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CORPORATE BRIEFS

German company buys 9% in state insurer Slovenská Poisťovňa

Deutscher Auslandskassenverein AG has been registered at the Central Securities Registrar as the owner of an 8.67% stake in state insurance house Slovenská Poisťovňa (SP).

On May 5, 130,000 SP shares changed hands in a direct off-market transaction on the Bratislava Stock Exchange (BCPB) floor at 970 Slovak crowns per share. The new holder bought the above stake for 126.1 million crowns.

According to information released by the Central Securities Registrar (SCP) on May 10, the share of firm B Consult in SP dipped from 8.67% to zero after this transaction.

On February 22 this year, B Consult bought 127,306 shares (8.48%) of SP at 962 crowns per share. It bought the stake in a direct off-market transaction on the BCPB for almost 122.5 million crowns from Consult Invest.

The new registered owner of the SP shares, Deutscher Auslandskassenverein AG, is a member of the Deutsche Borse AG. It is involved in trading in securities (chiefly foreign ones), deposit services and assets management.

Slovenská Poisťovňa originated on November 1, 1991 through the transformation of the state-run Slovenská Štátna Poisťovňa into a joint-stock company. It is the biggest universal insurance company in Slovakia and controls more than 60% of the Slovak insurance market. It offers over 200 forms of life, property and liability insurance and administers over 4.5 million long-term insurance contracts. Its total assets increased to almost 33 billion crowns in 1998. SP holds important stakes in several banks, insurance companies, media, and other companies. The FNM national privatization agency controls a 50.55% stake in SP.

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