CORPORATE NEWS

Poisťovňa shares sold to firm close to VSŽ

Slovakia's largest insurance company, Slovenská Poisťovňa, has registered a major change in its shareholders after a company closely linked with Poisťovňa's second largest shareholder bought a package of shares. While the largest shareholder remains the state privatization agency National Property Fund (FNM) with 50.55 percent, the securities trading firm ARDS Inc. purchased 8 percent of Poisťovňa's shares from Slovenská Sporiteľňa bank, reducing Sporiteľňa's stake in the state insurance firm to 1.2 percent. According to press reports, ARDS is closely connected with the east Slovak steel mill VSŽ Košice, which with 20.03 percent is Poisťovňa's second largest shareholder.

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