Penta forces its will upon VSŽ

Financial speculator Penta Group has managed to force the withdrawal of the former steel maker VSŽ shares from the public market at the annual shareholders meeting on July 23.

The National Property Fund (FNM), controlling 16 percent of VSŽ shares, was against the withdrawal.

Milan Kasanický, representing minority shareholders, also protested the withdrawal stressing that it would damage the Slovak stock market, where VSŽ shares are among the most liquid security, as well as small shareholders.

The VSŽ statutes have also been modified in line with the Penta scenario. The most significant change is a restriction to the owners' right to deal with shares freely.

Penta Investments controls 31.8 percent in VSŽ, while over 31 percent is in the hands of British firm ART Investments. The FNM possesses 16 percent and small shareholders have 20 percent.

Compiled by Beata 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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