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FNM prepares restructuring of DMD Group

The government’s privatisation agency the National Property Fund (FNM) is preparing restructuring of the DMD Group, a.s.

The government’s privatisation agency the National Property Fund (FNM) is preparing restructuring of the DMD Group, a.s.

The Cabinet approved the FNM proposal to raise the company's share capital from the current Sk201.52 million (€6.689 million) to Sk549.52 million (€18.24 million), acknowledging an FNM report outlining ways to create conditions for further development of the DMD Group and its competitiveness at its session on November 26.

The FNM examined whether an increase in share capital could be considered state aid. Legal positions showed that it was not state aid with regard to EU law, because FNM's activities related to its participation in a share capital increase aiming to continue the company's restructuring, stabilisation, development and improvement of its profitability should be perceived as a normal step made by a regular investor.

The FNM also wants the company's share capital to be raised due to its possible participation in a tender announced by India's Defence Ministry.

The joint-stock company DMD Group based in Trenčín was established in 1997 as DMD Fin, a.s. The National Property Fund holds 99.85 percent in the company. The company deals with the design, development, testing, and production of defence equipment, production of assemblies and sub-assemblies for the automotive industry, of construction and forestry machinery as well as other parts, components, and special tools for the mechanical engineering industry. SITA

Compiled by Zuzana Vilikovská from press reports
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