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CORPORATE NEWS

FNM sells 10.23% stake in Slovnaft

The National Property Fund (FNM), a state privatization agency, sold a 10.23 percent stake in the country's sole oil refiner, Slovnaft, on February 25. The stake was sold for 620 million crowns to a little-known company, Colorin a.s., based in Žilina-Bánová. Dealers said the sum represented a share price of 385 crowns, a fraction of the stock's February 24 closing price of 879 crowns on the Bratislava Stock Exchange (BSE). Slovnaft is by far the most heavily capitalized share on the BSE's official SAX index, accounting for 31 percent of its capitalization. In the course of the last month, the FNM was buying all shares of stock it could lay its hands on, spurring belief among market analysts that it was on the way to becoming the prime minority shareholder. But the FNM surprised everyone once again, by getting rid of its entire stock. The Fund has one last chance to shock the market with Slovnaft shares, but it first has to repurchase them from the European Bank for Reconstruction and Development, which has said it wants to get rid of its 10-percent stake due to the FNM's murky dealings with Slovnaft shares.

Top stories

EU roaming fees to end on June 15 – in theory

Slovak customers still waiting to find out how mobile operators will implement change.

Archaeologist pieces together early history of what is now western Slovakia Photo

For an archaeologist, the most important thing is his most recent rare discovery, says Július Vavák.

Students visited Svätý Jur as part of their European Wanderer project

How to sell Slovak books to English readers

Slovak literature makes it to the big bookstores of London, but it is unlikely to become a bestseller yet.

On Wednesday, Slovak literature will be presented in one of the biggest bookstores in London. Among the new books translated into English is also the anthology of current Slovak prose selected and translated by Magdalena Mullek and Júlia Sherwood.

General Prosecutor filed a motion for the dissolution of ĽSNS

The Slovak Supreme Court received a motion to dissolve the extreme right ĽSNS party founded and led by Marian Kotleba.

Jaromír Čižnár