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Transport Ministry to transfer 34 percent of ST shares

The Slovak cabinet approved on June 27 the transfer of a 34-percent stake in dominant fixed-line operator Slovak Telekom (ST) from the Transport Ministry to the government privatization agency, the Slovak National Fund (FNM). According to Transport Minister Ľubomír Vážny, the transfer will take place by the end of this month.

The Transport Ministry originally exercised shareholders' rights for a 15-percent stake in ST, which is part of the FNM’s portfolio. Those rights were then to be transferred to the Economy Ministry, but that proposal was rejected. The FNM chose instead to directly exercise shareholders' rights pertaining to the entire 49-percent stake in government hands. Vážny thinks that this solution will be more advantageous, since the FNM owns 15 percent at present, and will own 49 percent in total, according to plan.

Compiled by Zuzana Vilikovská from press reports
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