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Former steelmaker buys back its shares

Former steelmaker VSŽ Košice has bought back 3,963,864 shares from small shareholders within a buyback bid, thus regaining 24.1 percent of its share capital, news wire SITA reported.

Almost half of the total of over 78,000 shareholders made use of the opportunity to sell their shares in the buyback bid, within which 36,765 transactions were carried out. The buyback bid expired on September 24.

The firm will satisfy shareholder claims within three to four weeks. Trading in VSŽ shares on the Bratislava Stock Exchange will probably be concluded in the first half of October.

VSŽ announced a buyout bid of both issues of the company's shares on August 5 at a single price of Sk89 (€2.16) per share.

VSŽ closed the first six months of this year with a profit of Sk40.25 million (€978,400).

The largest VSŽ shareholders are Penta Investments Limited and A.R.T. Investments Limited, each holding about 33 percent. But Penta seems to have agreed with the British firm A.R.T. to buy its stake.

Government privatisation agency the FNM has over 16 percent, and small shareholders have up to 20 percent. The nominal value of a VSŽ share is Sk343 (€8.34).

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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