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Chemes sold to Slovak buyer

THE COMPANY Forward of Považská Bystrica has won a tender to buy 38.3 per cent stake in Chemes of Humenne.

The sale, approved this week by the National Property Fund (FNM) privatisation agency, requires the buyer to pay Sk45 million ($950,000) for the shares within seven days of signing the sales contract.

Chemes produces machinery and stockings, and supplies electricity and heat to companies located on the former Chemelon chemical company premises.

The FNM had kept its share in the company after coupon privatization plans were shelved in 1994.

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