CORPORATE BRIEFS

Nafta Gbely shareholders elect state officials to board

At a special meeting on September 7, shareholders of gas storage firm Nafta Gbely elected representatives from the FNM state privatization agency and the SPP gas utility to the supervisory board.

The election of these state officials followed the terms of an agreement signed in August between representatives of Druhá Obchodná, the majority shareholder of Nafta Gbely, and representatives of the FNM and SPP.

FNM President Ľudovít Kaník, chairman of the FNM Executive Committee Ladislav Sklenar, and the FNM's top official for the execution of shareholder rights, Anna Bubeniková, were elected to the new supervisory board. The SPP will be represented in this body by SPP director general Pavol Kinčeš and SPP investment division head Ján Kasper. Nafta shareholders also re-elected the three current employee representatives who sit on the board.

The legal representative of Druhá Obchodná, Milan Ružbarský, said that Druhá Obchodná's 45.9% stake in Nafta Gbely will not be transferred to the FNM until Nafta's sister firm, Nafta Trade, is sold to the SPP at a price agreeable to Nafta Trade's owners.

The SPP began its bidding for Nafta Trade at a symbolic one Slovak crown, saying it was willing to take on Nafta Trade's debts and therefore could not be expected to pay more. According to Ružbarský, the price was not acceptable for Druhá Obchodná, which allegedly wanted $9 million for the company.

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