OTF sold off to firm's j.s.c.

The state privatization agency Fund for National Property (FNM) sold 34.64 percent in OTF, a TV set producer located in Nižna, to an employee joint-stock company named OTF-ZAM Nižna for 24 million Sk, FNM officials announced. OTF's registered capital is 895 million Sk. Other shareholders in the company are small shareholders (47 percent ownership) the PSIPS investment fund (14 percent) and 30 other investment funds with small stakes. OTF-ZAM's structure is 66 percent owned by OTF managers, with the remainder owned by employees.

The direct sale will result in simplified management at the firm, according to OTF's director, citing that before the sale, important company decisions had to be approved by the Fund. OTF will lose slightly more than its estimate of 100 million Sk, according to company executives. The firm lost 182 million Sk in 1994 and 154 million Sk in 1995.

Get daily Slovak news directly to your inbox

Top stories

Another former police president reportedly charged in a corruption case

NAKA charged eight former high-ranking police, SIS and Financial Administration officials.

Milan Lučanský

Haščák of Penta detained and accused

Dozens of police officers raided Digital Park, the headquarters of the financial group.

Jaroslav Haščák

Economy minister Sulík is the most trustworthy politician regarding solutions to the pandemic

More than half of respondents also think that the government underestimated preparation for the second wave.

Richard Sulík introduces his plan.

Car industry needs to jump on the latest trends

Economy minister promises extensive support for hydrogen technologies in Slovakia.

The Hydrogen Technology Research Centre (CVVT) is to be launched at the end of 2020 or beginning of 2021 in Košice to do R&D in this field.