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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.

Top stories

Kysuce highway stalled due to missing money

Money is missing to finish the section of highway between Žilina and Poland, stopping the completion of the D3 highway project.

Road-blocking protest in Povina, Kysuce, demanding completion of highway bypass - February 16.

Slovak film won Generation Kplus section at Berlinale

The film Little Harbour that won the Crystal Bear – beating movies from many other countries - is the work of (mostly) Slovak women.

Director of Little Harbour, Iveta Grófová, with the Cristal Bear

State insulation falls behind expectations, ministry widens support

Only 134 homeowners in the first round and 62 in the second applied for a subsidy via the insulation programme.

Only 134 homeowners in the first round and 62 in the second applied for a subsidy via the state insulation programme. Illustration stock photo

US philosopher with Slovak roots, Michael Novak, dies

The man who advised politicians and even presidents Gerald Ford and James Carter died on February 17, aged 83.

Michael Novak