FNM hopes to earn Sk40 billion

THE GOVERNMENT privatisation agency FNM expects revenues from the privatisation of strategic companies to reach Sk40 billion (€992 million) in the next two years.

The FNM plans to sell the dominant energy producer Slovenské elektrárne, various power distributors, and heating plants in larger cities (except for Žilinská teplárenská), said FNM president Jozef Kojda.

The cabinet has already approved the sale of 41 percent of the share in Západoslovenská energetika (ZSE) to a strategic investor, German E.ON Energie, the news wire SITA wrote.

A further 10 percent of ZSE shares will be sold on the capital market after the second pillar of the pension reform starts.

Kojda said that first the 41-percent stake has to be sold to enable selling the 10-percent package at a good price.

He expects to see proceeds from the sale of a 41 percent stake in ZSE in the first quarter of 2005, the news wire SITA wrote.

Economy Minister Pavol Rusko said that the guaranteed revenues from the ZSE sale will be Sk14.5 billion (€360 million).

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