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FNM sells stake in steam-gas firm for Sk2 billion

SLOVAKIA’S state-run privatisation agency, FNM, has sold its 90 percent stake in Bratislava's Steam-Gas Cycle (PPC) energy and heat producer to the PPC Holding company for Sk2.01 billion (€49.35 million), the news wire TASR wrote.

Economy Minister Pavol Rusko has accused FNM of not respecting political will and a coalition council agreement, since it did not wait for the decision of PPC's 10 percent owner, the Slovenske elektrárne (SE) power utility, before making the sale.

"I'm very surprised with FNM's standpoint. They are taking a big risk, since if SE decides not to sell its stake, a new owner won't even be able to install a new doorkeeper," Rusko said.

Under PPC’s current rules, SE has the right to block all decisions made by the general meeting of the company's shareholders.

The agreement between FNM and PPC Holding, backed by the local investment group Penta, was signed at the end of last week. FNM spokeswoman Tatjana Lesajová also confirmed that the entire purchase price had already been transferred to FNM's account.

"Negotiations with SE on purchasing its 10 percent stake in PPC have not yet started," she said.

According to Lesajová, FNM expects SE to sell its 10 percent stake as PPC Holding is offering a favourable price for it.

PPC Holding is a subsidiary of the VSZ Košice company (in which Penta controls 89.08 percent). Its strategic partner is the Swiss company Aare Tessin AG fur Elektrizitaet.

PPC was established in 1996 and has equity of Sk600 million (€14.73 million) divided into 6,000 shares.

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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