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Salt works to home buyer

THE NATIONAL Property Fund (FNM) privatisation agency has sold its 84.4 per cent stake in salt mill Solivary Prešov to chemicals producer Novacké Chemické Závody (NCHZ). According to FNM spokesperson Tatjana Lesajová, the NCHZ will pay Sk334 million for 78,913 shares in the company.

The first of four Sk83.5 million payments should be made within five days of signing the contract, and the next three instalments will follow in 12-month intervals. At the same time, the NCHZ is obliged to make a capital investment of Sk900 million to strengthen Solivary.

While Sk200 million should be invested by the end of April 2002, the remainder will be spread over a 16-month period.

In 2001, Solivary reported a loss of Sk129.5 million on an output of Sk324.9 million.

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