plynárenský priemysel (SPP) gas utility, Západoslovenská energetika (ZSE), Stredoslovenská energetika (SSE), Východoslovenská energetika (VSE) and Slovenské elektrárne (SE) energy companies. The reason is the process of closing down the National property Fund, as this from its beginning was meant to be a provisional body to manage the privatisation of state
companies after the fall of communism.

(Source: SITA, TASR)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Hand drawn art in GMB Photo

THERE are some obvious similarities between the life stories, and also main motif of works by two painters now exhibited in the Bratislava City Gallery (GMB), Lajos Szalay and Koloman Sokol. 

Koloman Sokol: Men from Tacuba

Eva Nová conquers Canada, Slovakia

THE FILM which won an award at the Toronto International Film Festival last autumn, Eva Nová, now comes to Slovak cinemas – and with English subtitles so that even non-Slovak speakers can enjoy it.

Movie: Eva Nová

ETP: State could learn from our work with Roma

WHILE some mayors struggle to improve life in segregated Roma settlements, the non-profit organization ETP Slovakia has helped hundreds of marginalized people construct their own houses. 

Slávka Mačáková, the director of ETP Slovakia

Health care and education harm Smer

THE RULING Smer may not continue in its one-party government after the March 5 general election, recent polls indicate.

Protests by teachers and nurses have hurt support for Smer.