CORPORATE NEWS

FNM sells part of DMD Holding

The Slovak state privatization agency National Property Fund (FNM) sold close to 10 percent of DMD Holding Inc., a company managing the activities of heavy engineering and armaments companies located in Trenčín, to the state-owned gas company Slovenský Plynárenský Priemysel (SPP) for 300 million Sk ($10 million), FNM officials announced on February 11.

The goal of the transaction was to liquidate the debts that the engineering companies in DMD Holding's portfolio owed to SPP, said FNM officials, adding that DMD Holding will buy the debts and repay them to SPP. DMD Holding's registered capital stands at 3.4 billion Sk, but that was increased by 1.5 billion Sk in mid-February through a transfer of shares in the largest engineering companies into DMD Holding's ownership. Through that transaction, DMD Holding acquired 34 percent of shares in ZŤS Dubnica nad Váhom, ZŤS TEES Martin, ZVS Dubnica nad Váhom, Konštrukta-Defense Trenčín, and Konštrukta-Industry Trenčín.

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