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CORPORATE NEWS

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.

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