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FNM sells 11.05 percent stake in Harmanecké papierne

During the third week of November, the National Property Fund (FNM), state privatization agency, sold an 11.05 percent stake (68,726 shares) in Harmanecké papierne Inc., Harmanec to O.K.L. Inc., way below its market value. FNM sold one share for 100 Sk, or one tenth of the nominal value, while the price on the stock exchange was 388 Sk on the day of the sale. In the course of 1996, it oscillated between 320 to 1,010 Sk. The FNM sold the stake to a completely unknown company at a price 19.8 million Sk lower than the actual market price. In the first half of this year, income per share of Harmanecké papierne was 201.3 Sk and the company has a 20 percent return on capital.

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