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Penta offers to buy remaining PPC stake

PRIVATE equity group Penta, the owner of a 90-percent stake in the Paroplynový Cyklus (PPC) power plant, is bidding to buy the remaining 10-percent of shares from Slovak power utility Slovenské Elektrárne.

Penta has offered Sk600 million for the shares, and as Penta's investment director Vladimír Brodňan stated, the group wishes to become the sole owner of PPC to be able to decide independently on the future development of the company.

Penta is offering a relatively high price due to the recent substantial growth in the prices of electricity commodities as well as to the new commercial opportunities for PPC on the support services and emission permits markets.

Penta bought its 90 percent stake for Sk2 billion from the National Property Fund privatization agency in March 2004.

PPC produces electricity at a gas fired co-generation power plant with a gas turbine and steam system.

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