Cabinet turns down the sell of VSZ shares

The Dzurinda cabinet turned down the sale of a 16.5-percent stake of the National Property Fund (FNM) in the ex-steelmaker VSZ, a.s. Kosice.

The privatization agency had planned to sell the VSZ shares at their nominal value Sk343 (€8.25) on public market next Wednesday. If no buyer was found, the FNM could settle for Sk88 (€2.12) on Thursday next week.

Finance Minister Ivan Mikloš said the proposed price drove the cabinet to turn down the deal.

FNM spokeswoman Tatjana Lesajova does not think the shares can be sold before the VSZ shareholders meet at the end of July. Financial speculators Penta Group, which already owns a minor stake in VSZ, will want to have the shares withdrawn from the capital market.

Compiled by Beáta Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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